Product ID: SQSG15F2012
Report ID:
SQSG15F2012 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|
Tables:
118 |
Figures:
77
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 Construction Equipment market encompasses a wide range of machinery and tools used in construction projects, from large-scale infrastructure developments to residential and commercial buildings. This market includes equipment such as excavators, loaders, bulldozers, cranes, and concrete mixers, among others. These machines play a crucial role in various stages of construction, including earthmoving, material handling, demolition, and concrete pouring. The market is driven by the global construction industry, which is experiencing steady growth due to urbanization, population growth, and infrastructure development. Rising demand for new residential buildings, commercial spaces, roads, bridges, and other infrastructure projects is fuelling the need for construction equipment worldwide.
Several factors are shaping the Construction Equipment market. Firstly, technological advancements are driving innovation, leading to the development of smarter, more efficient, and environmentally friendly machinery. Equipment with features such as GPS tracking, telematics, and autonomous operation is becoming more prevalent, improving productivity and safety on construction sites. Secondly, the emphasis on sustainability and green construction practices is influencing the market, with a growing demand for equipment that reduces emissions and minimizes environmental impact. Thirdly, emerging markets, particularly in Asia-Pacific and Latin America, are experiencing rapid urbanization and infrastructure development, creating significant opportunities for the construction equipment market. Additionally, rental services for construction equipment are gaining popularity, offering flexibility and cost savings to construction companies. However, challenges such as high initial investment costs, fluctuating raw material prices, and regulatory hurdles in certain regions can hinder market growth. Overall, the Construction Equipment market is dynamic and evolving, driven by technological advancements, sustainability initiatives, urbanization trends, and infrastructure development projects worldwide.
US Construction Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
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REQUEST FREE CUSTOMIZATIONGlobal 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.
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Product ID: SQSG15F2012