Global Construction Equipment Market is valued at USD 188.84 Billion in 2021 and is expected to reach USD 251.62 Billion by 2028 with a CAGR of 4.9% over the forecast period.
Construction Equipment is equipment or vehicles which is used for any construction project. These are used specially in construction sites and mining sites to cutdown labour cost and time for the project. Construction equipment is used commonly in high capital-intensive projects or critical projects. Hence, fixed investment trends are salient features of such products. Growing modernization and technological advancement, the demand for construction equipment has migrated from traditional purposes to more disciplined fields, such as railway and military.
Construction equipment are described as heavy-duty vehicles or machineries which are predominantly used to carry out strenuous construction based tasks. These activities facilitated by these equipment mainly include grading, digging, excavating, drilling, and paving, among others. Most of these machineries are highly durable and strong which in turn enables them to perform the construction based functions. Some of the commonly used construction equipment are cranes, wheel tractor scrapers, bulldozers, and pavers, among others.
Increase in construction activities across the globe, technological advancements in the field, along with rising R&D investments are primarily augmenting the outlook of this business vertical. Alongside, rapid industrialization, prompt urbanization, along with rise in mining activities across various regions are creating lucrative opportunities for this industry sphere to prosper. Moreover, rising government-based infrastructural investments along with the emergence of potential players in this market are adding momentum to the development of this market. On the contrary, dearth of skilled equipment operators and high cost of these machineries are hindering the remuneration scope of this industry.
The onset of the Coronavirus pandemic had a negative impact on the development of the Worldwide Construction Equipment Market. Due to the imposition of lockdowns and other containment measures, most of the commercial activities came to a halt. Construction activities were also stalled due to mobility restrictions, raw material shortage, and dearth of workforce. This in turn decreased the demand for construction machineries across the globe.
There has been a steep rise in the construction activities across the globe. This is credited to the prompt population expansion, industrialization, and urbanization. Moreover, governments across various regions are investing in infrastructural projects to facilitate the construction of roads, bridges, along with various commercial and residential infrastructure. This has led to an increased demand for efficient construction equipment for the hassle-free completion of the required tasks.
Manufacturers have increased their focus towards the integration of advanced technologies into construction machineries. There has been a growing trend of automation in the field wherein vehicles can carry out the required functions without any human intervention. This not only reduces labour charges but also decreases the chances of workplace injuries. This is another factor stimulating the dynamics of this market.
The Material Handling Equipment segment is poised to amass notable gains over the stipulated timeframe. This is attributable to the ability of these equipment to efficiently move heavy entities such as soil, bricks, rods, and sand debris, among others during construction activities.
The commercial segment is expected to garner substantial returns over the estimated timeline owing to widespread industrialization, increasing number of companies, escalating demand for malls, supermarts, airports, and other public places, along with favourable government investments on the same.
Middle East & Africa- This region is projected to capture a significant revenue share over the forecast duration. This is attributable to the increasing construction activities, growing government efforts to develop the infrastructural dynamics of various nations situated in this region, widespread economic developments, rapid population expansion, along with the emergence of potential players in the field. Alongside, influx of advanced technologies, escalating demand for commercial complexes, along with rising tourism are further bolstering the growth of this regional market.
In October 2019, Volvo announced the launch of its first electric wheel loader to facilitate a wide range of activities while ensuring lower emission levels.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 188.84 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||4.9%|
|Market Size Expected in 2028:||USD 251.62 Billion|
|Tables, Charts & Figures:||175|
|Construction equipment Companies||JCB, John Deere & Co., Kobelco Construction Machinery Co. Ltd., Komatsu Ltd., Liebherr-International AG, Manitou Group, Manitowoc Group, Atlas Copco Construction & Mining, Caterpillar, CNH Industrial N.V., Doosan Infracore Ltd., Hitachi Construction Machinery Co. Ltd., Hyundai Heavy Industries Ltd. ,Mitsubishi, Oshkosh Corporation, Sany Heavy Industries Co. Ltd., Sumitomo Heavy Industries Ltd., Terex Corporation, Volvo Construction Equipment AB, Wirtgen Group GMBH, Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science & Technology Development Co., Joseph Cyril Bamford's, Sandvik|
|Segments Covered||By Product Type, By Application Type|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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