Construction Equipment Market size to increase by USD 9.04 billion between 2022 to 2027, Market Segmentation by Application, Product, and Geography, Technavio

NEW YORK, April 26, 2024 /PRNewswire/ -- The global construction equipment market size is estimated to grow by USD 9.04 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 4.4% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. Application 
   1. 1.1 Commercial
   2. 1.2 Residential
   3. 1.3 Infrastructure
2. Product 
   1. 2.1 Earthmoving equipment
   2. 2.2 Material handling equipment
   3. 2.3 Concrete equipment
   4. 2.4 Road construction equipment
   5. 2.5 Others
3. Geography 
   1. 3.1 Europe

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1.1 Fastest growing segment:

The market's growth will mostly come from businesses buying construction equipment. Europe's construction industry is booming, so there's a big demand for these machines. People are building more cities, improving infrastructure, and doing lots of construction work. From 2017 to 2021, the commercial part of the market kept growing.

1.1 More Insights:

• Businesses are using new technologies like telematics and the Internet of Things (IoT) to make their equipment work better. In the UK, construction companies are using telematics to keep track of things like fuel use and maintenance schedules.
• This helps them work better and save money. People are also looking for construction machines that are better for the environment. Electric-powered equipment, like electric excavators and loaders, are getting more popular because they don't make as much pollution or noise.

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Analyst Review

The Construction Equipment Market encompasses a wide range of machinery used in Infrastructure projects, including the Transportation sector and Housing sector. Key players in this market are OEMs, such as Mack Trucks, producing IC Engines for various applications. Automation, AI-driven analytics, IoT, Augmented reality, and Virtual reality are transforming the industry, with AI-based twin technology being a notable trend.

Earthmoving machinery, such as Cranes, Telescopic Handling, Loaders and Backhoe, Motor Graders, and Excavators, are essential for construction projects. Additionally, non-road mobile machinery, like Inland waterway vessels, Railroad engines, Off-road recreational vehicles, and Diesel particulate filters, are integral components of the market. Engine technologies, such as those for IC Engines and those for non-road mobile machinery, continue to evolve, with advancements in emission norms and the integration of technologies like diesel particulate filters.

Market Overview

The Construction Equipment Market involves the manufacture and sale of a diverse range of machinery and equipment used in the construction industry. These include cranes, tractors, bulldozers, excavators, backhoes, loaders, and pumping equipment, among others. The sector is driven by factors such as increasing infrastructure development, urbanization, and housing projects.

European countries, including Germany and the UK, are major players in the global construction equipment market. The US market is also significant, with a focus on innovation and technology in equipment design. The industry faces challenges such as high competition, rising raw material costs, and stringent regulations. However, the long-term outlook remains positive, with growing demand for sustainable and efficient construction solutions.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.

Contacts

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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