Construction Equipment Market to Record a CAGR of 3.8% By 2030 Owing to Increasing Demand for the Product | Top Countries Data like AB Volvo (Gothenburg, Sweden), Caterpillar Inc. (Illinois, U.S.), Komatsu Ltd. (Tokyo, Japan) and Others

The global construction equipment market was valued at USD 208.3 billion in 2021 and is expected to reach USD 279.53 billion by 2030, recording a CAGR of 3.8% during the forecast period. Since there are more building projects being undertaken globally, there will likely be a continuous increase in demand for construction equipment.

Increased public-private partnerships, increased activity in commercial, residential, and industrial building, as well as increased investments in infrastructure development, are just a few of the many drivers that are helping the industry expand internationally. Government programs like stimulus package rates and mortgage rates in the past encouraged people to purchase new homes, hence fostering market expansion.

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Key Players Continue Updating Outdated Machinery to Gain Traction in Market:

Several major competitors in the market are driving the sector with their potential consumer bases and an upward trend in investments meant to create new items. Additionally, businesses in the industry are concentrating on updating outdated machinery with cutting-edge technologies like automation, the Internet of Things, and others into contemporary, useful machines of the next generation.

Key players profiled in the Construction Equipment Market include:
· AB Volvo (Gothenburg, Sweden)
· Caterpillar Inc. (Illinois, U.S.)
· Komatsu Ltd. (Tokyo, Japan)
· Doosan Infracore North America LLC (Suwanee, Georgia)
· Hitachi Construction Machinery Co., Ltd. (Tokyo, Japan)
· J C Bamford Excavators Ltd. (Rocester, U.K.)
· Liebherr Group (Bulle, Switzerland)
· CNH Industrial N.V. (London, U.K.)
· Hyundai Construction Equipment Co., Ltd. (Seoul, South Korea)
· SANY Group (Beijing, China)

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Global Construction Equipment Market Segmentation:

By Equipment Type

Civil Engineering Equipment
Material Handling Equipment & Cranes
Earthmoving Equipment
Concrete Equipment
Road Building Equipment
Crushing and Screening Equipment
Others

Earthmoving Equipment Gains Traction Owing to Increasing Construction Activity:

Based on the Equipment Type, the global construction equipment market is segmented into Civil Engineering Equipment, Road Building Equipment, Material Handling Equipment & Cranes, Earthmoving Equipment, Concrete Equipment, Crushing and Screening Equipment and Others.

Given the increasing number of infrastructure projects taking place around the world and the widespread use of traditional heavy-duty excavation equipment by contractors and builders to construct highways and dams, the earthmoving machinery segment is expected to hold a disproportionately large share of the market revenue during the projection period.

By Drive Type

Hydraulic
Electric
Hybrid

By Application

Residential
Commercial
Industrial

Rising Expenditure in Different Sectors for Construction Activities to Boost Adoption:

Around the world, both the public and private sectors are starting to spend heavily on new residential and commercial constructions as well as public infrastructure projects. The expansion of the global market for construction equipment is mostly due to this.

According to information provided by the Institute of Civil Engineers, the development of infrastructure around the world, particularly in the US, China, and India, is expected to propel the expansion of the global construction market by around USD 8 trillion over the course of the projection period. Additionally, there is a considerable need for residential infrastructure due to expanding urbanization in Asia and Latin America, which is expected to drive future market growth.

Industry Development:

● In May 2021, Liebherr introduced and added a new 305t/336 tonnes haul truck to its T 274 haul truck lineup, filling the gap between the T 284 (363 t / 400 tonnes) and the latest T 264 (240 t / 265 tonnes).

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By Region:

North America- U.S., Mexico, Canada
Europe- UK, France, Germany, Italy, Spain, Rest of Europe
Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
South America- Brazil, Argentina, Colombia, Rest of South America
The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa

North America Gains Traction Owing to Presence of Prominent Players:

Given the low-interest loans for purchasing construction equipment that are likely to encourage construction enterprises to invest more, North America is predicted to hold the greatest revenue share of the construction equipment market throughout the forecast period. Despite reductions in federal spending, the US construction industry is anticipated to grow at a fair rate. Due to the development of commercial and residential infrastructure in the region, Europe is predicted to have the second-largest revenue share of the construction equipment market.

Leading construction equipment manufacturers like Sany America and Caterpillar's presence in North America significantly aided the market's continued growth. Additionally, it is anticipated that these companies' overt efforts to advance technology and form alliances with other businesses will positively affect the prospective market expansion in the area.

Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Construction Equipment Market
…Continued

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This release was published on openPR.