Nov 23, 2023
Construction Equipment Market Report 2023: Growth in Focus on Public
Global Construction Equipment Market Dublin, April 28, 2023 (GLOBE NEWSWIRE) --
Global Construction Equipment Market
Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Construction Equipment Market by Solution Type, Equipment Type, Type, Application, End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report the construction equipment market was valued at $195.8 billion in 2021, and is estimated to reach $313.9 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
Key factors driving the growth of the construction equipment market include rise in construction & infrastructure industry, growth in focus on Public-private partnerships (PPP), and growth in popularity toward robust and compact equipment.
An increase in population and urbanization has led to the expansion of the construction sector throughout the globe, which boost the construction equipment market growth.
The increase in number of construction & infrastructure development projects such as residential, commercial, industrial, and public infrastructure largely drive the market; especially, in emerging economies, such as India, China, Vietnam, Brazil, South Africa, and others.
For instance, with the new National Infrastructure Pipeline project of India, the country aims to develop social and economic infrastructure such as roads & highways, railway networks, ports, shipping, and inland waterways infrastructure. Expenditure for this is expected to be around $759.76 billion over a period of five years between 2020 and 2025. Similarly, the $1 trillion bi-partisan infrastructure law of the U.S. is expected to positively influence the market.
The construction equipment market has grown along with such growth. Moreover, the rise in population has also increased the demand for minerals and energy; thereby positively boosting the mining industry. The mining industry utilizes various heavy-duty construction equipment such as excavators, loaders, dump trucks, and others. Thus, such factors, which have resulted in increased construction activities, are fueling the demand for construction equipment.The market also offers growth opportunities to the key players in the market. Technological developments by major players, which include Volvo CE, John Deere, Caterpillar, JCB, and others have amplified the demand for construction equipment products. John Deere deals in an embedded payload scale along with an advanced payload scale through additional limited detail functionality. This payload weighing system by John Deere measures loaded trucks, cycle times, and total bucket loads.
Moreover, construction equipment is vital for construction and mining businesses. It is needed to accomplish several functions such as material handling, excavating, earth working, and others. Thus, key players are continuously innovating their offerings. Features such as automation or self-driving in equipment have achieved traction in recent years.
For instance, in 2020, 38-tonne Sandvik launched an autonomous mining loader, known as Sandvik LH514. Such factors provide lucrative growth opportunities for the construction market growth.Competitive analysis and profiles of the major players in the construction equipment end-user, such as AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Hyundai Doosan Infracore Co., Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG) are provided in this report. There are some important players in the market such as Sany, CNH, and Terex. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the construction equipment market. For instance, in July 2022, a joint venture between Tata and Hitachi, known as Tata Hitachi launched 5-Tonne Wheel Loader ZW225 from its Kharagpur plant in India.
Key Market Insights
By solution type, the products segment was the highest revenue contributor to the market and is estimated to reach $244,338.5 million by 2031, with a CAGR of 4.7%. However, the services segment is estimated to be the fastest-growing segment with a CAGR of 5.1% during the forecast period.
Based on equipment type, the heavy construction equipment segment was the highest revenue contributor to the market, which is expected to grow at a CAGR of 4.7% during the forecast period.
By type, the excavator segment dominated the global market in 2021. However, the forklifts segment is expected to be the fastest-growing segment with a CAGR of 9.4% during the forecast period.
Based on end user, the construction and infrastructure segment was the highest revenue contributor to the market which is expected to grow with a significant CAGR during the forecast period.
Based on region, Asia-Pacific garnered the largest revenue share in 2021, and the same is anticipated to grow at the highest CAGR of 5.6% during the forecast period
Key Market Segments By Solution Type
Products
Services
By Equipment Type
Heavy construction equipment
Compact construction equipment
By Type
Concrete Mixer Truck
Others
Wheel Bulldozer
Front Loaders
Dump Trucks
Backhoe loader
Grader
Crawler Dozers
Compactors
Excavators
Forklifts
By Application
Excavation and Mining
Lifting and Material handling
Earth Moving
Transportation
Others
By End User
Oil and gas
Construction and Infrastructure
Manufacturing
Mining
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Hyundai Doosan Infracore Co., Ltd.
AB Volvo
CATERPILLAR INC.
XCMG Group
CNH Industrial N.V.
Hitachi Ltd.
J C Bamford Excavators Ltd. (JCB)
Liebherr-International AG
Komatsu Ltd.
Deere & Company
Key Attributes:
Report Attribute
Details
No. of Pages
544
Forecast Period
2021 - 2031
Estimated Market Value (USD) in 2021
$195798.7 million
Forecasted Market Value (USD) by 2031
$313868 million
Compound Annual Growth Rate
4.8%
Regions Covered
Global
Key Topics Covered: CHAPTER 1: INTRODUCTION CHAPTER 2: EXECUTIVE SUMMARY CHAPTER 3: MARKET OVERVIEW CHAPTER 4: CONSTRUCTION EQUIPMENT MARKET, BY SOLUTION TYPE CHAPTER 5: CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE CHAPTER 6: CONSTRUCTION EQUIPMENT MARKET, BY TYPE CHAPTER 7: CONSTRUCTION EQUIPMENT MARKET, BY APPLICATION CHAPTER 8: CONSTRUCTION EQUIPMENT MARKET, BY END USER CHAPTER 9: CONSTRUCTION EQUIPMENT MARKET, BY REGION CHAPTER 10: COMPETITIVE LANDSCAPE CHAPTER 11: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/x9y7ax
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Attachment
Global Construction Equipment Market
ResearchAndMarkets.com's Key Market Insights Key Market Segments By Solution Type By Equipment Type By Type By Application By End User By Region Key Market Players Key Attributes: Report Attribute Details Key Topics Covered: CHAPTER 1: INTRODUCTION CHAPTER 2: EXECUTIVE SUMMARY CHAPTER 3: MARKET OVERVIEW CHAPTER 4: CONSTRUCTION EQUIPMENT MARKET, BY SOLUTION TYPE CHAPTER 5: CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE CHAPTER 6: CONSTRUCTION EQUIPMENT MARKET, BY TYPE CHAPTER 7: CONSTRUCTION EQUIPMENT MARKET, BY APPLICATION CHAPTER 8: CONSTRUCTION EQUIPMENT MARKET, BY END USER CHAPTER 9: CONSTRUCTION EQUIPMENT MARKET, BY REGION CHAPTER 10: COMPETITIVE LANDSCAPE CHAPTER 11: COMPANY PROFILES About ResearchAndMarkets.com Attachment