Construction Equipment Market is growing at a CAGR of 4.8% and is projected to reach $313.9 billion by 2031

According to a recent report published by Allied Market Research titled "Construction Equipment Market," the global construction equipment market was valued at $201.9 billion in 2021. It is projected to reach $322.0 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2031.

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The market has experienced notable growth over the past decade, largely driven by the expansion of the building and construction industries. Additionally, increased government investments in the development of new roads, highways, and infrastructure, as well as the modernization of existing transportation networks, have significantly contributed to market expansion. Furthermore, growth in the oil and gas and mining sectors has created additional opportunities for construction equipment.

Asia-Pacific dominated the global construction equipment market in terms of revenue, accounting for approximately 44.0% of the global construction industry's share, followed by Europe, North America, and LAMEA. Construction equipment includes specially designed machinery for various construction operations such as drilling, hauling, excavating, paving, and grading. The market serves multiple industries, including construction and infrastructure, manufacturing, and oil and gas, all of which contribute to the expansion of the construction equipment sector.

One of the key drivers of market growth is the increasing popularity of robust and compact construction equipment. These compact machines are gaining traction due to their ease of maintenance, maneuverability, and efficiency comparable to heavy machinery. Unlike larger construction equipment, compact machinery does not require highly skilled operators, making them more accessible to various industries. Moreover, the lower costs associated with compact construction equipment have further propelled their adoption across multiple end-user industries.

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In 2021, the products segment held the largest market share at 79.8%, and it is expected to grow at a CAGR of 4.7% during the forecast period. Among different types of construction equipment, loaders are expected to contribute the highest market share in the coming years due to the ongoing expansion of the construction industry. Meanwhile, the forklift segment is projected to grow at the highest CAGR during the forecast period. Forklifts play a critical role in warehouses and distribution centers by facilitating the lifting and transportation of raw materials and finished goods. These vehicles, also known as fork trucks or lifting trucks, are essential for moving and retrieving goods efficiently within warehouse facilities.

The COVID-19 pandemic had a significant impact on the construction equipment market. During the lockdown, manufacturers in key markets such as China, the U.S., and India were forced to halt production, leading to a decline in sales and a disruption in the supply chain. Additionally, shortages of manpower and raw materials further hampered the market. However, with the reopening of production facilities and the introduction of vaccines, the construction equipment industry is expected to recover and regain full operational capacity.

The market is analyzed across various regions, including North America, Europe, Asia-Pacific, and LAMEA, with Asia-Pacific maintaining its dominance in 2021. Key industry players have adopted strategies such as product launches and business expansions to maintain their competitive edge. For example, in January 2020, AB Volvo introduced the EC950F crawler excavator in North America. This 100-ton excavator, equipped with a 450kW Volvo D16 Tier 4 Final engine, was designed for high-performance construction projects. Similarly, Caterpillar Inc. launched 16 new Cat D3 series skid steer loaders (SSL) and compact track loader (CTL) models, featuring Smart Attachments that enhance task efficiency by optimizing control systems and operator interfaces.

By type, the loaders segment emerged as the dominant category in the global construction equipment market in 2021. The increasing demand for loaders is driven by higher investments in the construction sector. Additionally, the forklift segment is anticipated to experience rapid growth due to the rising number of warehouses and distribution centers worldwide.

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Key Benefits for Stakeholders

The report provides a detailed analysis of the current and emerging trends in the global construction equipment market.

It offers an in-depth market evaluation, presenting estimates for key market segments from 2021 to 2031.

The study includes a comprehensive assessment of product positioning and the strategies of leading market players.

Regional analyses highlight potential opportunities for growth across different geographic markets.

The report delivers a forecast analysis of the construction equipment market for the period from 2022 to 2031.

Major market players are profiled, and their strategies are thoroughly examined to provide insights into the competitive landscape.

The global construction equipment market is set for significant expansion, driven by increased infrastructure investments, advancements in compact construction equipment, and a growing emphasis on automation and efficiency. Industry players will continue to innovate and expand their product portfolios to meet evolving market demands, ensuring steady growth in the coming years.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the report

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