Construction Equipment Market Size to Hit $223.1 billion by 2027 – Exclusive Report by MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Construction Equipment Market is estimated to grow from USD 180.4 billion in 2022 to reach USD 223.1 billion by 2027, at a CAGR of 4.3% over the forecast period, according to a new report by MarketsandMarkets™.
Equipment Type, Equipment Category, Propulsion Type, Power Output, Engine Capacity, Application, and Region
Companies Covered:
Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and SANY Group (China)
The market is expected to witness growth due to the development of public-private capital investments, increase in the number of the commercial projects, and restart of the infrastructure projects sanctioned by governments after the pandemic situation.
Market Dynamics
DRIVER: Growth in infrastructure developments to increase the sale of construction equipment
The Construction Equipment Market has grown gradually after the Covid-19 period due to the resumption of halted construction projects and planned new investments in the construction sector as part of the infrastructure development activities. Some factors influencing the growth of construction equipment manufacturers include investments in infrastructure, residential and commercial infrastructure, and an increment in institutional capital expenditures globally. US, UK, China, and India have increased construction activities in different areas. For instance, the US infrastructure has been under the spotlight. In November 2021, the US government declared an approximately USD 1 trillion plan with 4,300 projects underway with more than USD 110 billion in funding as a part of the infrastructure investment package. Therefore, such planned investments and growing construction activities for infrastructure development would drive the demand for construction equipment during the forecast period
OPPORTUNITY: Trend for the autonomous construction equipment
The Construction Equipment Market is witnessing a lot of technological advancements for more optimized and reliable products. The demand for automated solutions is growing as it helps increase productivity with minimum effort and reduced errors. Autonomous operating technology is gradually gaining popularity in the off-highway operating vehicle segment. Construction work is well-suited for autonomous machinery as the tasks are repetitive, physical, precise, and time sensitive. This is driving the demand for the development of autonomous construction equipment. Manufacturers are developing autonomous construction equipment which works on wireless communication technologies by interfering with radio signals from other equipment, receiving commands, and reporting status. It assures improved safety, increased productivity, and reduced unscheduled maintenance. Therefore, the trend for autonomous construction equipment would create an opportunity for the Construction Equipment Market to develop and grow during the forecast period.
The commercial application segment of Construction Equipment Market is estimated to be the largest growing segment
According to MarketsandMarkets statistics, the commercial application segment of Construction Equipment Market is estimated to be the largest growing segment during the forecast period. The growing commercial projects across the globe like the Beijing New International Airport (China), South to North Water Transfer Project (China), the construction of the Mall of Saudi, worth USD 3.2 billion in the city of Riyadh, which is due to be completed by 2022 and such others are projects are creating opportunity for the growth of the Construction Equipment Market.
Asia is estimated to be the largest market for Construction Equipment
Asia is estimated to be the largest market due to significant growth in the construction activities in China, Japan, India, and Indonesia. The region is expected to lead the market by 2027. The Asia Construction Equipment Market is witnessing impressive growth due to the growth in terms of the number of projects such as dams, airports, and hydroelectric projects, due to which many international companies have started their manufacturing plants in this region. Some of the major industry players from Asia are Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), SANY Group (China), and others.
Key Market Players:
The Construction Equipment Market is dominated by giants such as Caterpillar (U.S.), Komatsu Ltd. (Japan), Deere & Company (U.S.), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), SANY Group (China), A.B. Volvo (Sweden), Liebherr (Germany), CNH Industrial N.V (U.K.), Doosan Enerbility (South Korea), JCB (U.K.), Terex Corporation (U.S.), Zoomlion Heavy Industries Science & Technology Co., Ltd. (China), Kobelco Construction Machinery Co., Ltd. (Japan), KUBOTA Corporation (Japan), Yanmar Holdings Co., Ltd. (Japan), Sumitomo Heavy Industries (Japan), Sumitomo Heavy Industries Construction Cranes Co., Ltd. (Japan), and Sumitomo Construction Machinery Co., Ltd. (Japan).
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