Construction Machinery Global Market Report 2024 - By Report, Size, Share, Growth, Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Construction Machinery Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $477.28 billion In 2028 At A CAGR Of 8.8% :
The construction machinery market size has grown strongly in recent years. It will grow from $312.39 billion in 2023 to $341.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the low interest rate environment, and the supportive government initiatives.

The construction machinery market size is expected to see strong growth in the next few years. It will grow to $477.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing investments in infrastructure, the growing global construction industry, the increasing urbanization, and the rising population. Major trends in the forecast period include market include the development of robotic excavators, focus on electric construction equipment, the integration of the internet of things (iot), product innovations, technology advancements, and strategic partnerships and collaborations.

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Construction Machinery Market Major Segments
The construction machinery market covered in this report is segmented -
1) By Product: Earthmoving, Material Handling, Building & Road Construction Equipment
2) By Application: Excavation & mining, Lifting & material handling, Earth moving, Transportation, Other Applications
3) By End User: Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, Other End Users

Key Driver - Construction Machinery Market Thrives On Surge In Construction Spending
A rise in construction spending is expected to propel the growth of the construction machinery market going forward. Construction spending refers to the total amount of money spent on construction-related expenses, including labor, materials, and engineering work, over a given period. Construction businesses have greater income prospects when construction investment increases, which helps to develop new demand for construction services, equipment, and materials. For instance, according to the US Census Bureau, a US-based government agency, in August 2023, construction spending in the US was estimated to be $1,983.5 billion, which is 0.5% higher than the revised July estimate of $1,973.7 billion. Thus, a rise in construction spending is driving the growth of the construction machinery market.

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Prominent Trend - Komatsu's Innovative Electric Mini-Excavator Redefines Efficiency In Construction Machinery
Major companies operating in the construction machinery market are developing innovative products such as mini excavator for better services to the customers. Mini excavator is a small, compact construction machine that is used for digging and excavation work in tight spaces. They are versatile machines that can be used for a variety of tasks. For instance, in July 2023, Komatsu Europe International N.V., a Belgium-based heavy construction machinery manufacturer launched PC33E-6, a mini excavator. It is equipped with a 35kWh lithium-ion battery that offers a long life design and a highly efficient powerline, enabling most customers to work nonstop-for-a full shift before having to recharge. The PC33E-6 has a short tail design and is fitted with a 17.4 kW motor, making it ideal for working in tight spaces and urban areas. The excavator features heavy-duty, protected electric components, making it durable and reliable for construction projects.

Construction Machinery Market Players
Major companies operating in the construction machinery market report are Caterpillar Inc., Komatsu Ltd., Volvo AB, Zoomlion Heavy Industry Science and Technology Co., Ltd., Hitachi, Ltd., Deere & Company, EXOR Group, Sany Heavy Industry Co., Ltd, Xuzhou Construction Machinery Group Co., Ltd, Liebherr Group, Action Construction Equipment, PT United Tractors Tbk, LiuGong Machinery Co. Ltd., Shantui Construction Machinery Co. Ltd., Hitachi Construction Machinery UK, JCB UK, CIFA, Chelyabinsk Mechanical Plant, Truststroy, Zavod UralTrakGrupp, Bell Equipment, Bobcat, AGI Industries, Ashland Industries, ASV Holdings, Inc., Built Robotics, Inc., Cyngn, Royal, Lovol Heavy Industry, Randon, SotreqGrupo, Bom Jesus, Saudi Binladin Group, Shikun and Binui, TAV İnsaat Taahhut A.S., Babcock International, Goscor Earthmoving Equipment, Mantrac Group, C.Woermann Nigeria Limited, Orascom Construction PLC, Kanu Equipment

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the construction machinery market in 2023. Western Europe was the second-largest region in the global construction machinery market share. The regions covered in the construction machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Construction Machinery Market Report Structure
3. Construction Machinery Market Trends And Strategies
4. Construction Machinery Market - Macro Economic Scenario
5. Construction Machinery Market Size And Growth
…..
27. Construction Machinery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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