Construction Machinery Market Overview: Forecast Market Size, Major Drivers, Key Trends And Largest Region - By The Business Research Company

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Jun 08, 2023, 06:40 ET

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, June 8, 2023 /PRNewswire/ -- As per The Business Research Company's Construction Machinery Global Market Report 2023, the global construction machinery market size will grow from $308.9 billion in 2022 to $336.7 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The construction machinery market revenue is then expected to grow from $458.3 billion in 2027 at a CAGR of 8%. Going forward, the increasing investments in infrastructure, the growing global construction industry, the increasing urbanization, and the rising population will drive the construction machinery industry growth.

The global construction machinery market is fragmented, with a large number of players operating in the market. Caterpillar Inc. was the largest competitor with a 7.2% global construction machinery market share, followed by Komatsu Ltd., Volvo AB, Zoomlion Heavy Industry Science and Technology Co., Ltd., Hitachi, Ltd., Deere & Company, EXOR Group, Sany Heavy Industry Co., Ltd., Xuzhou Construction Machinery Group Co., Ltd., and Liebherr Group.

Learn More On The Construction Machinery Market Report – https://www.thebusinessresearchcompany.com/report/construction-machinery-global-market-report

Major construction machinery firms are focusing on offering electric construction equipment to cut operational costs and strengthen their product portfolio. The battery of electric equipment aids in cutting the power cord on large equipment, such as burnishers. Over the past few years, technology has advanced to the point where operating life has significantly increased. In places where locating a power cord can be at best difficult, this can significantly increase production. On building sites, the electric (battery-powered) excavator guarantees lower operating costs, less noise, greater dependability, and zero emissions. For instance, in January 2023, John Deere, a US-based farming and heavy machinery firm, launched an electric excavator. The Kreisel battery-powered electric excavator will offer road builders and construction workers lower daily running expenses, less job site noise, improved machine reliability, and zero emissions, without compromising the power and performance they require in a machine.

Furthermore, strategic partnerships and collaborations are gaining popularity among the construction machinery industry trends. Companies in the construction machinery market are focusing on partnerships and collaborations to expand their product portfolio and geographic presence. For example, in 2022, Hitachi Construction Machinery (Hitachi CM), a Japan-based construction equipment company, partnered with a Germany-based dealer Kiesel, that offers engineering services in the design field of mechanical and plant. This substantial move will reduce the time it takes for Hitachi's cutting-edge zero-emission construction and specialty application machines, as well as items enabled by ICT (Information and Communication Technology), to reach the market.

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As per the construction machinery industry outlook, Asia-Pacific was the largest region in the construction machinery market and was worth $98.6 billion in 2022.

The construction machinery market in Asia-Pacific is supported by the emerging economies, a large urban population, and by high spending on construction in the region. According to the United Nations, more than 2.2 billion people, or 54% of the world's urban population, reside in Asia and by 2050 Asia's urban population is projected to increase by 50%, or by an additional 1.2 billion people.

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