Global Construction Equipment Market

Global Construction Equipment Market Size, Share, Growth Analysis, By Equipment type(Heavy construction equipment, Compact construction equipment), By Application(Excavation and Mining, Earth Moving), By End-User(Construction and Infrastructure, Oil and gas), By End-User(Construction and Infrastructure, Oil and gas) - Industry Forecast 2024-2031

Report ID: SQSG15F2012 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 118 | Figures: 77

Global Construction Equipment Market News

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Global Construction Equipment Market size was valued at USD 103.93 billion in 2019 and is poised to grow from USD 108.4 billion in 2023 to USD 158.34 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

The top market participants have a wide geographic reach and a wide range of products to meet a variety of consumer wants. Industry players are spending a lot of money on R&D in order to introduce new equipment and increase their profitability in this potential market. For example, Caterpillar introduced the New CAT 816 Soil Compactor in April 2021 with enhanced airflow technology to minimize cleaning and maintenance. This model's radial air filter has a four-times longer lifespan than the earlier ones. This element helps the business keep a solid grip on the market. 'Caterpillar Inc.', 'Komatsu Ltd.', 'Hitachi Construction Machinery Co., Ltd.', 'Liebherr Group', 'Volvo Construction Equipment', 'Terex Corporation', 'Doosan Infracore Co., Ltd.', 'CNH Industrial N.V.', 'JCB Ltd.', 'Sany Heavy Industry Co., Ltd.', 'Hyundai Construction Equipment Co., Ltd.', 'Zoomlion Heavy Industry Science and Technology Co., Ltd.', 'XCMG Group', 'Kobelco Construction Machinery Co., Ltd.', 'Wacker Neuson SE', 'Manitou Group', 'BOMAG GmbH', 'Atlas Copco AB', 'Bell Equipment Limited', 'Deere & Company'

Use of Modern Construction Equipment Will Promote Growth

On the international market, rental services are currently gaining more traction. The most populous and rising economies, including China and India, are expected to experience a surge in demand for rental service businesses throughout the projection period, according to the Construction Equipment Rental Association (CERA). The local and regional newcomers are likely to make a name for themselves in the rental service industry and generate significant profits from their local clientele. Large construction companies work mostly in the following industries to increase their profits: general infrastructure, oil and gas, utility and electrical, and commercial and residential development. In addition, since governmental projects demonstrate a larger preference for the rental usage of equipment, the growth of the construction equipment rental industry would be steadily increasing with enhanced budgetary allocations for infrastructure initiatives in emerging countries. Additionally, working with rental businesses is safer, more convenient, and more cost-effective for governments than purchasing their fleet of construction equipment.

During the forecast period, Asia Pacific is expected to gain market dominance and hold the greatest share. The advent of online retail stores, the availability of machines for rent, increased government spending on infrastructure development, and an increase in capital investments are all expected to contribute to the region's growth. The Chinese government is also investing in renewable energy, public infrastructure, and residential development projects, which is driving up the demand for construction equipment.

Global Construction Equipment Market size was valued at USD 158.2 Billion in 2022 and is poised to grow from USD 165.48 Billion in 2023 to USD 237.13 Billion by 2031, at a CAGR of 4.6% during the forecast period (2024-2031).

The top market participants have a wide geographic reach and a wide range of products to meet a variety of consumer wants. Industry players are spending a lot of money on R&D in order to introduce new equipment and increase their profitability in this potential market. For example, Caterpillar introduced the New CAT 816 Soil Compactor in April 2021 with enhanced airflow technology to minimize cleaning and maintenance. This model's radial air filter has a four-times longer lifespan than the earlier ones. This element helps the business keep a solid grip on the market. 'Caterpillar Inc.', 'Komatsu Ltd.', 'Hitachi Construction Machinery Co., Ltd.', 'Liebherr Group', 'Volvo Construction Equipment', 'Terex Corporation', 'Doosan Infracore Co., Ltd.', 'CNH Industrial N.V.', 'JCB Ltd.', 'Sany Heavy Industry Co., Ltd.', 'Hyundai Construction Equipment Co., Ltd.', 'Zoomlion Heavy Industry Science and Technology Co., Ltd.', 'XCMG Group', 'Kobelco Construction Machinery Co., Ltd.', 'Wacker Neuson SE', 'Manitou Group', 'BOMAG GmbH', 'Atlas Copco AB', 'Bell Equipment Limited', 'Deere & Company'

Rise in large-scale construction projects: The construction of mega projects such as dams, airports, and commercial complexes demands a diverse array of heavy construction equipment. These projects require machinery specialized in excavation, earthmoving, and material handling to efficiently manage the massive scale of work involved. As a result, the demand for heavy construction equipment is on the rise, driving growth in the construction equipment market. These robust machines are indispensable for the successful execution of mega projects, highlighting their essential role in the construction industry's ongoing development and expansion.

Construction equipment companies are increasingly prioritizing environmental friendliness in response to the industry's significant contribution to greenhouse gas emissions and air pollution. With regulations tightening around emissions standards, there is a growing demand for cleaner technologies and eco-friendly practices within the sector. Companies are investing in research and development to innovate greener solutions, such as electric and hybrid machinery, to reduce carbon footprints. This shift towards eco-friendliness not only aligns with regulatory requirements but also meets the rising demand from environmentally conscious consumers and businesses seeking sustainable construction practices.

During the forecast period, Asia Pacific is expected to gain market dominance and hold the greatest share. The advent of online retail stores, the availability of machines for rent, increased government spending on infrastructure development, and an increase in capital investments are all expected to contribute to the region's growth. The Chinese government is also investing in renewable energy, public infrastructure, and residential development projects, which is driving up the demand for construction equipment. 

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Global Construction Equipment Market

Report ID: SQMIG15F2034 | Region: Global | Published Date: April, 2024 | Pages: 184 | Tables: 61 | Figures: 75

Global Hemp Rebars Market
Buy Now GET FREE SAMPLE
Global Construction Equipment Market

Report ID: SQMIG15F2145 | Region: Global | Published Date: April, 2024 | Pages: 184 | Tables: 63 | Figures: 65

Global Construction Glass Market
Buy Now GET FREE SAMPLE
Global Construction Equipment Market

Report ID: SQMIG15F2092 | Region: Global | Published Date: April, 2024 | Pages: 184 | Tables: 90 | Figures: 76

Global Energy Efficient Windows Market
Buy Now GET FREE SAMPLE
Global Construction Equipment Market

Report ID: SQMIG15F2121 | Region: Global | Published Date: April, 2024 | Pages: 224 | Tables: 69 | Figures: 75

Global Food Container Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Construction Equipment Market

Product ID: SQSG15F2012

$5,300
BUY NOW GET FREE SAMPLE