Dublin, April 16, 2024 (GLOBE NEWSWIRE) -- The "Construction Equipment - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Construction Equipment Market to Reach $248.5 Billion by 2030
The global market for Construction Equipment estimated at US$179.3 Billion in the year 2023, is projected to reach a revised size of US$248.5 Billion by 2030, growing at a CAGR of 4.2% over the analysis period 2023-2030.
The construction equipment market is experiencing growth driven by a focus on automation, particularly amidst labor shortages. This trend is underlined by global economic updates and competitive dynamics, as seen in the market share percentages and overall market presence of key competitors in 2023. The market overview highlights various types of construction equipment and provides insights into market outlook.
Earthmoving Equipment, one of the segments analyzed in the report, is projected to record 3.6% CAGR and reach US$102 Billion by the end of the analysis period. Growth in the Material Handling Equipment segment is estimated at 4.9% CAGR for the next 8-year period.
Recent market activities and innovations underscore ongoing developments in the sector. Additionally, recovery in the construction industry is positively impacting the construction equipment market, while a growing emphasis on sustainability and carbon footprint management is driving interest in electric construction equipment.
The U.S. Market is Estimated at $33.5 Billion, While China is Forecast to Grow at 5.4% CAGR
The Construction Equipment market in the U.S. is estimated at US$33.5 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$53.7 Billion by the year 2030 trailing a CAGR of 5.4% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 747 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $179.3 Billion |
| Forecasted Market Value (USD) by 2030 | $248.5 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
MARKET OVERVIEW
- Focus on Automation Amid Labor Shortages Provides the Cornerstone for Growth in the Construction Equipment Market
- Global Economic Update
- Competition
- Construction Equipment - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- Construction Equipment: Overview, Types, & Market Outlook
- Recent Market Activity
- Innovations
MARKET TRENDS & DRIVERS
- Recovery in Construction Industry Bodes Well for the Construction Equipment Market
- Focus on Sustainability & Carbon Footprint Management Drives Interest in Electric Construction Equipment
- Global Movement Towards Sustainability Amid Suffocating Spike in Emissions Makes a Strong Business Case for Migrating Towards Electric Construction Equipment: Global CO2 Emissions (In Billion Metric Tons) for Years 1930, 1940, 1950, 1960, 1970, 1980, 1990, 2000, 2010, 2020, 2021, 2022 & 2023
- Equipment Rental and Leasing Pose Stiff Competition to New OEM Sales
- Launch of New Generation Technologically Advanced Construction Equipment Creates the Need for Training Operators Using Construction Equipment Simulators
- Telematics Grows in Popularity for Its Ability to Make Machines Efficient & Safer
- Construction Equipment and Machine Big Data Becomes Valuable Data Assets. Here's Why
- As Construction Machines Become Smarter, the Importance of Cybersecurity Comes to the Fore
- AI in Construction Equipment Makes a Deep Impact
- IoT Makes Construction Equipment Management More Efficient. Here's How
FOCUS ON SELECT PLAYERS(Total 278 Featured)
- AB Volvo
- Caterpillar Inc.
- CNH Industrial NV
- Deere & Company
- Hitachi Construction Machinery Co. Ltd.
- Hyundai Doosan Infracore Co., Ltd.
- J C Bamford Excavators Ltd.
- Kobelco Construction Machinery Co. Ltd.
- Komatsu Ltd.
- Kubota Corporation
- Liebherr-International AG
- Lonking Holdings Limited
- Manitou Group
- Sandvik AB
- Sany Heavy Industry Co. Ltd.
- Sumitomo Heavy Industries Ltd.
- Terex Corporation
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/yqe7p8
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