Construction Equipment Market Size, Industry Growth, Trends And Regional Outlook 2030 | AB Volvo, Atlas Copco AB, Caterpillar Inc.

The global construction equipment market size was US$ 171.3 billion in 2021. The construction equipment market is forecast to grow to US$ 251.44 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.

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Factors Influencing the Market

The global construction equipment market is forecast to gain traction due to the growing number of construction activities. In addition, increasing industrialization and urbanization will bring lucrative opportunities for market growth. Furthermore, growing disposable income and employment rate will contribute to the growth of the global construction equipment market during the study period.

Growing initiatives from government bodies to establish smart city infrastructure is forecast to offer ample growth opportunities for the global construction equipment market, mainly in emerging nations. Additionally, the rising demand for high altitudes and heavy lifting cranes for a growing number of construction projects are forecast to fuel the growth of the overall market.

Technological advancements and growing automation will benefit the market in the coming years. On the contrary, the high cost of equipment may restrict the overall construction equipment market growth during the study period.

COVID-19 Impact Analysis

The wake of the COVID-9 pandemic has caused a significant downfall for the entire construction industry. Due to the pandemic, the demand for construction and other activities declined drastically. Emerging economies, such as India and China, witnessed several disruptions due to the pandemic. In addition, the shortage of laborers further restricted the market expansion. Thus, the global construction equipment market witnessed abrupt and high losses due to the pandemic. Asia-pacific is one of the largest markets for the construction equipment market. However, the region witnessed a significant downfall, which ultimately hampered the growth of the global construction equipment market.

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Regional Analysis

Asia-Pacific is forecast to dominate the global construction equipment market during the forecast period. It is due to the growing number of construction activities and favorable initiatives by government bodies. Furthermore, considerable initiatives to establish smart city infrastructure in India, China, and Japan are forecast to offer lucrative growth opportunities for the global construction equipment market during the study period.

The presence of prominent end-use industries, such as oil & gas, construction, manufacturing, mining, and others, will significantly contribute to the market growth during the analysis period. In addition, growing urbanization and increasing employment rate will benefit the regional construction equipment market.

Competitors in the Market

AB Volvo
Atlas Copco AB
Caterpillar Inc.
Doosan Heavy Industries & Construction Co. Ltd.
Hitachi Construction Machinery Co. Ltd.
Hyundai Heavy Industries Co., Ltd.
J.C. Bamford Excavators Limited, Kobe Steel Ltd.
Komatsu Ltd.
Liebherr Group
SANY Group
Other Prominent Players

Market Segmentation

The global construction equipment market segmentation focuses on Equipment, Application, End-Use Industry, and Region.

Based on equipment, the construction equipment is segmented into -

Earth Moving
Material handling
Concrete

Based on application, the construction equipment market is segmented into -

Lifting & Material Handling
Earth Moving
Excavation
Transportation
Based on end-use industry, the construction

equipment is segmented into -

Oil & Gas
Construction
Manufacturing
Mining
Others

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Based on region, the construction equipment is segmented into -

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

Key questions answered in the Market report are:

How does a global company acquire markets?
What are its core strategies and policies?
What factors will influence the market over the forecast period?
What are the factors driving and restraining the market?
What are the leading competitors in the global market?
Which region is growing at a higher pace in the global market?

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This release was published on openPR.