SAN FRANCISCO, Feb. 16, 2022 /PRNewswire/ -- The global construction equipment market size is projected to reach USD 161.99 billion by 2030, registering a 3.9% CAGR from 2022 to 2030, according to a new study by Grand View Research Inc. Increasing investments by governments worldwide for developing public infrastructure is one of the prime factors that is expected to drive the market growth over the forecast period. Furthermore, the growing population in emerging economies such as India has resulted in increased residential and commercial construction activities, a trend that is expected to continue to increase the demand for construction equipment. Thus, the market is anticipated to grow steadily over the forecast period.
Key Insights & Findings from the report:
- The earthmoving machinery segment dominated the market in 2021. The segment is expected to witness progressive demand owing to the increasing investments for industrial and commercial construction projects in emerging economies of the Asia Pacific and the Middle East and Africa.
- The material handling machinery segment is expected to register a CAGR exceeding 4% over the forecast period. It can be ascribed to an increase in demand for crawler cranes that offer greater convenience and ease of accessibility in small construction sites, especially in urban areas.
- The concrete and road construction machinery is projected to expand at a CAGR exceeding 5% over the forecast period. Favorable government initiatives to increase their investment in highway construction are anticipated to drive the growth of the segment.
Read 134-page market research report, "Construction Equipment Market Size, Share & Trends Analysis Report By Product (Earth Moving Machinery, Machine Handling Machinery, Concrete And Road Construction Machinery), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Construction Equipment Market Growth & Trends
Favorable government initiatives are expected to drive the growth of the market in the forthcoming years. For instance, in August 2021, the federal government of the U.S. announced stimulus packages including USD 550 billion in new federal investment for modernizing infrastructure are expected to drive construction spending in the country. Similarly, in 2019, the Government of India announced to invest USD 1.4 trillion for infrastructure projects from 2019 to 2023; this signifies the upcoming demand for construction machinery in the country over the forecast period.
The COVID-19 outbreak hampered the growth of the market, due to supply chain disruptions and temporary shutdowns of dealer stores. However, in 2021, there was a sudden increase in demand for construction equipment due to the resumption of construction activity for halted and new projects. An abrupt demand for construction and infrastructure resulting in a shortage of inventories leading to an increase in the price of the commodity of base materials are expected to hinder the growth of the market over the forecast period.
Construction Equipment Market Segmentation
Grand View Research has segmented the global construction equipment market based on product and region:
Construction Equipment Product Outlook (Revenue, USD Billion, 2018 - 2030)
- Earth Moving Machinery
- Excavator
- Loader
- Others
- Material Handling Machinery
- Crawler Cranes
- Trailer Mounted Cranes
- Truck Mounted Cranes
- Concrete and Road Construction Machinery
- Concrete Mixer & Pavers
- Construction Pumps
- Others
Construction Equipment Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
List of Key Players of the Construction Equipment Market
- Caterpillar
- CNH Industrial N.V.
- Doosan Corporation
- Escorts Limited
- Hitachi Construction Machinery Co., Ltd.
- Hyundai Construction Equipment Co., Ltd.
- J C Bamford Excavators Ltd.
- Deere & Company.
- Kobelco Construction Machinery Co., Ltd.
- Komatsu Ltd.
- Liebherr-International AG
- Manitou BF
- HIDROMEK
- Sany Heavy Industry Co., Ltd.
- Sumitomo Heavy Industries, Ltd.
- Terex Corporation
- Volvo Construction Equipment AB
- Zoomlion Heavy Industry Science and Technology Co., Ltd
Check out more related studies published by Grand View Research:
- Construction Equipment Rental Market - The global construction equipment rental market size is expected to reach USD 136.5 billion by 2027, growing at a CAGR of 4.9% over the forecast period, according to a new report by Grand View Research, Inc. The key factor driving the market is the growing construction industry, particularly in developing countries, owing to various growth opportunities in infrastructure, residential, and non-residential sectors.
- Heavy Construction Equipment - The global heavy construction equipment market is expected to reach USD 90.4 billion by 2025 at a CAGR of 5.4%, according to a new report by Grand View Research, Inc. Increased investment in infrastructure has been a major factor driving market growth.
- Mobile Cranes Market - The global mobile cranes market size was valued at USD 12.76 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027. The continued urbanization and the subsequent initiatives being pursued toward developing new infrastructure and upgrading the existing infrastructure are expected to drive the demand for these equipment over the forecast period.
Browse through Grand View Research's Other HVAC & Construction Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: +1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Grand View Pipeline
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
