Yahoo Finance Construction Equipment Market Share to Surpass $223.45 Bn, Worldwide, by 2028 at 10% CAGR - Exclusive Study by The Insight Partners
The global construction equipment market growth is driven by growing demand for the artificial intelligence, rising focus on public-private partnerships (PPP) and increasing infrastructure investments post COVID-19 pandemic.
New York, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Construction Equipment Market Size, Share, Growth, Trends and Global Forecasts to 2028 – COVID-19 Impact and Global Analysis – by Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others), Application (Residential, Commercial, and Industrial), and Geography," the global construction equipment market size is expected to grow from USD 126.06 billion in 2022 to USD 223.45 billion by 2028; it is estimated to grow at a CAGR of 10.0% from 2022 to 2028.
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Global Construction Equipment Market Report Scope, Segmentations, Regional & Country Scope:
Market Size Value in | USD 126.06 billion in 2022 |
Market Size Value by | USD 223.45 billion by 2028 |
Growth rate | CAGR of 10.0% from 2022-2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
No. of Pages | 157 |
No. of Tables | 61 |
No. of Charts & Figures | 74 |
Historical data available | Yes |
Segments covered | Equipment Type and Application |
Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Companies Covered | Caterpillar Inc,CNH Industrial N.V.,Komatsu Ltd,Liebherr,Terex Corporation,Zoomlion Heavy Industry Science&Technology Co., Ltd.,J C Bamford Excavators Ltd. (JCB),Deere & Company,AB Volvo,Hitachi Construction Machinery Co., Ltd. |
Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
Global Construction Equipment Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00007469/ |
Global Construction Equipment Market: Competitive Landscape and Key Developments
Caterpillar Inc.; CNH Industrial N.V.; Hitachi Construction Machinery Co., Ltd; J C Bamford Excavators Ltd.; Deere & Company; Komatsu Ltd.; Liebherr-International Deutschland GmbH; Terex Corporation; Volvo CE; and Zoomlion Heavy Industry Science and Technology Co., Ltd. are among the key players profiled during the study. In addition, several other essential market players were also studied and analyzed to get a holistic view of the global construction equipment market and its ecosystem.
In March 2022: Caterpillar Inc. announced that its worldwide headquarters will be relocated from Deerfield, Illinois to the company's existing facility in Irving, Texas. The company will begin transitioning its headquarters to Irving in 2022.
In February 2021: Proterra Inc. and Komatsu Ltd. announced a new collaboration to use Proterra's battery technology to electrify next-generation underground mining equipment. Proterra will offer Komatsu with its H Series battery system technology to build battery-electric LHDs, drills, and bolters for underground hard rock mining.
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Heavy-duty vehicles developed specifically to carry out construction duties, most commonly earthwork operations, are referred to as construction equipment. The proper use of suitable equipment helps to the project's economy, quality, safety, speed, and timeliness. It is not always desired or feasible for the contractor to possess all of the construction equipment needed for the project. Excavating, digging dirt, moving it over great distances, placement, compacting, levelling, dozing, grading, hauling, and so on are among the main processes involved in the building of any construction project. Various excavation duties, such as excavating and moving the ground, are carried out with earthmoving equipment. Earthmoving equipment is available in various shapes and sizes. They are mostly used for repairing, constructing, elevating, agricultural, and demolition purposes. Excavators are earth-moving machines with buckets, arms, rotating cabs, and moveable tracks. A backhoe, also known as a rear actor or back digger, is a kind of excavation equipment having a digging bucket attached to the end of a two-part articulated arm. Loader is a construction machine that moves or loads materials, including asphalt, demolition waste, dirt, snow, feed, gravel, logs, raw minerals, recycled material, rock, sand, and woodchips, into or onto another type of machinery.
The COVID-19 pandemic has had a severe influence on the construction industry. The sales of construction equipment have decreased across the world. Infrastructure investments in residential, commercial, and industrial building, mining, and well construction and institutional expenditure impact the construction equipment producers both positively and negatively. The US, the UK, China, and India are among the disproportionately affected countries. However, there is a high demand for infrastructure projects related to hospitals and other medical facilities, labs, and shipping and transportation. Furthermore, several nations have begun to gradually resume activities in various industries, including the construction industry.
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Technological Innovations in Global Construction Equipment Market:
Electrification is shaping the construction equipment industry, which presents substantial opportunities and design options. Electrification has been rising in most of the market categories, including construction equipment for automobiles, buses, and other vehicles. The maturation and affordability of modern technologies and the tightening of pollution restrictions offer feasibility to electrification, which have altered the future of the construction equipment business. Several cities across the world have issued prohibitions on the use of diesel within city borders, affecting construction equipment operations in certain areas. In China and Europe, strong pollution standards for heavy machinery and equipment use are being imposed. With the usage of electric construction equipment, these rules related to emission and noise pollution criteria can be easily fulfilled. The number of machines and charging stations required will be determined in large part by the desired production/transport volumes and the haul cycle. The continuous advancements in electric variants of existing/new products provide lucrative opportunities for the growth of the construction equipment market during the forecasted period.
Construction Equipment Market: Sector Overview
Based on equipment type, the construction equipment market is segmented into heavy construction vehicles, earthmoving equipment, material handling equipment, and others. The heavy construction vehicles segment led the market in 2021. Based on application, the market is segmented into residential, commercial, and industrial. The commercial segment led the market in 2021. Based on geography, the global construction equipment market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Asia-Pacific dominated the market in 2021.
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