PUBLISHER: Allied Market Research | PRODUCT CODE: 1139840
PUBLISHER: Allied Market Research | PRODUCT CODE: 1139840
The global construction equipment market was valued at $201,854.3 million in 2021, and is projected to reach $322,036.0 million by 2031, registering a CAGR of 4.8% from 2022 to 2031. Construction equipment are specially designed machinery used to perform construction operations. This equipment is used for different functions such as drilling, hauling, excavating, paving, and grading. The global construction equipment market covers different industries such as construction & infrastructure, manufacturing, and oil & gas. The construction equipment market has grown along with the rise in demand for industrialization, residential, and commercial infrastructure setup. Further, the growth in public private partnerships in different countries such as India, Africa, and China is expected to fuel the growth of construction equipment industry. However, strict government regulations and carbon emissions are expected to restrain the construction equipment market during the forecast period.
Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of tool robot's market. For instance, in April 2021, Liebherr announced the launch of new R 928 Generation 8 crawler excavator, the new addition to the Generation 8 series. The R 928 G8 crawler excavator is a new model, developed and produced by Liebherr-France SAS in Colmar. This aims in improving the product portfolio. The construction equipment market is segmented on the basis of solution type, equipment type, type, application, industry, and region. By solution type, it is divided into products and services. By equipment, the construction equipment it is classified into heavy construction equipment and compact construction equipment. By type, it is categorized into loader, cranes, forklift, excavators, dozers, and others. By application, it is divided into excavation & mining, lifting & material handling, earth moving, transportation, and others. By end-user, it is divided into oil & gas, construction & infrastructure, manufacturing, mining, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The COVID-19 pandemic forced many companies in the global construction equipment market to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacts revenue flow of the global construction equipment market. In addition, there is a halt in manufacturing of industrial products, owing to lack of raw materials and manpower in the lockdown period. Further, no new consignments are received by companies that operate in this sector. Hence, halt in industrial activities and lockdowns for several months has affected the global construction equipment market and the market is anticipated to witness a slow recovery during the forecast period.
The key players profiled in the construction equipment market report include such as AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG).
Key Benefits For Stakeholders
Key Market Segments
By Solution Type
By Equipment Type
By Type
By Application
By End User
By Region