Yahoo Finance Construction Machinery Global Market Report 2023
Major players in the construction machinery market are Caterpillar Inc, Komatsu Ltd, Deere & Company, Volvo AB, Hitachi Ltd, Zoomlion Heavy Industry Science, and Technology Co. Ltd, Liebherr Group, EXOR Group, Doosan Infracore Co Ltd, and Oshkosh Corp.
New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Construction Machinery Global Market Report 2023" - https://www.reportlinker.com/p06282442/?utm_source=GNW
The global construction machinery market will grow from $308.97 billion in 2022 to $336.72 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The construction machinery market is expected to grow from $458.34 billion in 2027 at a CAGR of 8.0%.
The construction machinery market consists of sales of construction machinery, including backhoes, bulldozers, construction and surface mining-type rock drill bits, construction-type tractors, off-highway trucks, pile-driving equipment, portable crushing, pulverizing and screening machinery, powered post hole diggers, road graders and surface mining machinery.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Construction machinery refers to heavy machines designed for performing construction operations. Construction machinery is used in construction projects to load and unload materials, drive tools and materials into and out of a construction site, feed or retrieve material into a processing machine, handle raw materials by transporting them, cut trees and other vegetation, and many other applications.
Asia Pacific was the largest region in the construction machinery market in 2022.Western Europe was the second-largest region in the construction machinery market.
The regions covered in the construction machinery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main products of construction machinery are earthmoving, material handling, building & road construction equipment, and autonomous construction equipment.Earthmoving refers to machinery that is used for digging and moving large amounts of soil.
The various applications involved are excavation & mining, lifting & material handling, earthmoving, transportation, and other applications. The various end-users involved are Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, and other end-users.
Increasing investment in infrastructure is anticipated to contribute to the construction machinery’s market growth.According to the World Economic Forum, the investment in infrastructure worldwide is projected to reach $79 trillion by 2040.
Similarly, in the Union Budget 2022-23, the government of India allocated Rs. 10 lakh crore (US$ 130.57 billion) to massively push the infrastructure sector. The surge in investments in infrastructure is likely to generate higher demand for construction machinery and equipment, thereby driving the growth of the construction machinery market.
The COVID-19 outbreak acted as a major restraint on the construction machinery market during 2020.The rapid surge in the number of people suffering from coronavirus forced the government to impose lockdowns resulting in the temporary closure of many businesses.
Large infrastructure building projects were kept on hold due to social distancing practices imposed worldwide.This led to decreased demand for construction machinery and companies in the market had to halt or slow down their production impacting the revenues of the market.
For instance, Hitachi Construction Machinery Co., Ltd., a Japan-based construction company engaged in manufacturing and sales of construction and transportation machinery announced the halt of production at many sites including Russia, the Middle East, Africa, and Asia during COVID-19 lockdowns.
The construction machinery market has been observing multiple strategic initiatives such as partnerships and innovative product launches over recent years.Major companies in the market are continuously focusing on collaborating with other companies to expand their product portfolio and geographical presence.
For instance, Caterpillar Inc, US-based construction machinery and equipment manufacturer announced a partnership agreement with Newmont Mining, a US-based gold producer to develop underground vehicle automation technology. The companies together plan to focus on Caterpillar’s semi-autonomous system for underground loaders and improving existing technology.
In October 2021, National Equipment Dealers LLC, a US-based company that rents, sells, and services large heavy equipment acquired Grove River Machinery for an undisclosed amount.With the Grove River acquisition, National Equipment Dealers LLC would successfully grow scale, filling the company’s geographic gaps, and expanding its reach into Georgia.
Grove River Machinery is a Georgia-based company engaged in heavy equipment dealerships. The company represented the product line of Hyundai and Kobelco construction equipment.
The countries covered in the construction machinery market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The construction machinery market research report is one of a series of new reports that provides construction machinery market statistics, including the construction machinery industry global market size, regional shares, competitors with a construction machinery market share, detailed construction machinery market segments, market trends and opportunities, and any further data you may need to thrive in the construction machinery industry. This construction machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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