Tech Innovation to Fuel Global Construction Machinery Market Gains Through 2025

News provided by

Jan 25, 2022, 11:10 ET

CLEVELAND, Jan. 25, 2022 /PRNewswire/ -- Technology innovation will fuel global construction machinery market gains through 2025, finds a new Freedonia Group analysis. Despite a modest increase in unit sales, global demand for construction machinery is forecast to grow 4.1% per year to $250 billion in 2025, boosted by the introduction of newly developed, state-of-the-art equipment, which will cost considerably more than predecessors.

Other key factors supporting market growth include:

rising construction activity and infrastructure spending
advances in worldwide mining and forestry activity and energy production, supported by a recovery in commodity prices from 2020 lows
increasing replacement sales, after many operators delayed machinery purchases in 2020 due to the COVID-19 pandemic
rising sales of replacement parts and attachments as the amount of equipment in use around world increases

R&D Focused on Improving Performance, Operability, & Sustainability

Industry leaders are currently developing the next generation of construction equipment – ranging from alternative fuel trucks and semi-autonomous excavators – which will be considerably more productive, efficient, and environmentally friendly. New models will feature a variety of innovative technologies, such as advanced sensors, electric engines, and sophisticated data collection capabilities. For example:

Caterpillar offers excavators with technology that calculates real-time payload estimates without swinging to help prevent over- and under-loading trucks.
Komatsu offers dozers that are equipped with capabilities that enable automatic tilt steering control and automatic spreading of fill material.

The incorporation of such technologies into new models will spur both new and replacement equipment sales and drive up average construction equipment prices.

Want to Learn More?

Global Construction Machinery, now available from The Freedonia Group, provides historical data for 2010, 2015, and 2020, and forecasts for 2025 and 2030 for global construction machinery demand by product type, total production, and net exports on a country-by-country basis in millions of current US dollars, including inflation. Also provided at the world level is construction machinery demand by product type in thousands of units.

Products:

excavators, including crawler-mounted, wheeled, hydraulic, and cable-types
loaders (wheel, skid steer, crawler, and backhoes)
cranes (e.g., truck-based and tower cranes, rough terrain and all-terrain, telescopic, crawler) and draglines
dozers (angledozers, bulldozers, wheel dozers, and crawler dozers) and off-highway trucks (also known as haulers; include one-piece, or rigid frame haulers, or two or more sections, or articulated haulers)
mixers, pavers, and related equipment
graders, rollers, and related equipment (including scrapers and embankment and landfill compacters)
separately sold replacement parts and attachments (auger drives, blades, buckets, couplers, drills, grabs, hammers, shovels, etc.)

About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.

Press Contact:
Corinne Gangloff
+1 440.842.2400
[email protected]

SOURCE The Freedonia Group