Construction equipment market size to grow by USD 3.81 billion from 2022 to 2027, Expanding manufacturing and distribution facilities to influence market growth, Technavio
NEW YORK, March 8, 2024 /PRNewswire/ -- The construction equipment market is expected to grow by USD 3,818.92 million from 2022 to 2027, according to Technavio. As per the latest report, the market will progress at a CAGR of 5.24% during the forecast period. The emergence of smart cities is an emerging construction equipment market trend. Integration of information and communication as well as the adoption of the latest technologies are required by smart cities for effective management of operations. Developments in functional areas such as transportation, traffic management, energy efficiency, and sustainability, and governance are led by the emergence of smart cities. For instance, the Association of Southeast Asian Nations (ASEAN) has created a collaborative platform to strengthen the vision of smart city projects. Hence, such trends fuel the construction equipment market during the forecast period.
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Market Segmentation
- Product
- Owned Equipment
- Rented Equipment
- Leased Equipment
- Application
- Commercial
- Residential
- Infrastructure
- Geography
- APAC
- North America
- Europe
- Middle East And Africa
- South America
The market share growth by the owned equipment segment will be significant during the forecast period. The owned equipment segment includes machines that are owned by construction companies, contractors, and other stakeholders, which are used for various construction activities, such as excavation, transportation, lifting, and material handling. Various construction companies and contractors prefer to own their machines instead of renting them to save costs. Hence, such factors boost the segment of the construction equipment market during the forecast period.
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The expanding manufacturing and distribution facilities drive the market growth.
Market vendors focus on expanding their production capabilities to cater to the growing demand for construction equipment globally. Furthermore, an increase in production capacity helps companies cater to the demands of customers across the world, and thus, they invest in expansion projects.
Moreover, manufacturers in the construction industry focus on providing convenient services to their consumers. They are also expanding their manufacturing capabilities for easy maintenance and repair, which will help them differentiate themselves from their rivals and increase revenue growth in the long run. Hence, such factors boost the construction equipment market growth during the forecast period.
- Stringent regulations on the construction industry challenge the construction equipment market growth.
Key Company
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. We provide a detailed analysis of around 25 vendors operating in the Construction Equipment Market, including some of the vendors such as AB Volvo, Action Construction Equipment Ltd., Caterpillar Inc., CNH Industrial NV, Deere and Co., Doosan Corp., Escorts Kubota Ltd., Guangxi LiuGong Machinery Co. Ltd., Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Co. Ltd., J C Bamford Excavators Ltd., Kobe Steel Ltd., Komatsu Ltd., Liebherr International Deutschland GmbH, Manitou BF SA, SANY Group, Sumitomo Heavy Industries Ltd., Terex Corp., Xuzhou Construction Machinery Group Co. Ltd., and Zoomlion Heavy Industry Science and Technology Co. Ltd. Backed with competitive intelligence and benchmarking, our research reports on the Construction Equipment Market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
- Caterpillar Inc. - The company offers construction equipment such as articulated trucks and asphalt pavers.
- CNH Industrial NV - The company offers construction equipment such as backhoe loaders and crawler dozers.
- Deere and Co. - The company offers construction equipment such as large excavators.
Analyst Review
The construction equipment market is a dynamic sector encompassing various facets of heavy machinery and earthmoving technologies. As urbanization continues to surge alongside rapid population growth, the demand for efficient construction equipment escalates. Moreover, technological advancements are reshaping the landscape of this industry, with a notable focus on sustainable green projects and automation.
Within the European Union, initiatives for transport infrastructure development are driving significant investments, prompting collaboration between governmental bodies and private enterprises. Notably, China's finance ministry plays a pivotal role in funding large-scale projects, including mega corridor projects and dams, essential for enhancing infrastructure and supporting commercial complexes and corporate offices.
The UK Construction Leadership Council is spearheading efforts to integrate telematics and e-call services into construction equipment, facilitating remote monitoring and maintenance. This integration aligns with the overarching trend towards electrification and battery capacity enhancements, fostering the growth of the electric & hybrid construction equipment segment.
End users in various sectors, such as residential societies and industrial buildings, are increasingly opting for electric equipment due to its environmental benefits and cost-efficiency. This transition underscores the importance of a robust construction equipment ecosystem, comprising component suppliers, efficient assembly lines, and reliable distribution and service networks.
Commercial buildings, roads, bridges, and metro stations are among the key beneficiaries of advancements in construction equipment. Electric dump trucks and mini excavators are gaining traction, especially in projects like hydroelectric projects, where emissions reduction is a priority.
Despite the rise of electric alternatives, diesel propulsion remains prevalent in certain segments, necessitating a balanced approach to meet diverse infrastructure needs. Furthermore, the rental service component plays a crucial role in providing flexible solutions to construction and infrastructure projects, catering to varying demand fluctuations.
In conclusion, the construction equipment market is evolving rapidly, driven by innovation, sustainability, and collaboration across industries. Embracing technological advancements and green initiatives will be pivotal in shaping its trajectory towards a more efficient and environmentally conscious future.
Market Overview
The construction equipment market is witnessing steady growth, fueled by the increasing demand for heavy machinery across various sectors. Earthmoving equipment remains a cornerstone, facilitating efficient excavation and land preparation. From lifting containers to transporting materials, versatile machinery caters to diverse construction needs. Whether drilling holes for foundations or executing precise concrete and paving applications, specialized equipment ensures accuracy and productivity. Infrastructure projects rely heavily on robust machinery for timely completion, while the construction of residential buildings and commercial buildings drives equipment sales further. With technological advancements enhancing efficiency and safety, the construction equipment market continues to thrive, meeting the evolving demands of the industry.
Related Reports:
The modular construction market in US is estimated to grow at a CAGR of 5.61% between 2022 and 2027, and the size of the market is forecast to increase by USD 5,641.62 million. This report extensively covers market segmentation by application (residential and commercial), and type (permanent and relocatable). Robust infrastructure development is the key driver boosting the growth of the US modular construction market.
The construction market is estimated to grow at a CAGR of 5.3% between 2022 and 2027. The size of the market is forecast to increase by USD 1,123.8 billion. This report extensively covers market segmentation by type (buildings construction, heavy &civil engineering, land planning and development, and specialty trade contractors), end-user (private sector and public sector), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). The increased investment in infrastructure is notably driving the market growth.
Table Of Contents :
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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