Construction Equipment Market: Trends and Forecast (2022-2031)

According to a report by Allied Market Research titled "Construction Equipment Market," the market was valued at $201.9 billion in 2021 and is projected to reach $322.0 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2031. Construction equipment, including specialized machinery for drilling, hauling, excavating, paving, and grading, serves industries such as construction, infrastructure, manufacturing, and oil & gas, driving market growth globally.

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Market Overview
The construction equipment market is propelled by the rising popularity of compact and robust equipment, increased spending in construction, and the expansion of warehouses and distribution centers. Asia-Pacific led the market in 2021, accounting for 44.0% of global revenue, followed by Europe, North America, and LAMEA (Latin America, Middle East, and Africa). Despite challenges like production halts during the COVID-19 lockdown, the market is recovering with the reopening of facilities and increased infrastructure investments.

Key Drivers of Market Growth
Rise in Popularity of Compact Equipment
Compact construction equipment has gained significant traction due to its ease of maintenance, mobility, and comparable performance to heavy machinery. Unlike larger equipment, compact models do not require certified or highly skilled operators, making them easier to use. Their lower costs also make them attractive to end-user industries, such as construction and manufacturing. This shift toward compact equipment is a key driver of market growth, particularly for small and medium-sized projects.

Expansion of Construction and Infrastructure
The global construction industry's growth, particularly in infrastructure development, fuels demand for construction equipment. Loaders, which dominated the market in 2021, are expected to maintain their lead due to increased construction spending. These machines are critical for tasks like material handling and site preparation. Additionally, the rise in urbanization and infrastructure projects in emerging economies supports market expansion.

Growth in Warehousing and Distribution Centers
The forklift segment is projected to grow at the highest CAGR during the forecast period, driven by the increasing number of warehouses and distribution centers globally. Forklifts, also known as fork trucks or lift trucks, are essential for lifting and moving raw materials and goods in these facilities. The e-commerce boom and logistics growth further amplify demand for forklifts, boosting the market.

Recovery from COVID-19 Disruptions
The COVID-19 pandemic disrupted the construction equipment market, with production halts in key countries like China, the U.S., and India due to labor shortages and supply chain issues. However, the reopening of production facilities and the introduction of vaccines have enabled companies to resume operations at full capacity. This recovery is expected to drive market growth as construction activities rebound.

Strategic Product Launches and Business Expansion
Major players are adopting strategies like product launches and business expansion to strengthen their market positions. For example, in January 2020, AB Volvo introduced the 100-ton EC950F crawler excavator in North America, featuring a 450kW Volvo D16 Tier 4 Final engine. Similarly, Caterpillar Inc. launched 16 new Cat D3 series skid steer loaders (SSL) and compact track loaders (CTL) with smart attachment technology, enhancing operator control and task efficiency. These innovations drive market competitiveness and growth.

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Market Challenges
The market faced significant challenges during the COVID-19 lockdown, including production stoppages and shortages of manpower and raw materials, which impacted sales. While the market is recovering, high initial costs of advanced equipment and the need for skilled operators for certain machinery could pose barriers, particularly for smaller firms in developing regions.

Regional and Segment Insights
The report provides a detailed analysis of market segments and regional trends:

By Product Type: The products segment, encompassing loaders, excavators, and forklifts, held a 79.8% market share in 2021 and is expected to grow at a CAGR of 4.7%. Loaders led in revenue due to their widespread use in construction.
By Type: The loader segment dominated in 2021, driven by increased construction spending. The forklift segment is anticipated to grow at the highest CAGR, fueled by warehouse expansion.

By Region: Asia-Pacific led the market in 2021, accounting for 44.0% of global revenue, driven by rapid urbanization and infrastructure development in countries like China and India. The region is expected to maintain its dominance through 2031, followed by Europe, North America, and LAMEA.

Opportunities for Growth
The market presents significant opportunities, particularly in compact equipment adoption and infrastructure investments. The growing demand for eco-friendly and fuel-efficient machinery, coupled with technological advancements like smart attachments, supports market expansion. Additionally, the rise of rental services for construction equipment offers cost-effective solutions for smaller firms, further driving market growth.

Key Findings

The products segment held a 79.8% market share in 2021 and is expected to grow at a CAGR of 4.7%.
The loader segment led in revenue in 2021, while forklifts are projected to grow at the highest CAGR.
Asia-Pacific dominated the market in 2021 and is expected to lead through 2031.
Production disruptions during COVID-19 impacted sales, but recovery is underway.
Product launches and business expansions by major players enhance market competitiveness.
Comprehensive analysis from 2022 to 2031 highlights emerging opportunities.

Competitive Landscape
Key players, including AB Volvo and Caterpillar Inc., are driving innovation through product development and strategic expansions. Their focus on advanced, operator-friendly equipment and smart technologies strengthens their market positions. The competitive landscape is shaped by continuous efforts to meet evolving industry needs, particularly in construction and logistics.

The construction equipment market is poised for steady growth through 2031, driven by the popularity of compact equipment, rising construction spending, and warehouse expansion. While COVID-19 disruptions posed challenges, the market is rebounding with increased production and strategic innovations. With Asia-Pacific leading and opportunities in eco-friendly machinery, the market is well-positioned to support global construction and infrastructure development.

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