Construction Equipment Market Latest Innovations, Drivers and Industry Status 2022 to 2028

Precision Business Insights published a research report on “Construction Equipment Market: By Concrete Equipment (Transit, Concrete Pumps Asphalt Pavers, Crushers, Mixers, Batching Plants,), by Product (Compaction Equipment, Excavators, Loaders, Earthmoving & Road Building Equipment Backhoes and Others), Material Handling & Cranes (Engineered Systems, Bulk Material Handling Equipment, Industrial Trucks, Storage & Handling Equipment) - Global/Region/Country Forecast to 2028”.

Today's world is moving at a breakneck speed. Governments are pouring money into large infrastructure projects. These construction projects are worth millions of dollars and are critical to the area's prosperity. The players will need durable and strong equipment that can withstand the huge weight in order to complete the project successfully. This rising demand is one of the primary factors propelling the global construction equipment market forward from 2019 to 2027. Moreover, demand for high altitudes and large lifting cranes are some of the reasons driving worldwide construction equipment growth over the forecast period.

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For a country's economic success, the infrastructure and building sector is critical. The great concentration of regional government authorities on investing in important public infrastructure projects will have a beneficial impact on market income. In March 2021, the UK government, for example, put aside roughly USD 17 billion to assist the expansion of construction projects in the energy and utilities sectors. Furthermore, demand for compaction equipment would be supported in the foreseeable period by rising population, which will lead to increased demand for residential constructions. In the compaction equipment sector, renting and leasing will be popular options. Because compaction equipment is relatively expensive, the majority of customers prefer to rent or lease it. In August 2020, John Deere launched the 200G excavator to its excavator line. The 200G Excavator is engineered to save fuel without sacrificing power or productivity, allowing operators to complete challenging jobs while lowering total operating costs. Thanks to John Deere's broad bucket array, coupler options and attachments, and faster swing, the 200G machine is appropriate for a number of applications, including site development, road building, and earthmoving.

Based on equipment type, the construction equipment market is segregated into asphalt finisher, backhoe loader, articulated dump truck, crawler excavator, crawler dozer, mini excavators, crawler loader, motor grader, wheeled excavator, rigid dump truck, road roller, RTLT-masted, RTLT-telescopic, skid-steer loader, wheeled loader 80 hp. In terms of application, the construction equipment market is categorized into commercial buildings, infrastructure, industrial buildings, residential buildings, and others. In terms of end users, the construction equipment market is divided into public works and rail road, oil and gas, forestry and agricultural, military, manufacturing, mining and others. In terms of drive type, the construction equipment market is fragmented into electric, hydraulic, and hybrid.

The construction equipment market is dominated by Asia-Pacific, and this trend is expected to continue over the forecast period. Growing demand for construction equipment will be fueled by the expansion and growth of the building and construction industries as a result of increased infrastructure development. India and China will emerge as the region's biggest contributors. Due to the obvious rising use of construction equipment by verticals in these countries, this is the case.

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Some of the major key players in the Construction Equipment Market are Caterpillar, AB Volvo, Komatsu Ltd., CNH Industrial N.V., Hitachi Construction Machinery Co., Ltd.

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