Construction Equipment Market is Forecasted to Reach US$ 231.53 billion in 2028, Says Stratview Research

The global construction equipment market is projected to witness a growth rate of 4.26% annually from 2023 to 2028, with an anticipated size of US$ 231.53 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global construction equipment market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/84/construction-equipment-market.html#form

Report Highlights:
Market Size in 2028: US$ 231.53 billion
Growth (CAGR): 4.26% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Construction Equipment Market:

The global construction equipment market is segmented based on product type, material handling & cranes type, concrete equipment type, and region.

Based on product type - "The earthmoving and road-building equipment segment dominates the market with a share of more than 55% during the forecast period."
The construction equipment market is segmented into earthmoving and road-building equipment, material handling & cranes, and concrete equipment. The earthmoving and road-building equipment segment led the market and is expected to maintain its dominance during the forecast period. Compaction equipment, excavators, loaders, and backhoes are the machines included in this segment.
• The government authority's strong emphasis on the development of a well-connected road network to support growing freight transport will propel the growth of the segment.
• Also, the backhoe segment is expected to grow at a significant rate on account of its ability to perform versatile operations which include clamping, dozing, digging, and back dragging at construction sites.
• Moreover, new product launches in the backhoe segment with advanced features, and technologies will drive the growth of the market.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/84/construction-equipment-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific dominates the market with its accounted share of more than 35% during the forecast period. This growth outlook is majorly attributed to the following-

• Owing to the emergence of online retail services, availability of machines on a rental basis, and increasing government investments in infrastructure development in the region.
• Furthermore, China is likely to hold the largest share of the market on account of the large number of emerging companies in the market that are manufacturing technology-driven construction machines.
• The government in China is investing in public infrastructure and renewable energy, along with residential projects, which is ultimately increasing the demand for construction machinery in the region.

Construction Equipment Market Drivers:

Some of the key drivers listed in the report are given below.
• The market growth is mainly attributed to the high demand for robust residential and commercial infrastructure along with growing urbanization across the world.
• Market revenue will be positively influenced by the high concentration of regional government authorities on investment in significant public infrastructure projects which act as a major growth driver for economic development.
• For instance, the US government spent US$ 353.0 billion for public construction in October 2021, which was 1.8 percent above the previous month's spending.
• Moreover, technological advancement coupled with strategic partnerships between several market players to develop new smart construction equipment solutions and services is resulting in the digital transformation of the industry, which will ultimately support the growth of the market.

Top Companies in the Construction Equipment Market:
Stratview Research has identified the following companies as the top market players.
• Caterpillar, Inc.
• CNH Industrial
• Hitachi Construction Machinery Co. Ltd.
• John Deere
• Kobelco Construction Machinery Ltd.
• Komatsu Ltd.
• Sany Group
• Volvo Construction Equipment
• XCMG Group

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Construction Equipment Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Used Construction Equipment Market: https://www.stratviewresearch.com/3085/used-construction-equipment-market.html
• Heavy Construction Equipment Market: https://www.stratviewresearch.com/3698/heavy-construction-equipment-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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This release was published on openPR.