Construction Equipment Market: Growing Demand and Market Segmentation by 2023 – 2028
The construction equipment market is projected to grow at a CAGR of 3.8% by 2028.
Construction equipment refers to specialized machinery used in construction operations. These machines play a crucial role in various construction tasks such as grading, excavating, lifting, and paving. The global construction equipment market encompasses industries like manufacturing, construction and infrastructure, and oil and gas. With the increasing demand for construction and infrastructural development worldwide, the market is experiencing significant growth. However, stringent government regulations may pose challenges to market expansion.
Market Overview and Segmentation:
The construction equipment market is projected to grow at a CAGR of 3.8% by 2028. The market can be segmented based on equipment type, application, end-user, and geography.
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Equipment Type:
- Loaders
- Cranes
- Forklifts
- Excavators
- Dozers
- Dump Trucks
- Others
Application:
- Earthmoving
- Excavation and Mining
- Lifting and Material Handling
- Recycling and Waste Management
- Tunneling
- Others
End-User:
- Construction and Infrastructure
- Manufacturing
- Mining
- Oil and Gas
- Others
Geography:
- North America
- Europe
- Asia Pacific
- Rest of the World
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Market Insights:
Among the equipment types, loaders hold the major share in the market. The demand for loaders is driven by the growth of manufacturing facilities, increasing household demand, rising disposable income, and government subsidies. Automated loaders with advanced features, such as integration with intelligent devices, are gaining traction due to their ability to minimize manual labor and track loader efficiency.
In terms of applications, the earthmoving segment dominates the market. The demand for earthmoving construction equipment is fueled by the growing urban population and the need for improved infrastructure. Examples of earthmoving equipment include motor graders, excavators, and loaders.
Construction and infrastructure are the primary end-users of construction equipment. The market experiences significant sales due to increased construction and infrastructure expenditure, especially in emerging markets. Government investments in infrastructure projects, particularly in rural areas, are expected to drive the demand for construction equipment in the coming years.
The Asia Pacific region holds a substantial market share due to high demand in the construction and infrastructure segment. Key players in the industry are expanding their presence in Asia-Pacific to cater to the growing construction sector and other industries such as oil and gas and mining.
Market Outlook:
The global construction equipment market is witnessing significant growth due to increased construction of housing projects, commercial infrastructure, urbanization, and population growth. The rising urban population drives the demand for residential and transportation infrastructure. With the global population projected to increase by two billion by 2040, including a significant rise in urban populations, the construction equipment market is expected to grow substantially.
Key Competitors:
Key competitors in the construction equipment market include:
- Hitachi Construction Machinery Co Ltd
- Sandvik Mining And Rock Technology
- J C Bamford Excavators Ltd
- Caterpillar Private Limited
- Doosan Infracore
- CNH
- Epiroc
- John Deere Ltd
- Kobe Steel Ltd
- Komatsu
The construction equipment market is witnessing significant growth driven by increasing construction and infrastructure activities worldwide. The market segmentation based on equipment type, application, end-user, and geography provides valuable insights for industry stakeholders. The report offers a detailed overview of the market, including market dynamics, trends, and competitive landscape.
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