IMARC Group, a leading market research company, has recently releases report titled Construction Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 The study provides a detailed analysis of the industry, including the global construction equipment market trends, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the construction equipment market?
The global construction equipment market size reached US$ 182.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 245.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
What is construction equipment?
Construction equipment, also called heavy equipment, refer to specialized machines that are designed for executing infrastructural projects. They usually comprise ditches, graders, pumps, tractors, bulldozers, excavators, cranes, trenchers, derricks, loaders, backhoes, etc. Construction equipment also include generators, concrete mixers, scrapers, pavers, pile drivers, haulers and trucks, compactors and rollers, etc. They aid in improving worker safety, enhancing productivity, reducing downtime caused by errors, etc. Construction equipment can be rented from several third-party providers to eliminate the hassle of maintaining various heavy machinery and minimize the overall costs of large projects. They enable builders and contractors to remove human involvement in numerous labor-intensive and dangerous tasks, which cause additional risks and errors in operations. Consequently, construction equipment are widely utilized for hauling, compacting, dozing, grading, leveling, placing material, transferring heavy loads, excavating and digging the ground, etc.
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What are the growth prospects and trends in the construction equipment industry?
The rising number of public-private partnerships (PPP), which are joint ventures between government bodies and private sector companies for building various infrastructure systems, is primarily driving the construction equipment market. Additionally, the escalating demand for inventory management solutions to conserve time and reduce monetary expenses is further bolstering the market growth. Besides this, the introduction of energy-efficient and eco-friendly construction devices, which have a low carbon footprint and cause minimum ecological degradation, is acting as another significant growth-inducing factor. Moreover, the widespread adoption of compact product variants, which are easy to handle, provide excellent movability, require minimum maintenance, etc., is also positively influencing the global market. Apart from this, the development of automation technologies that help in tracking the productivity of these devices from remote platforms, including mobile apps and computer software, is anticipated to fuel the construction equipment market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Solution Type:
Equipment Type Insights:
- Heavy Construction Equipment
- Compact Construction Equipment
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- AB Volvo
- Caterpillar Inc.
- CNH Industrial N.V.
- Deere Company
- Doosan Infracore
- Hitachi Construction Machinery
- Komatsu Ltd.
- Liebherr-International AG
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