PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320149
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320149
Construction Equipment Market size was valued at USD 81,045.7 Million in 2022, expanding at a CAGR of 5.2% from 2023 to 2030.
Construction Equipment is also known as heavy machines, heavy trucks, construction equipment, engineering equipment, heavy vehicles, or heavy hydraulics. Construction equipment for building construction and construction machinery used in construction projects. They refer to heavy-duty vehicles specially designed for executing construction tasks, most frequently involving earthwork operations. By automating processes that would otherwise need manual labor, construction equipment increases productivity. Excavators, bulldozers, and loaders are examples of machinery that can do heavy-duty tasks more effectively, requiring less time and effort to complete them. Construction equipment benefits include increased output, greater effectiveness, increased safety, cost savings, adaptability, and project scalability.
Rising urbanization and the increasing consumption of construction equipment and machinery are the factors expected to drive the growth of the market.
Because of growing construction activity in the residential, commercial, and industrial sectors, the construction industry is expanding globally. Construction projects are being driven by the expanding population, urbanization, and economic development in diverse locations. Construction equipment is required for efficient and timely project completion, resulting in increased demand for excavators, loaders, cranes, and concrete mixers. According to U.S. Census Bureau, Construction spending during May 2023 was estimated at a seasonally adjusted annual rate of USD1,925.6 billion, 0.9 percent (±0.5 percent) above the revised April estimate of USD1,909.0 billion. Technological advancement in construction equipment may provide growth opportunities for the market. Moreover, Strict government rules and regulations for construction and mining operations hampers the market growth.
The Global Construction Equipment Market is segmented on the basis of Product Type, Propulsion Type, Power Output, Application, and Region.
The requirement for effective and productive gear in the construction, mining, and infrastructure development industries primarily drives the demand for construction equipment.
The market is divided into three categories based on product type: Earth Moving Machinery, Material Handling Machinery, Concrete & Road Construction Machinery, and Others. Material Handling Machinery dominates the growth of the market. Material handling machinery is an essential component of the construction equipment market. It includes equipment used on construction sites for the transfer, storage, control, and protection of materials and products.
The market is divided into three categories based on Propulsion type: ICE, Electric, and CNG/LNG.ICE segment dominates the market. Internal Combustion Engine (ICE) equipment is an important segment within the construction equipment industry, which includes a wide range of machinery used in building activities. ICE equipment is machinery that is powered by internal combustion engines, which are commonly fueled by diesel or gasoline.
The market is divided into three categories based on Propulsion type: <100 HP, 101-200 HP, 201-400 HP, >401 HP, ICE, Electric, and CNG/LNG. <100 HP dominates the market. Compact instruments with less than 100 horsepower (HP) are often ideal for minor construction projects or activities that demand agility in limited locations.
The market is divided into two categories based on application: Commercial, Residential, and Industrial. The Industrial sector dominates the market and is likely to maintain its dominance during the forecast period. Construction equipment is essential in the industrial sector, assisting in a wide range of operations, infrastructure development, and manufacturing processes.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the growth of the market, due to rising demand for infrastructural development. Asia Pacific governments are investing extensively in infrastructure development to boost economic growth, improve connectivity, and raise living standards. According to Dezan Shira & Associates, fixed assets investment grew by 4.9 percent in 2021, up from 2.9 percent growth in 2020 but slower than the 5.1 percent growth in 2019. Infrastructure spending has had a huge role to play in China's meteoric economic rise over the past three decades. North America is another prominent region in the construction equipment market, due to factors such as urban renewal, aging infrastructure, and investments in energy and transportation sectors contribute to the demand for construction equipment.
Due to the continued development in demand for Construction Equipment in the coming years, the worldwide market for Construction Equipment is made of both international and local producers, making it one of the most competitive sectors in the world. Product innovation, technological developments, price strategies, after-sales service, and geographic expansion are all factors for enterprises in the construction equipment market. They invest in research and development to introduce advanced functions and increase their equipment's efficiency, performance, and environmental sustainability. Economic conditions, infrastructure expansion, technological improvements, and environmental concerns all have an impact on the need for construction equipment. Through strategies for market expansion, product innovation, and high-quality customer service, manufacturers try to stand out from the competition.
In May. 2022, -Terex Equipment Services will host a nationwide competition for Terex service technicians this summer. The champion will win a trip to The Utility Expo in September in Louisville, Ky., and other prizes.