Construction Equipment Market Size Worth US$ 245.2 Billion by 2028 | CAGR 5.2%

IMARC Group, a leading market research company, has recently releases report titled "Construction Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The study provides a detailed analysis of the industry, including the global construction equipment market trends, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the construction equipment market?

The global construction equipment market size reached US$ 182.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 245.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

What is construction equipment?

Construction equipment refers to a broad category of machinery and tools designed for various tasks in the construction industry. These specialized machines are essential for carrying out construction projects efficiently and safely. Construction equipment encompasses a wide range of equipment types, each designed for specific purposes. Excavators, for instance, are heavy machines equipped with a bucket and hydraulic arms, used for digging and moving earth and debris. Bulldozers are known for their strength and versatility, often employed for pushing heavy materials, grading surfaces, and clearing land. Cranes are essential for lifting and placing heavy objects, making them indispensable for tall building construction. Concrete mixers, on the other hand, are used to blend cement, sand, and water to create concrete, a fundamental material in construction.

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What are the growth prospects and trends in the construction equipment industry?

One of the primary drivers of the construction equipment market is economic growth and urbanization. As economies grow, there is a greater demand for infrastructure development, including roads, bridges, airports, and buildings. Rapid urbanization further fuels this demand as more individuals move to cities, necessitating the construction of housing and commercial spaces. Additionally, as construction equipment ages, there is a need for replacement and modernization. Newer equipment often offers enhanced efficiency, safety features, and environmental performance, motivating construction companies to invest in upgrading their fleets.

Other than this, numerous construction companies opt to rent or lease equipment instead of purchasing it outright. This trend reduces upfront costs and maintenance responsibilities, making it an attractive option for smaller companies and startups. Besides this, emerging markets in Asia, Africa, and Latin America are experiencing rapid construction and infrastructure development, driven by population growth and urbanization. These regions represent significant growth opportunities for construction equipment manufacturers. In line with this, the COVID-19 pandemic had mixed effects on the construction equipment market. While it temporarily disrupted supply chains and construction activities, the need for social distancing and remote operation accelerated the adoption of digital technologies in the industry.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Solution Type:

Products
Services

Breakup by Equipment Type:

Heavy Construction Equipment
Compact Construction Equipment

Breakup by Type:

Loader
Cranes
Forklift
Excavator
Dozers
Others

Breakup by Application:

Excavation and Mining
Lifting and Material Handling
Earth Moving
Transportation
Others

Breakup by Industry:

Oil and Gas
Construction and Infrastructure
Manufacturing
Mining
Others

Breakup by Region:

North America (U.S. Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East Africa

Who are the key players operating in the industry?

The report covers the major market players including:

AB Volvo
Caterpillar Inc.
CNH Industrial N.V.
Deere & Company
Doosan Infracore
Hitachi Construction Machinery
Komatsu Ltd.
Liebherr-International AG

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.