Construction Equipment Market 2023 | Business Growth and Development Factors by 2032

As per the MRFR analysis, the global construction equipment market is projected to grow from USD 162.5 Billion in 2023 to USD 295.4 billion by 2032, exhibiting a CAGR of 7.75% during the forecast period (2023 – 2032). Construction equipment or machinery are heavy-duty vehicles specially engineered for performing construction tasks, most often ones involving earthwork operations or other large construction tasks. The global market for construction equipment has registered enormous growth in the last few years. The market’s growth is primarily credited to the technological developments in the field and their adaptations. Furthermore, factors such as rapid urbanization, infrastructural growth, and increasing government support for construction are also projected to positively impact the market’s growth over the coming years. On the other hand, the volatility of raw material prices may impede the market’s growth.

Segment Analysis

The global market for construction equipment has been segregated into several segments based on fuel type, application, and region.

Based on type, the global market for construction equipment is split into compaction equipment, tractor loader backhoe, dozers, loaders, crawler excavators, graders, skid steer loader/compact track loader, excavator, mini excavators, and wheeled loaders.

The global construction equipment market is divided into gasoline, diesel, and others based on fuel type.

Based on application, the construction equipment market is divided into construction, rental, infrastructure, agriculture, oil & gas, military, mining, quarrying, irrigation/channel clearing, and industrial application.

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Regional Analysis

The global market for construction equipment is studied across five major regions: Asia-Pacific, North America, South America, Europe, and the Middle East & Africa.

The MRFR analysis suggests that the Asia-Pacific region is anticipated to secure the top position in the global construction equipment market over the forecasted timeframe. China is the top revenue pocket across the regional market. As per the National Development and Reform Commission of the People’s Republic of China, 90% of the major projects have restarted construction in China in the last week of March. Major players across the regional market are cantered on offering mobile elevating work platforms across the nation while taking full anti-epidemic measures.

The Middle East & African region is likely to grow rapidly in the global construction equipment market over the coming years. numerous construction megaprojects such as the NEOM, megacity in Saudi Arabia, and large football stadiums in Qatar for FIFA 2022 are anticipated to boost the regional market’s growth. Similarly, the construction of artificial islands and skyscrapers in Dubai is likely to boost the growth of the regional construction equipment market over the coming years. in addition, the region is rising to be a leading tourist destination across the globe. The real estate segment across the region has leaped over the last few years, causing an upsurge in demand for the construction equipment market across the region.

Competitive Analysis

The global market for construction equipment is well-known for the presence of a wide number of players spread worldwide. The players across the global market implement several growth policies such as mergers, acquisitions, partnerships, and product launches to grow their business boundaries. The global construction equipment market has leading players such as Hitachi Construction Machinery Co., Ltd., Hyundai Construction Equipment Co., Ltd., J C Bamford Excavators Ltd., Deere & Company., Kobelco Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr-International AG, Manitou BF, Hidromek, Sany Heavy Industry Co., Ltd., Sumitomo Heavy Industries, Ltd., Terex Corporation, Volvo AB, Zoomlion Heavy Industry Science and Technology Co., Ltd, and other.

Recent Developments

• April 2022- Yanmar, a Japanese diesel engine, heavy machinery, and agricultural machinery manufacturer, has announced that it has acquired a majority share in a battery technology company, ELEO Technologies B.V., based in Helmond, the Netherlands. By integrating ELEO’s advanced, modular, and scalable battery technology, Yanmar will further its electrified powertrain capabilities with customized, versatile solutions for off-road

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Table Of Contents

1 Executive Summary

2 Market Introduction

3 Research Methodology

4 Market Dynamics

5 Market Factor Analysis

6 Construction Equipment Market, By Type

7 Construction Equipment Market, By Fuel Type

8 Construction Equipment Market, By Application

9 Construction Equipment Market, By Region

10 Competitive Landscape

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