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Building And Road Construction Equipment Market Report 2024 - Market Growth And Forecast
Building And Road Construction Equipment Market
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According to The Business Research Company's, The building and road construction equipment market size has grown rapidly in recent years. It will grow from $181.99 billion in 2023 to $202.35 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to economic growth, infrastructure development, urbanization, replacement and modernization.
The building and road construction equipment market size is expected to see rapid growth in the next few years. It will grow to $300.38 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to infrastructure investment, smart construction, sustainable construction practices, urbanization trends, rental market expansion. Major trends in the forecast period include technological advancements, autonomous and remote-controlled equipment, digital twin technology, customization and versatility.
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Market Drivers and Trends:
Infrastructure development in emerging and developed countries propelled the building and road construction equipment market. Emerging and developed countries' governments and private sector are focusing on developing the infrastructure to keep up the GDP, meet the growing population needs, meet the levels of urbanization, and increase connectivity by developing highways and expressways. For instance, the total Indian investment in road construction was worth $22.4 billion with private investment accounting for 14% of the total investments. Furthermore, according to the World Bank, the private sector infrastructure investment commitments for low- and middle-income countries were valued at $76.2 billion in 2021, which was a 49% increase from 2020 globally. Governments and private sectors of developed and emerging sectors focus on infrastructure developments and require high-tech equipment for the construction process to make it easy and less time-consuming which further acts as a major driver for the growth of the building and road construction equipment market.
The manufacturing companies in the building and road construction equipment market are concentrating on upgrading their technologies. The technology advancements aim to increase the safety, productivity, and connectivity of equipment and decrease maintenance issues and costs. For instance, in October 2021, according to Kobelco Construction Equipment India, an Indian-based manufacturer of large equipment and machines, launched the Next-Gen excavators in the 14T class. This excavator has a fuel-efficient ECO mode of operation, an international standard cab with high pressure and sound suppression for enhanced comfort, lighter hydraulic controls appropriate for extended periods of operation with little fatigue, and upgraded hydraulic filters. These features increase productivity, protect the environment, and ensure the operator and other construction site workers' safety when using the excavators.
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Major Key Players of the Market:
Volvo Group, Caterpillar Inc., Komatsu Ltd., Liebherr Group, Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, Tere*x Corporation, Atlas Copco Group, Deere and Company, Sany Heavy Industry Co. Ltd., Wacker Neuson SE, CNH Industrial NV, Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Doosan Infracore Co. Ltd., Hyundai Heavy Industries Co. Ltd., Wirtgen Group, Kobelco Construction Machinery Co. Ltd., Manitowoc Company Inc., Bell Equipment Ltd., Astec Industries Inc., Bopparder Maschinenbau-Gesellschaft mbH, Case Construction Equipment, FAYAT Group, Gomaco Corporation Inc., HAMM AG, JLG Industries Inc., Konecranes Oyj, Kubota Corporation, LiuGong Machinery Corp. Ltd., Manitou Group, Palfinger AG, Putzmeister Holding GmbH, Sennebogen Maschinenfabrik GmbH, Tadano Ltd., Takeuchi Mfg. Co. Ltd.
Building And Road Construction Equipment Market 2024 Key Insights:
• The building and road construction equipment market size is expected to see rapid growth in the next few years. It will grow to $300.38 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Infrastructure Development's Impact On Building And Road Construction Equipment Market
• Advancements In Technology Drive Innovation In Building And Road Construction Equipment Manufacturing
• Asia-Pacific was the largest region in the building and road construction equipment market in 2023
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