The Construction Equipment Market Size was valued at USD 205.65 Bn in 2023 and is expected to reach USD 394 Bn by 2031 and grow at a CAGR of 8.46 % over the forecast period 2024-2031.
The overall ascent in construction activity is expected to drive interest for this gear. Good government drives, for example, upgrade bundles and lower lodging rates that slanted buyers for new house buys are key elements expected to drive market development over the figure time frame. Notwithstanding, production network and stock worries combined with semiconductor deficiencies are probably going to frustrate the market development over the course of the following couple of years.
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The construction equipment market comprises of deals of development hardware, surface mining apparatus, and logging gear by elements (associations, sole brokers, or organizations) that produce development apparatus, including excavators, tractors, development and surface mining-type rock bores, development type work vehicles, and connections, off-roadway trucks, heap driving hardware, compact squashing, pummeling, and screening apparatus, fueled post-opening diggers, street graders and surface mining hardware (with the exception of penetrating). Just labor and products exchanged between substances or offered to end customers are incorporated.
The rising fame of electric construction equipment is supposed to make new income streams for the OEMs over the course of the following couple of years. This construction equipment is worked on batteries and proposition different qualities like lower upkeep, decreased clamor, lesser vibration and gives more prominent accommodation to workers to work on the field. They are presently at the beginning stage and are supposed to pick up speed over the figure time frame. OEMs like AB Volvo, Caterpillar, and Komastu have proactively popularized reduced electric earthmovers and wheel loaders on the lookout. Be that as it may, the high introductory forthright expense is supposed to be one of the bottlenecks for its reception during the conjecture time frame.
MARKET DYNAMICS
KEY DRIVERS
Steady growth in private, business, and modern development, mine and well development, and institutional spending.
Rising modern and industrial construction development projects.
RESTRAINTS
Governments strict regulations as well as carbon emissions.
Some development projects have been deferred or dropped because of COVID-19.
OPPORTUNITIES
Infrastructure development in developing countries.
Advance equipment reduces labor costs and works time.
CHALLENGES
Costly proprietorship costs.
Equipment has high upkeep costs.
Heavy construction equipment is responsible for ozone emission and responsible for reducing air quality.
The absence of able and talented administrators in the market is making an obstruction.
IMPACT OF COVID
The construction equipment market was hit most awful in the 3/4 of 2020 because of the critical spread of COVID-19. States across the globe acknowledged severe wellbeing measures including lockdown to contain the infection. This lockdown brought about the impermanent suspension of development exercises, closure of construction equipment producing organizations, and unsettling influence in worldwide imports and products. Organizations, like CNH Industrial N.V., Liebherr Group, and The Manitowoc Company, stopped their creation in 2020 for the wellbeing of their workers. Nonetheless, the business is supposed to observe a fast recuperation in 2022 drove by different government drives to work on the nation's framework.
MARKET ESTIMATION
The construction equipment market is segmented on the basis of solution type, equipment type, application type, type, application industry.by solution type it is divided into products and services. By equipment the construction equipment is classified into heavy construction and compact construction equipment. By type it is classified into loader, cranes, forklift, excavators, dozers, and others. By application, it is divided into excavation and mining, lifting, and material handling earth moving transportation and others by end users, it is grouped into oil and gas, construction and infrastructure, manufacturing, mining and others.
In 2019 the product segment of solution type segment dominated in the market in terms of revenue and is expected to maintain this trend during the forecast period. By equipment market segment the compact construction equipment during he forecast period market is expected to grow rapidly and in by type segment the loader is expected to dominate the market during the forecast period. In the application, the market segment the lifting and material handling segment is expected to grow at the highest during the forecast period in by user the market is dominated by the construction and infrastructure segment and is expected to remain dominated by the end of the forecast period.
By Solution Type
Product
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 Industries
Oil and gas
Construction and infrastructure
Manufacturing
Mining
Others
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REGIONAL ANALYSIS:
Asia Pacific represented the biggest income portion of more than 40% in 2021 and is supposed to enroll a CAGR of more than 4.0% from 2022 to 2028. The market development is fundamentally credited to great government arrangements to support framework projects across arising economies like India, China, and Southeast Asian nations. Furthermore, the new Regional Comprehensive Economic Partnership (RCEP) international alliance of China with Asia Pacific nations, including Japan, South Korea, Australia, and other more modest Southeast Asian nations, is supposed to foster high level vehicle framework exercises in the locale, along these lines driving the interest. The arrangement was strategic for China for reinforcing its local monetary securities to redirect from the delayed consequences of the U.S. China exchange war.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are Hitachi Ltd., AB Volvo, Catterpillar Inc., CNH Industrial N.V, Deere And Company, Hyundai Doosan Infracoe Co.Ltd, J C Bamford Excavators. Ltd., Komatsu Ltd, Liebherr-International Ag, Xcmg Group & ther Players
Catterpillar Inc-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 205.65 Billion |
| Market Size by 2031 | US$ 394 Billion |
| CAGR | CAGR of 8.46 % From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Solution Type (product and service) • By Equipment (heavy and 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 Industries (Oil and Gas, Construction and infrastructure, Manufacturing, Mining, Other) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Hitachi Ltd., AB Volvo, Catterpillar Inc., CNH Industrial N.V, Deere And Company, Hyundai Doosan Infracoe Co.Ltd, J C Bamford Excavators. Ltd., Komatsu Ltd, Liebherr-International Ag, Xcmg Group |
| DRIVERS | • Steady growth in private, business, and modern development, mine and well development, and institutional spending. • Rising modern and industrial construction development projects. |
| RESTRAINTS | • Governments strict regulations as well as carbon emissions. • Some development projects have been deferred or dropped because of COVID-19. |
Ans: Asia Pacific represented the biggest income portion of more than 40% in 2021
Ans: The Construction Equipment Market is growing at a CAGR of 8.46 % Over the Forecast Period 2024-2031.
Ans: Decreased deal value of construction equipment projects are the restraints for Construction Equipment Market
Ans: The construction equipment market was hit most awful in the 3/4 of 2020 because of the critical spread of COVID-19. States across the globe acknowledged severe well-being measures including lockdown to contain the infection. This lockdown brought about the impermanent suspension of development exercises, closure of construction equipment producing organizations, and unsettling influence on worldwide imports and products.
Ans: The Construction Equipment Market size is estimated to reach USD 394 Bn by 2031.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Construction Equipment Market Segmentation, By Solution Type
8.1 Products
8.2 Services
9. Construction Equipment Market Segmentation, By Equipment Type
9.1 Heavy construction equipment
9.2 Compact construction equipment
10. Construction Equipment Market Segmentation, By Type
10.1 Loader
10.2 Cranes
10.3 Forklift
10.4 Excavator
10.5 Dozers
10.6 Others
11. Construction Equipment Market Segmentation, by Application
11.1 Excavation and mining
11.2 Lifting and material handling
11.3 Earthmoving
11.4 Transportation
11.5 Others
12. Construction Equipment Market Segmentation, by Industries
12.1 Oil and gas
12.2 Construction and Infrastructure
12.3 Manufacturing
13 Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 HITACHI LTD.
14.2 Financial
14.3 Products/ Services Offered
14.4 SWOT Analysis
14.5 The SNS view
14.2 AB VOLVO
14.3 CATTERPILLAR INC.
14.4 CNH INDUSTRIAL N.V
14.5 DEERE AND COMPANY
14.6 DOOSAN INFRACOE CO.LTD
14.7 J C BAMFORD EXCAVATORS. LTD.
14.8 KOMATSU LTD.
14.9 Liebherr-international AG
14.10 XCMG GROUP
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
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