Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Construction Equipment Market, The Global Construction Equipment Market is valued at USD 156 billion in 2023 and is estimated to grow at a CAGR of around 3.01% during the forecast period, i.e., 2024-30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Construction Equipment Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- Market Size in 2023: USD 156 billion
- CAGR (2024-2030): 3.01%
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Global Construction Equipment Market Segmentation Breakdown:
The Construction Equipment Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type of Equipment
- Earthmoving Equipment - Market Size & Forecast 2019-2030, (Thousand Units)
- Excavator- Market Size & Forecast 2019-2030, (Thousand Units)
- Loaders - Market Size & Forecast 2019-2030, (Thousand Units)
- Bulldozers - Market Size & Forecast 2019-2030, (Thousand Units)
- Skid Steer Loaders- Market Size & Forecast 2019-2030, (Thousand Units)
- Motor Graders- Market Size & Forecast 2019-2030, (Thousand Units)
- Crawler Loader- Market Size & Forecast 2019-2030, (Thousand Units)
- Trenchers- Market Size & Forecast 2019-2030, (Thousand Units)
- Dump trucks- Market Size & Forecast 2019-2030, (Thousand Units)
- Others- Market Size & Forecast 2019-2030, (Thousand Units)
- Material Handling Equipment- Market Size & Forecast 2019-2030, (Thousand Units)
- Cranes- Market Size & Forecast 2019-2030, (Thousand Units)
- Forklift- Market Size & Forecast 2019-2030, (Thousand Units)
- Tipper- Market Size & Forecast 2019-2030, (Thousand Units)
- Others- Market Size & Forecast 2019-2030, (Thousand Units)
- Other Construction Equipment- Market Size & Forecast 2019-2030, (Thousand Units)
- Road Roller -Market Size & Forecast 2019-2030, (Thousand Units)
- Diesel Generator-Market Size & Forecast 2019-2030, (Thousand Units)
- Others Market Size & Forecast 2019-2030, (Thousand Units)
Material Handling Equipment is beneficial for the storage & movement of materials & goods during their manufacturing, distribution, and disposal.
- By Application
- Power & Utilities- Market Size & Forecast 2019-2030, (Thousand Units)
- Mining - Market Size & Forecast 2019-2030, (Thousand Units)
- Hospitality- Market Size & Forecast 2019-2030, (Thousand Units)
- Residential- Market Size & Forecast 2019-2030, (Thousand Units)
- Healthcare & Educational- Market Size & Forecast 2019-2030, (Thousand Units)
- Roads & Highway- Market Size & Forecast 2019-2030, (Thousand Units)
- Manufacturing Units- Market Size & Forecast 2019-2030, (Thousand Units)
- Other- Market Size & Forecast 2019-2030, (Thousand Units)
With accounting for a substantial share of the Construction Equipment Market, the demand for Mining applications is likely to increase at an astronomical pace during 2024-30.
- By Power Output
- Less than 100 HP- Market Size & Forecast 2019-2030, (Thousand Units)
- 101-200 HP- Market Size & Forecast 2019-2030, (Thousand Units)
- 201-400 HP- Market Size & Forecast 2019-2030, (Thousand Units)
- More than 400 HP- Market Size & Forecast 2019-2030, (Thousand Units)
- By Propulsion
- Diesel- Market Size & Forecast 2019-2030, (Thousand Units)
- Gas - Market Size & Forecast 2019-2030, (Thousand Units)
- CNG -Market Size & Forecast 2019-2030, (Thousand Units)
- LPG -Market Size & Forecast 2019-2030, (Thousand Units)
- Electric- Market Size & Forecast 2019-2030, (Thousand Units)
Geographical Growth Insights:
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
The Middle East & Africa is anticipated to dominate the Construction Equipment Market with the largest share during the forecast period.
MarkNtel Advisors Highlights Key Market Drivers for Construction Equipment Market:
Growing Infrastructural Development Projects Worldwide – With the rapid upgrade in the number of developmental projects across different countries across the world, various private companies & governments are augmenting the demand for construction equipment for the development & construction of commercial & residential buildings. Moreover, countries like the US, China, and India, among others, are investing substantially in public infrastructure developments & exemplifying an accelerating demand for this equipment to facilitate tasks efficiently. In addition, snowballing the number of smart city projects is another crucial aspect contributing to the growing demand for construction equipment & stimulating the overall Construction Equipment Market expansion through 2030.
A Comprehensive Analysis of Leading Companies in Global Construction Equipment Market
- Caterpillar
- Volvo
- Komatsu
- CNH Industrial
- Liebherr
- Hitachi Construction
- John Deere
- Dooson
- JCB
- Terex
- CEAT Limited
- Others
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What are the growth Opportunity driving the Global Construction Equipment Market?
Autonomous Construction Equipment Seizing Market Opportunities – The emergence of autonomous construction equipment signifies a substantial growth opportunity within the Construction Equipment Market. The off-highway industry is increasingly adopting autonomous technologies, finding a particularly fitting application in construction tasks characterized by repetition, precision, and strict timelines.
Due to this, the demand for autonomous construction equipment is on the rise. Therefore, manufacturers are actively responding to this demand by developing autonomous construction machinery that integrates with this technology and aligns with government mandates for telematics and e-call equipment. For instance:
- In 2023, Trimble Launched Advanced Path Tech to Automate Construction Equipment. The software-based technology gives Trimble end-users and equipment manufacturers the ability to optimize & automate the trajectory, speed, and overall path design of industrial equipment to increase the work's efficiency.
This anticipated demand for autonomous construction equipment is poised to be a driving force for future market expansion, propelling overall growth in the industry.
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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
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