Construction Machinery Market Poised to Hit $487.92 Billion by 2029 with Accelerating Growth Trends

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Construction Machinery Market Size Growth Forecast: What to Expect by 2025?
The market size of the construction machinery industry has experienced robust growth in the past few years. The projections reveal a growth from $337.44 billion in 2024 to $362.27 billion in 2025, recording a compound annual growth rate (CAGR) of 7.4%. Factors contributing to the rise during the historical period include significant economic development in emerging markets, favourable low-interest rates, and beneficial government schemes.

How Will the Construction Machinery Market Size Evolve and Grow by 2029?
In the coming years, the construction machinery market is projected to experience significant growth, expanding to a size of $487.92 billion in 2029, with a compound annual growth rate (CAGR) of 7.7%. The surge in growth during the prediction period can be credited to heightened infrastructure investments, the expansion of the global construction sector, escalating urbanization, and population growth. The forecast period is likely to see trends such as the emergence of robotic excavators, an emphasis on electrical construction equipment, the incorporation of the Internet of Things (IoT), innovative product developments, technological progress, and strategic partnerships and alliances.

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What Drivers Are Propelling the Growth of Construction Machinery Market Forward?
The advancement of the construction machinery market is predicted to be powered by increased construction expenditure. The term "construction spending" relates to the overall money expended on construction-related costs such as labor, supplies, and engineering endeavors over a specific timeframe. With an increase in construction investments, construction firms anticipate higher revenue opportunities, consequently generating new demands for construction equipment, services, and materials. For example, data from the US Census Bureau, a US government organization, in August 2023 posited that construction spending in the US was evaluated to be at $1,983.5 billion, marking a 0.5% increase from the revised July estimate of $1,973.7 billion. Hence, the growth of the construction machinery market is being fueled by the surge in construction spending.

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Which Emerging Trends Are Transforming the Construction Machinery Market in 2025?
Leading businesses in the construction machinery market are introducing inventive products like mini excavators to enhance customer service. Mini excavators are small, compact machinery used for excavation work in confined spaces, and they are adaptable for a multitude of tasks. For example, Komatsu Europe International N.V., a heavy construction machinery manufacturer based in Belgium, unveiled PC33E-6, a mini excavator, in July 2023. This machine is powered by a 35kWh lithium-ion battery that promises long-lasting performance and a superior powerline, allowing most users to complete a full work shift before requiring to recharge. The short tail design and a 17.4 kW motor fitted to the PC33E-6 makes it perfect for operation in confined areas and city settings. The excavator comes with robust, safeguarded electrical components, ensuring it's durable and dependable for construction assignments.

What Are the Key Segments in the Construction Machinery Market?
The construction machinerymarket covered in this report is segmented -

1) By Product: Earthmoving, Material Handling, Building And Road Construction Equipment
2) By Application: Excavation And mining, Lifting And material handling, Earth moving, Transportation, Other Applications
3) By End User: Oil And Gas, Construction And Infrastructure, Manufacturing, Mining, Other End Users

Subsegments:
1) By Earthmoving Equipment: Excavators, Bulldozers, Backhoe Loaders, Skid Steer Loaders, Graders, Trenchers
2) By Material Handling Equipment: Forklifts, Cranes, Telehandlers, Hoists, Conveyors, Pallet Jacks
3) By Building And Road Construction Equipment: Concrete Mixers, Pavers, Compactors, Asphalt Mixing Plants, Road Rollers, Scaffolding Systems

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Who Are the Key Players Shaping the Construction Machinery Market's Competitive Landscape?
Major companies operating in the construction machinery market include 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, Action Construction Equipment, PT United Tractors Tbk, LiuGong Machinery Co. Ltd., Shantui Construction Machinery Co. Ltd., Hitachi Construction Machinery UK, JCB UK, CIFA, Chelyabinsk Mechanical Plant, Truststroy, Zavod UralTrakGrupp, Bell Equipment, Bobcat, AGI Industries, Ashland Industries, ASV Holdings, Inc., Built Robotics, Inc., Cyngn, Royal, Lovol Heavy Industry, Randon, SotreqGrupo, Bom Jesus, Saudi Binladin Group, Shikun and Binui, TAV Insaat Taahhut A.S., Babcock International, Goscor Earthmoving Equipment, Mantrac Group, C.Woermann Nigeria Limited, Orascom Construction PLC, Kanu Equipment

What Geographic Markets Are Powering Growth in the Construction Machinery Market?
Asia-Pacific was the largest region in the construction machinery market in 2024. Western Europe was the second-largest region in the global construction machinery market share. The regions covered in the construction machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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