New York, USA, July 14, 2022 (GLOBE NEWSWIRE) -- Construction Equipment Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Construction Equipment Market Information by Type, Fuel Type, Application, and Region - Forecast till 2028”, the market is estimated to grow at a 7% CAGR to reach USD 225 Billion by 2028.
Market Scope:
Machinery and equipment used in construction projects include building construction equipment. Machines like this one are used to perform a wide range of tasks from loading and unloading materials to transporting material and tools to and from a construction site, feeding raw materials into a machine for processing, retrieving materials from a machine for processing, and so on and so forth. In the construction industry, construction equipment refers to heavy-duty vehicles that are specifically built to carry out construction duties, such as earthwork. Using the right tools for the job can help you save money, get better results, stay safe, move quickly, and finish on time. Construction equipment is an essential aspect of any building project. The Contractor may not always be able or willing to possess all of the necessary construction equipment for a given project.
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Report Scope:
| Report Attribute | Details |
| 2028 Market Size | USD 225 Billion |
| CAGR | 7% (2021-2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Fuel Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Government support for construction |
| Growth of the mining industry |
Competitive Dynamics:
While the traditional equipment is being transformed into the next-generation machinery with modern technologies like connected IoT, automation, etc. by the firms. As a result, these organizations are giving digital solutions to clients throughout the lifecycle of their products in order to deliver value to them. The major market players are:
- AB Volvo
- Caterpillar Inc.
- Komatsu Ltd
- CNH Industrial
- Hitachi Construction Machinery Co.Ltd
- J C. Bamford Crawled Excavators Limited
- Liebherr Group
- XCMG
- Terex Corporation
- SANY Heavy Industry CO. LTD
- Hyundai Heavy Industries Ltd
- Sandvik Group
- Riwal
- Cramo Plc
- Atlas Copco AB
Market Dynamics:
Market Drivers:
As new technologies are created and adapted, the construction equipment industry will continue to rise. Of addition, the rising urbanization and increase in infrastructure are boosting the demand for the same. For this product, infrastructure is the primary end-use market, particularly in rising economies like India and China. Development equipment sales are on the rise, thanks to large-scale expenditures in infrastructure that will allow for the construction of high-tech commercial and residential structures.
To improve their infrastructure and real estate, countries all around the world are enacting numerous reforms and legislation. A rise in construction activity is expected to drive up demand for construction equipment in this region. With the rise of eco-friendly and aesthetically pleasing green buildings, as well as the guidance of various government agencies, demand for such equipment in the construction industry will rise as well.
Market Restraints
Manufacturers spend a lot of money to produce construction equipment, which means that the price is higher for the end user. There are many factors that contribute to the overall cost of heavy construction equipment production, including raw materials.
Such equipment is more expensive to produce because of the fluctuation in the cost of materials, such as steel, plastic, copper, and iron. An important raw material for manufacturing and assembling machines is STEEL. The rising and falling costs of raw materials like iron and steel are limiting the market's expansion.
Browse In-depth Market Research Report (349 Pages) on Construction Equipment: https://www.marketresearchfuture.com/reports/construction-equipment-market-1963
COVID-19 Analysis
Although COVID-19 has had a significant impact on the North American construction sector, the legal ramifications vary by location and contract. As a result of the outbreak, the building industry in North America has taken a heavy impact. Several countries, notably the United States and Canada, have temporarily halted production and development. As a result of supply chain interruptions, cash flow issues, and a suspension of production, the construction industry as a whole is projected to remain active for some time.
Market Segmentation:
By Type
The construction equipment market is expected to be dominated by wheeled loaders during the forecast period. Construction, quarries, and crushers all employ this equipment for loading and unloading and moving large quantities of bulk material. Large-scale infrastructure projects, such as roads, highways, trains, dams, port facilities, and airport runways, frequently utilise them. These machines are in high demand in China and India because of the construction of more roads and homes. Wheeled loader demand has increased as a result of government efforts to improve infrastructure.
By Fuel Type
Diesel is more commonly adopted in heavy machinery and thus, is expected to acquire the highest market share over the review period. However, gasoline has become popular in recent years and is expected to witness a steady rise in its growth trajectory over the review period.
By Application
The increasing industrialization and FDI in various international manufacturing facilities in emerging countries are expected to show progressive expansion in the near future in the industrial application segment. An enormous global market is projected to be created by the commercial expansion of infrastructure in both developed and developing countries.
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Regional Analysis:
A substantial portion of the construction equipment market's growth can be attributed to China. Companies are supplying mobile work platforms across the country while implementing complete anti-epidemic measures.
The construction equipment market in the Middle East is one of the fastest-growing in the world. Megaprojects like Saudi Arabia's planned megacity are projected to boost the building sector in the area. While Dubai is building skyscrapers and artificial islands in the Middle East, construction equipment market growth is projected to be fueled by this development. The location is also becoming a famous tourist destination. Growth in the region's real estate sector is accelerating, particularly in nations such as Saudi Arabia and the UAE, where construction of non-residential buildings and infrastructure projects is soaring.
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