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Construction Equipment Market Analysis, Size, Share, Growth, Trends, and Forecast 2021- 2031
The construction industry is a key driver of economic growth and development around the world. One of the most critical aspects of the industry is the availability of construction equipment. Construction equipment encompasses a wide range of machines, tools, and vehicles used for various construction tasks. From excavation to building, construction equipment plays a crucial role in the success of construction projects.The global construction equipment market size was valued at $195.8 billion in 2021, and is projected to reach $313.9 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
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The construction equipment market is broadly classified into several categories based on the equipment type, application, and region. The major equipment types in the construction equipment market include earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Earthmoving equipment is further sub-segmented into excavators, loaders, backhoes, and bulldozers. Material handling equipment includes cranes, hoists, and forklifts. Heavy construction vehicles comprise dump trucks, tippers, and concrete mixers, among others.
The demand for earthmoving equipment is expected to witness significant growth due to the increasing demand for large-scale infrastructure projects. Earthmoving equipment is widely used for excavation, grading, and landscaping activities. The growing demand for modernization of the construction sector is expected to further fuel the growth of the earthmoving equipment segment.
The material handling equipment segment is expected to witness significant growth due to the increasing demand for efficient and reliable equipment for the transportation of materials. The use of material handling equipment helps in reducing manual labor and enhancing the safety of workers. The increasing adoption of automation in construction activities is expected to further drive the growth of the material handling equipment segment.
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The heavy construction vehicles segment is expected to witness significant growth due to the increasing demand for large-scale infrastructure projects such as highways, bridges, and tunnels. Heavy construction vehicles are widely used for transportation of materials, site preparation, and site clearance activities. The growing demand for advanced technology and automation in the construction sector is expected to further fuel the growth of the heavy construction vehicles segment.
The construction equipment market is also classified based on application into construction and manufacturing, infrastructure, mining, and oil and gas. The construction and manufacturing segment is expected to witness significant growth due to the increasing demand for construction equipment in residential and commercial construction projects. The infrastructure segment is expected to witness significant growth due to the increasing demand for infrastructure development projects such as roads, bridges, airports, and seaports. The mining segment is expected to witness significant growth due to the increasing demand for construction equipment in mining operations. The oil and gas segment is expected to witness significant growth due to the increasing demand for construction equipment in the exploration and production of oil and gas.
The construction equipment market is geographically segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific is expected to dominate the construction equipment market due to the increasing demand for construction equipment in emerging economies such as China and India. The growing population, urbanization, and increasing investments in infrastructure development projects are expected to further fuel the growth of the construction equipment market in the Asia-Pacific region.
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North America and Europe are also expected to witness significant growth due to the increasing demand for construction equipment in residential and commercial construction projects. The growing need for infrastructure development and the adoption of advanced technologies such as automation and robotics in construction activities are expected to further drive the growth of the construction equipment market in these regions.
In conclusion, the global construction equipment market is expected to
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