Global Construction Equipment Market Size To Surpass USD 337.06 Billion by 2032 | CAGR of 6.09%
Category: Construction & ManufacturingGlobal Construction Equipment Market To Surpass $337.06 Billion By 2032
According to a research report published by Spherical Insights & Consulting, the Global Construction Equipment Market Size is To Grow from USD 186.56 Billion in 2022 to USD 337.06 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.09% during the projected period. The increasing utilization of construction equipment and machineries such as wheel bulldozers, front loaders, dump trucks, backhoe loaders, graders, crawler dozers, compactors, excavators, forklifts, concrete mixer trucks, and others is expected to boost the demand for construction equipment market during the forecast period
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Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Construction Equipment Market Size, Share, and COVID-19 Impact Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Others), By Product Type (Wheel Bulldozer, Front Loaders, Dump Trucks, Backhoe loader, Grader, Crawler Dozers, Compactors, Excavators, Forklifts, Concrete Mixer Truck, Others), by End User (Oil & gas, Construction & Infrastructure, Manufacturing, Mining, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/construction-equipment-market
Construction equipment is commonly referred to as heavy-duty vehicles and other machinery that are specifically designed to carry out construction tasks. Material handlers, graders, track-type excavators, skid-steers, track loaders, backhoes, hydromatic tools, pipelayers, compactors, loaders, and other tools are frequently included in this category of construction equipment. As urbanization accelerates, public and private sector investments in infrastructure development are expected to drive demand for construction equipment. Furthermore, the growing popularity of electric construction equipment is expected to open up new revenue opportunities for Original Equipment Manufacturers over the forecast period. The growing emphasis on construction projects, as well as the advancement of digitization, connectivity, and automation in construction and manufacturing applications, has had a significant impact on market growth.
The material handling equipment segment is dominating the market with the largest revenue share over the forecast period.
On the basis of equipment type, the global construction equipment market is segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Among these, the material handling equipment segment is dominating the market with the largest revenue share of 38.7% over the forecast period. It is attributed to a rise in the demand for crawler cranes used in non-residential construction, particularly in the industrial, manufacturing, and commercial construction industries. The demand for the material handling equipment segment is expected to be driven by increasing industrial construction operations and the growth of commercial initiatives during the predicted time frame.
The excavators segment dominated the market and accounted for the largest revenue share of over the forecast period.
On the basis of product type, the global construction equipment market is segmented into wheel bulldozers, front loaders, dump trucks, backhoe loaders, graders, crawler dozers, compactors, excavators, forklifts, concrete mixer trucks, and others. Among these, the excavators segment dominated the market and accounted for the largest revenue share of over the forecast period. Excavators are typically used for digging on construction sites. It is a very common piece of equipment because almost all construction sites require digging work.
The construction & infrastructure segment accounted the largest revenue share of more than 55% over the forecast period.
On the basis of end users, the global construction equipment market is segmented into oil & gas, construction & infrastructure, manufacturing, mining, and others. Among these, construction & infrastructure are dominating the market with the largest revenue share of 75% over the forecast period. This segment's growth is expected to be fueled by increased construction activity around the world.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 54.2% market share over the forecast period. Government initiatives to support construction projects in developing countries such as China, India, and Southeast Asia are primarily driving the growth of the construction equipment market. Furthermore, due to lower housing costs and growing urbanization in India and China, the demand for construction equipment in the residential development market is increasing. Europe, on the other hand, is expected to grow the fastest during the forecast period, because of rising consumer demand for new homes, higher employment rates, and additional developments.
Major vendors in the Global Construction Equipment Market include Sany, Manitou BF, Zoomlion, John Deere, Komatsu, HIAB, Volvo AB, Escorts Limited, CNH Industrial N.V., Sumitomo Heavy Industries, Ltd., Terex Corporation, Kobelco Construction Machinery Co., Ltd, Liebherr-International Deutschland GmbH, Hidromek, Hyundai Heavy Industries, Ingersoll Rand, J C Bamford Excavators Ltd., New Holland, Track Marshall, Caterpillar, Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment, Xuzhou Construction Machinery Group, and among others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- On March 2023, Hiab, a Cargotec company, introduces the EFFER iQ.1400 HP, a super heavy loader crane with the advanced control system SPACEevo for increased productivity and safety. The new loader crane's size and vertical performance make it ideal for operations in urban areas. The high lifting capacity makes it suitable for a wide range of applications, but the possible 83° working angle is ideal for operations in urban areas. Because of its low weight and compact frame size, it can be installed on smaller trucks than is typical for this lifting category, lowering purchase and operating costs as well as CO2 emissions. Owners can access HiConnectTM once the crane is connected. It gives users access to real-time information about the condition of the equipment, which helps to boost productivity and operator safety.
- In April 2022, Hitachi Construction Machinery Co., Ltd. plans to increase production capacity for compact products such as mini excavators and mini wheel loaders produced at the Shiga Works of its consolidated subsidiary, Hitachi Construction Machinery Tierra Co., Ltd., by approximately 30% by FY 2025 based on the total number of machines produced in FY 2021. Furthermore, as a result of the production line enhancement, Hitachi Construction Machinery Tierra intends to use the product test site, which is being functionally enhanced and relocated to an adjacent site, beginning in FY 2024 with the goal of advanced development of compact products such as electric construction machinery.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Construction Equipment Market based on the below-mentioned segments:
Construction Equipment Market, Equipment Type Analysis
- Earthmoving Equipment
- Material Handling Equipment
- Heavy Construction Vehicles
- Others
Construction Equipment Market, Equipment Type Analysis
- Wheel Bulldozer
- Front Loaders
- Dump Trucks
- Backhoe loader
- Grader
- Crawler Dozers
- Compactors
- Excavators
- Forklifts
- Concrete Mixer Truck
- Others
Construction Equipment Market, End User Analysis
- Oil & gas
- Construction & Infrastructure
- Manufacturing
- Mining
- Others
Construction Equipment Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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