Press release
Construction Equipment Market to Grow at High Rate owing to Rising Government Initiatives and Investments Coupled with Increasing Global Construction Activities
According to a report by SNS Insider, the Construction Equipment market was valued at USD 170.77 billion in 2022. It is projected to reach USD 270.14 billion by 2030, with a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2023 to 2030.
Construction equipment refers to a broad range of machinery, tools, and vehicles used in the construction industry to facilitate the building, renovation, and maintenance of structures and infrastructure. These equipment are designed to enhance productivity, efficiency, and safety in construction projects of various sizes and complexities.
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Key Players Covered in Construction Equipment market report are: Hitachi Ltd., AB Volvo, Catterpillar Inc., CNH Industrial N.V, Deere And Company, Hyundai Doosan Infracoe Co.Ltd, J C Bamford Excavators. Ltd., Komatsu Ltd, Liebherr-International Ag, Xcmg Group & more
Market Analysis
The construction equipment market is expected to witness promising growth and strong prospects in the coming years. As urbanization continues to accelerate and infrastructure development remains a priority in many countries, the demand for construction equipment is projected to increase significantly. Governments worldwide are investing heavily in infrastructure projects, including roads, bridges, railways, airports, and smart cities.
Impact of Recession
The impact of a recession on the construction equipment market can be significant, as the construction industry is closely tied to the overall health of the economy. Despite the overall downturn, the construction industry continues to push for innovation and technological advancements. During a recession, construction companies may seek cost-effective and efficient solutions to stay competitive.
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Segmentation Analysis
The loader segment and the oil and gas segment are set to dominate the construction equipment market in the coming years. Loaders' versatility, efficiency, and compact size make them indispensable across various industries. Meanwhile, the oil and gas sector heavily relies on construction equipment for exploration, infrastructure development, safety, and maintenance. As these industries continue to grow and evolve, the demand for advanced construction equipment will only increase, further solidifying the dominance of the loader and oil and gas segments in the market.
Construction Equipment Market Segmentation as Follows:
By solution type:
Product
Services
By equipment type:
Heavy construction equipment
Compact construction equipment
By type:
Loader
Cranes
Forklift
Excavator
Dozers
Others
By application:
Excavation and mining
Lifting and material handling
Earth moving
Transportation
Others
By industries:
Oil and gas
Construction and infrastructure
Manufacturing
Mining
Others
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Regional Status & Analysis
Asia Pacific is poised to dominate the global construction equipment market, driven by its rapid economic growth, infrastructure development, and technological advancements. The region offers immense opportunities for equipment manufacturers and suppliers. However, to succeed, companies must understand the market dynamics and tailor their strategies to meet the specific needs of the diverse countries within the Asia Pacific region. With its vast potential and evolving landscape, Asia Pacific is set to shape the future of the construction equipment industry.
Conclusion
The market holds promising prospects for the future. Factors such as infrastructure development, technological advancements, sustainable practices, retrofitting projects, expanding markets, rental and leasing services, and post-pandemic recovery contribute to the positive outlook.
Frequently Asked Questions/ Key Reasons to Purchase this Report
What is the projected outlook for construction equipment market growth?
-The market is projected to achieve a valuation of approximately USD 270.14 billion by the year 2030.
What are the major factors influencing the construction equipment market?
-The increasing popularity of rental and leasing services for construction equipment is expected to fuel market growth.
Who are the leading players in the construction equipment market?
- Hitachi Ltd., CNH Industrial N.V, AB Volvo, Catterpillar Inc., Deere And Company, Komatsu Ltd, Hyundai Doosan Infracoe Co.Ltd, J C Bamford Excavators. Ltd., Xcmg Group.
Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
Chapter 4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Construction Equipment Market Segmentation, by Solution type
9. Construction Equipment Market Segmentation, by Equipment type
10. Construction Equipment Market Segmentation, by Type
11. Construction Equipment Market Segmentation, by Application
12. Construction Equipment Market Segmentation, by Industries
13 Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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Contact Us:
Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
About US:
SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.
We assist our clients to anticipate industrial, economic, and consumer trends to drive disruptive change by fusing global experience with local information from experts throughout the world. We bring context to strategic and tactical data by bridging approaches based on data science and field research, assisting you in addressing your most pressing problems and spotting possibilities.
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