WESTFORD, Mass., July 23,
2024 /PRNewswire/ -- According to SkyQuest, the
global Construction Equipment Market size was valued at
USD 150.2 billion in 2022 and is
poised to grow from USD 155.91
billion in 2023 to USD 210.11
billion by 2031, growing at a CAGR of 3.8% during the
forecast period (2024-2031).
The construction equipment market will soon experience a
remarkable transformation as the world steps into new technologies,
trends, and a new year. Constant modernizations in the industry
have changed the way of building different structures with respect
to efficiency, safety at construction sites, and sustainability
from alternate energy solutions to autonomous equipment. Speedy
urbanization in emerging economies is projected to fuel
construction events, which ultimately affects the demand for dump
trucks, loaders, excavators, and stronger machinery for
construction.
Rising infrastructure development activities on the global scale
is predicted to expand the demand for material handling
machineries, which will support the construction equipment market
growth. Also, government spending to modernize the existing
structures in the developing nations is propelling the market.
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Construction Equipment Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 155.91
Billion
|
Estimated Value by
2031
|
USD 210.11
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 3.8%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Equipment Type,
Equipment Category, Propulsion Type, Power Output, Engine Capacity,
Application, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Expanding Use of
Construction Equipment
|
Key Market
Drivers
|
Integration of
Technology with Construction Equipment
|
Key Market
Drivers
|
Development of Novel
Construction Chemical Technologies and Products
|
Segments covered in Construction Equipment Market
are as follows:
- Equipment Type
- Articulated Dump Trucks, Asphalt Finishers, Backhoe Loaders,
Crawler Dozers, Crawler Excavators, Crawler Loaders, Mini
Excavators, Motor Graders, Motor Scrapers, Rigid Dump Trucks, Road
Rollers, Rough Terrain Lift Truck (RTLT) Masted, Rough Terrain Lift
Truck (RTLT) Telescopic, Skid-Steer Loaders, Wheeled Excavators,
Wheeled Loaders <80 HP, Wheeled Loaders >80 HP, Compactors,
Pick and Carry Cranes
- Equipment Category
- Earthmoving Equipment, Material Handling Equipment, Heavy
Construction Equipment, Others
- Propulsion Type
- Power Output
- <100HP, 101-200HP, 201-400HP, >400 HP
- Engine Capacity
- Application
- Commercial, Residential, Infrastructure
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Material Handling Segment Tops Due to Heavy Automation Demand
From Several Industries
The material handling sub-segment held maximum share of the
construction equipment market in 2022, owing to speedy
industrialization and rising automation demand for handling
materials in different sectors. This has ultimately increased the
demand for completely automated industrial machinery in the
developed economies. The trend of continuous launch in innovations
and expanded demand for automation is further expected to grow with
more along with rise in the number of construction projects and
infrastructure developments. Hence, the market is anticipated to
grow with the trend of manufacturing updates and managing
structures to expand potential production.
The earthmoving machinery sub-segment is anticipated to hold
majority share over the estimated period owing to the growth of
construction equipment in the emerging and the well-established
economies as well. Moreover, the market is witnessing growing
demand and investment in projects demanding heavy use of such
equipment. Hence, the construction equipment market will witness
growth backed by this heavy demand and increasing number of grading
and excavation activities.
Increasing Use of Compact Vehicles in Emerging Regions is
Aiding the growth of the <100 HP Segment
By power output, the <100 HP segment held a majority share of
the construction equipment market in 2022. The machinery containing
<100 HP comprises compact wheel loaders, mini-excavators,
compact truck loaders, and skid steer loaders that deliver
extraordinary maneuverability and versatility. The growing use of
compact equipment in developing regions like Africa and Asia
Pacific will further demand machinery with <100 HP,
thereby propelling the market.
101-200 HP sub-segment is the fastest-growing segment and is
anticipated to continue dominance over the forecast period. These
machines, namely bulldozers, excavators, graders, and loaders are
highly demanded for bulky assignments. Hence, they often deliver
101-200 HP range with special designs that focus on improved
serviceability. This streamlines access to vital parts for regular
repairs and maintenance.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/construction-equipment-market
Industrial Segment Continues to Lead Due to Growing FDI
Investments in Manufacturing Facilities
By application, the industrial segment is expected to show huge
growth soon due to growing industrialization and increasing FDI,
mainly for multiple international manufacturing facilities in
emerging nations. Several international companies in the developed
regions are opening their new manufacturing plants in developing
economies for expansion purposes. This increases the demand for
better construction equipment, driving market growth.
The commercial segment is expected to be the fastest-growing
sub-segment due to the rising number of constructions of retail
stores, office buildings, factories, warehouses, and lots.
Especially in the developing regions, commercial segment is
predicted to grow remarkably owing to increasing government backing
and rise of industrialization.
Technological Advancements and Current Trends in Building
Practices to Progress the Market
In summary, the construction equipment market is currently
experiencing major transformations due to increased development
projects and spending power, mainly in emerging economies. Besides
there are multiple trends observed including a boom in the
production of renewable energy, the introduction of compact
machinery, connectivity due to the integration of technologies,
autonomous construction machinery, construction machine sensors for
safety and efficiency, and more. These trends are reshaping the
construction process in a bigger way. Industry is expected to
propel innovations, efficiency, and sustainability in the future.
With a deep emphasis on productivity, customer satisfaction, and
safety, the leading industry players are playing a key role in
reshaping the construction equipment market in most developed
nations.
Related Report:
Construction Materials Market
Used Construction Equipment Market
Heavy Construction Equipment Market
Construction Equipment Rental Market
Material Handling Equipment Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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SOURCE SkyQuest Technology