Construction Equipment Market Size Worth $223Bn by 2028 at 10% CAGR Lead by Asia-Pacific Region (36% Market Share in 2021), Deep Dive Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized

NEW YORK, June 29, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Construction Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others) and Application (Residential, Commercial, and Industrial)", the global construction equipment market size is expected to grow from $126.06 Billion in 2022 to $223.45 Billion by 2028; it is estimated to grow at a CAGR of 10.0% from 2022 to 2028.

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Construction Equipment Market Report Scope & Strategic Insights:

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.

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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.

Construction Equipment Market: Key Insights

The construction equipment market growth driven by the increasing infrastructure investments post COVID-19 pandemic growing focus on public-private partnerships (PPP), growing demand for the artificial intelligence. The Asia-Pacific would continue to dominate the market during the forecast period and account for 38.4% share by 2028.

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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 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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Browse Adjoining Reports:

Heavy Construction Equipment Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Road Rollers, Excavators, Graders, ADT, Loaders, and Forklifts); Application (Mining, Excavation, Earthmoving, Lifting, Material Handling and Transportation); and Industry (Construction, Oil & Gas, Mining, Manufacturing and Others)

Hybrid Construction Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Configuration (Series, Parallel, Series-parallel); Type (Material Handling Machinery, Concrete and Road Construction Machinery, Earth Moving Machinery) and Geography

Compact Construction Equipment Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Equipment Type (Backhoe Loader, Excavator, Skid Steer Loader, Telehandler, Track Loader, and Others), End-user Industry (Metal & Mining, Construction, Agriculture, and Others), and Application (Loading, Excavation, Material Handling, Lifting & Hoisting, and Others)

Earthmoving Equipment Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Excavators, Loaders, Dozers)

Automated Material Handling Equipment Market Forecast to 2025 – Global Analysis – by Product (Robots, Automated Storage & Retrieval System, Automated Conveyors & Sortation System, Automated Cranes, and Automated Guided Vehicles), System Type (Unit Load and Bulk Load), Component (Hardware, Software, and Services), Function (Storage, Transportation, Assembly, Packaging, Distribution, and Waste Handling), and Industry (Automotive, Electronics, Food & Beverages, E-Commerce, Aerospace, Logistics, Pharmaceuticals, and Others)

Material Handling Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Storage and Handling Equipment, Industrial Trucks, Bulk Material Handling Equipment, Automated Storage and Retrieval System (ASRS), Others); End-user (Manufacturing, Automotive, Aerospace, Food and Beverage, Retail and E-commerce, Pharmaceutical, Chemical, Others) and Geography

Port and Material Handling Equipment Vehicle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment Type (Tug Boats, Cranes, Ship Loaders, Reach Stackers, Mooring Systems, AGV, Forklift Trucks, Container Lift Trucks, Terminal Tractors, Straddle Carriers, Others); Application (Container Handling, Bulk Material Handling, Ship Handling, Storage Handling, Others); Propulsion (Diesel, Gasoline, Electric, Others) and Geography

Crane Duty Motors Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Single Phase, Three Phase); Application (Crane and Hoists, Material Handling Equipment) and Geography

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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SOURCE The Insight Partners

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