New York, US, March 03, 2023 (GLOBE NEWSWIRE) -- Construction Equipment Market Overview
The research reports by MRFR suggest that the Construction Equipment Market Information Report, By Type, By Fuel Type, By Application & Region - Forecast Till 2030, the global market for construction equipment is projected to flourish considerably at a healthy CAGR of approximately 7.75%. The market is projected to attain a worth of around USD 2,61,226.4 Million by the end of 2030.
Market Scope
Many changes and laws are being implemented by nations all over the world to improve their infrastructure and real estate. Due to the expansion of the construction industry in the area, it is projected that these changes would accelerate the growth of the market for construction equipment.
The spending on private building projects has surged, particularly in the US and the UK, according to authorities in areas like North America and Europe. The total amount spent on building in the US rose by around 7.8% in January 2020 compared to January 2019, according to the Federal Reserve Bank of St. Louis. The need for such technology in the construction industry would also expand with the development of green buildings, which aim to achieve ecological and aesthetic synchrony with the environment and are further supervised by various authorities, such as LEED in the US.Construction equipment manufacturing has a number of expenses that require significant upfront expenditures from OEMs and raise operating costs. One of the key components of the heavy construction equipment market, which makes up a larger portion of the entire cost of manufacturing, is the raw material. The cost of the raw materials used to make this equipment, such as steel, plastic, copper, and iron, varies, pushing up the cost of the finished goods. One of the main raw materials utilized in the creation and assembly of equipment is steel. The market's expansion is hampered by the shifting costs of raw materials like iron and steel.
Competitive Analysis
The prominent players in the global construction equipment market 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
- Among others.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 2,61,226.4 Million |
| CAGR | 7.75% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Fuel Type, By Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Government support for construction & bull Growth of the mining industry |
Covid 19 Impact
North America's construction sector has been significantly impacted by COVID-19, however the legal ramifications vary from state to state and contract to contract. Due to the suspension of construction projects in North America, the epidemic has had a significant negative impact on the construction industry. The US and Canada among others have temporarily halted development and manufacturing projects. Due to supply chain interruptions, cash flow issues, and production shutdowns, the construction sector as a whole is now experiencing a number of difficulties. Most housing projects are thus anticipated to continue being under construction.
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Industry Trends
When Mesa, Arizona-based Empire Southwest LLC buys long-standing Southern Nevada-based Cashman Equipment Co. for an unknown price, two Southwestern construction equipment titans will come together.
Mesa thinks that by combining the two businesses, new synergies, excellent client satisfaction, and, most importantly, even more alternatives and improved capabilities, will be made possible.
Market Segmentation
Excavators, crawler excavators, mini excavators, wheeled loaders, dozers, skid steer/compact track loaders, tractor loader backhoes, graders, and compaction equipment are the various types of construction equipment available worldwide.
Diesel, gasoline, and other fuel types are used in the global construction equipment market.
Construction, Infrastructure, Oil & Gas, Mining, Irrigation/Channel Clearing, Industrial Use, Quarrying, Military, Agricultural, Renting are the many applications for construction equipment worldwide.
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Regional Analysis
According to geography, the world market for construction equipment has been divided into China, India, Russia and Belarus, Turkey and the Caucasus, Southeast Asia, the Middle East, and Africa.
The greatest driver of the expansion of the market for construction equipment is China. Ninety percent of significant projects in China restarted construction during the final week of March, according to the National Development and Reform Commission of the People's Republic of China (NDRC). While fully implementing anti-epidemic measures, businesses are concentrated on supplying mobile elevating work platforms across the nation.
The Middle East is one of the regions with the quickest rate of growth for construction equipment. The region's construction sector is anticipated to be driven by many megaprojects, including the megacity NEOM in Saudi Arabia and sizable football stadiums in Qatar for the FIFA World Cup in 2022. Similar to Dubai, the Middle East construction equipment market is anticipated to be driven by the development of skyscrapers and artificial islands throughout the projected period. Furthermore, the area is growing in popularity as a tourism destination. The development of non-residential buildings and infrastructure projects is increasing significantly throughout the region, notably in nations like Saudi Arabia and the United Arab Emirates, where the real estate market is growing quickly.
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