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2022
Construction Equipment Market

Construction Equipment Market

by Solution Type (Products, Services), by Equipment Type (Heavy construction equipment, Compact construction equipment), by Type (Loader, Cranes, Forklift, Excavator, Dozers, Others), by Application (Excavation and Mining, Lifting and Material handling, Earth Moving, Transportation, Others), by End User (Oil and gas, Construction and Infrastructure, Manufacturing, Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A00530
Pages: 286
Jun 2022 | 69109 Views
Author(s) : Amar C , Onkar S
Tables: 196
Charts: 68
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Construction Equipment Market Research, 2031

The global construction equipment market size was valued at $201.9 billion in 2021, and is projected to reach $322.0 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031. Construction equipment are specially designed machinery used to perform construction operations. These equipment are used for different functions such as drilling, hauling, excavating, paving, and grading. The global market covers different industries such as construction & infrastructure, manufacturing, and oil & gas.

The construction equipment was severely hampered during the lockdown period owing to outbreak of COVID-19. The construction and infrastructure were most affected segments. However the market recovered by the end of 2021.

Construction Equipment Market, Construction Equipment Industry, Construction Equipment Market Size, Construction Equipment Market Share, Construction Equipment Market Growth, Construction Equipment Market Analysis, Construction Equipment Market Forecast, Construction Equipment Market Trends, Construction Equipment Market Opportunity

Although the construction sector is facing a slow-down, which is affecting new construction equipment sales, the construction equipment market is expected to recover during the forecast period. One of the reasons for the growth is anticipated to be the rise in focus on public‐“private partnerships (PPP). These partnerships are characterized as a joint venture between government and private sector companies for construction of public infrastructure systems. In this type of partnership, a private company handles a project and lends technical & operational expertise to government projects. The growth in public private partnerships in different countries such as India, Africa, and China is expected to fuel the growth of the construction equipment end-user segment.

Construction Equipment Market
By Solution Type

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The products is the largest segment in construction equipment market, exhibiting highest CAGR of 4.7% during the forecast period.

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Theservice segment dominates the construction equipment market, exhibiting the highest CAGR during the forecast period. Further, rise in urbanization across the world has increased the demand to build infrastructure such as residential and transportation. By 2040, the global population is estimated to grow approximately by two billion with urban population growing by over 40%. However, factors such as strict government regulations and carbon emissions are anticipated to restrain the construction equipment market growth. Moreover, technology innovations are expected to provide lucrative opportunities for players that operate in the market.

Construction Equipment Market
By Equipment Type

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The compact construction equipment segment will grow with highest CAGR. It is anticipated to exhibit the highest CAGR of 5.8% during the forecast period.

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The heavy construction equipment segment dominates the market and compact construction equipment segment is anticipated to exhibit the highest CAGR during the forecast period. The heavy equipment or vehicles used for activities involved in construction such as excavation, heavy lifting, tunneling, and material handling. The demand for heavy construction equipment such as excavators, loaders, motor graders, and backhoes is on a rise at a significant pace due to increase in building activities.

The demand for construction equipment decreased in the year 2020, owing to low demand from different industries due to lockdown imposed by government of many countries. COVID-19 pandemic has shut-down production of various products in the construction equipment end-user, mainly owing to prolonged lockdown in major global countries. This has hampered growth of the construction equipment market significantly during the pandemic. The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which was badly affected by the spread of corona virus, thereby halting demand for equipment and machinery. Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

 The construction equipment market is segmented on the basis of solution type, equipment type, type, application, end-user, and region. By solution type, it is divided into products and services.  By equipment, the market is classified into heavy construction equipment and compact construction equipment. By type, it is categorized into loader, cranes, forklift, excavators, dozers, and others. By application, it is divided into excavation & mining, lifting & material handling, earth moving, transportation, and others. By end-user, it is divided into oil & gas, construction & infrastructure, manufacturing, mining, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By solution type, the construction equipment market is divided into products and services. In 2021, the products segment dominated the market, in terms of revenue, and is expected to maintain this trend during the forecast period. By equipment, the market is classified into heavy construction equipment and compact construction equipment. The market is expected to grow rapidly during the forecast period. By type, the construction equipment market is categorized into loader, cranes, forklift, excavators, dozers, and others. Loaders is mainly used for earthmoving operations, which include loading and moving materials such as dirt, demolition, recycled material, raw material, and sand. The loader is expected to dominate the market during the forecast period.

By application, the construction equipment market is divided into excavation & mining, lifting & material handling, earth moving, transportation, and others. The lifting & material handling segment is expected to grow at the highest CAGR during the forecast period. By end-user, the market is categorized into oil & gas, construction & infrastructure, manufacturing, mining, and others. The construction & infrastructure segment dominated the market and is expected to dominate during the forecast period.

Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of construction equipment industry. For instance, in January 2022, XCMG launched the e-blue new energy 14 heavy charging and replacement heavy trucks. Its applications are on highway logistics, mine construction, municipal sanitation, and urban construction. This is anticipated to improve the product portfolio of the company.

Construction Equipment Market
By Region

2031
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific accounted for the highest market share in 2021, and growing with a CAGR of 5.6% throughout the forecast period.

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By region, the  market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific had the highest construction equipment market share and is anticipated to secure the leading position during the forecast period, due to extensive demand in the construction & infrastructure segment.

Competition Analysis

Competitive analysis and profiles of the major players in the construction equipment end-user, such as AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG) are provided in this report.

Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging global construction equipment market trends and dynamics. 
  • In-depth market analysis is conducted by the global construction equipment market estimations for key market segments between 2021 and 2031.
  • The global construction equipment market analysis is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The global construction equipment market forecast analysis from 2022 to 2031 is included in the report.
  • The key market players within market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global construction equipment market opportunity.

 

Construction Equipment Market Report Highlights

Aspects Details
By Solution Type
  • Products
  • Services
By Equipment Type
  • Heavy construction equipment
  • Compact construction equipment
By Type
  • Loader
  • Cranes
  • Forklift
  • Excavator
  • Dozers
  • Others
By Application
  • Excavation and Mining
  • Lifting and Material handling
  • Earth Moving
  • Transportation
  • Others
By End User
  • Oil and gas
  • Construction and Infrastructure
  • Manufacturing
  • Mining
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, U.K., Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players AB VOLVO, CATERPILLAR INC., CNH Industrial N.V., DEERE & COMPANY, DOOSAN INFRACORE CO. LTD., HITACHI LTD., J C BAMFORD EXCAVATORS LTD., KOMATSU LTD., Liebherr-International AG, XCMG GROUP
 

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Construction equipment are specially designed machinery used for performing construction operations. These equipment are used for different functions such as drilling, hauling, excavating, paving, and grading. The global construction equipment market covers different industries such as construction & infrastructure, manufacturing, and oil & gas. Thus, construction equipment demand is expected to increase across various industries such as construction & infrastructure, mining, and manufacturing.

Asia-Pacific has secured highest share in the construction equipment market in past few years and is expected to dominate the market during the forecast period, owing to surge in demand for construction equipment across construction & infrastructure and mining industries.

Key players in the global construction equipment market include AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG). Market players adopted product launch as their key developmental strategy to keep pace with demands of end users. Acquisitions and expansions are the other strategies adopted by market players to expand their product offerings & geographical reach and boost their production processes. This has helped companies to develop efficient products as well as expand their sales across different geographies.

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FREQUENTLY ASKED QUESTIONS?

A. The global construction equipment market was valued at $201,854.3 million in 2021.

A. The base year considered in the global construction equipment market report is 2021.

A. AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning.

A. The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. Rise in focus on public–private partnerships (PPP) and increased the demand to build infrastructure are the upcoming trends of Construction Equipment Market in the world

A. Lifting & Material Handling, and Earth Moving is the leading application of Construction Equipment Market

A. Asia-Pacific is the largest regional market for Construction Equipment

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