Press release
Construction Machinery Market: Strong Growth, Market Size, and Key Trends Forecasted to 2029
Construction Machinery Market Trends
What Is The Projected Market Size Of The Global Construction Machinery Market And Its Growth Rate?
• The construction machinery market size was $335.02 billion in 2024 and is projected to grow to $366.89 billion in 2025, representing a compound annual growth rate (CAGR) of 9.5%.
• This strong growth can be attributed to economic growth in emerging markets, a low-interest rate environment, and supportive government initiatives.
• By 2029, the market size is expected to reach $500.64 billion at a CAGR of 8.1%.
• The growth in the forecast period is expected to be driven by increasing investments in infrastructure, growing global construction industry, increasing urbanization, and the rising population.
• Key trends to follow include the development of robotic excavators, a focus on electric construction equipment, the integration of the Internet of Things (IoT), product innovations, and technology advancements.
What Is Driving The Growth In The Construction Machinery Market?
A significant driver of growth in the construction machinery market is the rise in construction spending. The total amount of money spent on expenses related to construction such as labor, materials, and engineering work, sets the pace for the construction machinery market. For example, in August 2023, construction spending in the U.S was estimated at $1,983.5 billion, up by 0.5% from the July estimate of $1,973.7 billion. Therefore, an increase in construction spending is posited to drive the expansion of this market.
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Who Are the Key Players Driving Construction Machinery Market Growth?
• 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, and others.
What Are The Key Trends In The Construction Machinery Market?
• Development of robotic excavators
• Focus on electric construction equipment
• Integration of the Internet of Things (IoT) in operations
• Product innovations
• Strategic partnerships and collaborations.
What Are The Segments Of The Global Construction Machinery Market?
• Product: Earthmoving, Material Handling, Building and Road Construction Equipment
• Application: Excavation and Mining, Lifting and Material Handling, Earth moving, Transportation, Other Applications
• End User: Oil and Gas, Construction and Infrastructure, Manufacturing, Mining, Other End Users.
Which Region Leads The Construction Machinery Market?
The Asia-Pacific region held the largest share of the construction machinery market in 2024, with Western Europe coming second. Other regions covered in the report include Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Construction Machinery Market Global Market Report?
- Market Size Analysis: Analyze the Construction Machinery Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Construction Machinery Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Construction Machinery Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Construction Machinery Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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