Global Equipment Market Size, Share and Segmentation, By Agriculture Equipment, By Snow Removal Equipment, By Paving Equipment, By Waste Management Equipment, By Construction Equipment, By Demolition Equipment, By Forestry Equipment, By Gardening Equipment, By Mining Equipment, By Scrap Metal Recycling Equipment, By Construction Aggregates, and By Regions and Global Forecast 2023-2030

Global Equipment Market Report & Overview:

The Global Equipment Market size was estimated at USD 1113.90 billion in 2022 and is expected to reach USD 1587.74 billion by 2030 at a CAGR of 4.99% during the forecast period of 2023-2030.

In the equipment, the construction equipment market has been dominant in regions experiencing infrastructure development, urbanization, and construction projects. Countries with robust construction sectors have seen high demand for heavy machinery and construction equipment, including excavators, bulldozers, and cranes. Agriculture equipment has been dominant in regions with large agricultural sectors. The need for efficient and mechanized farming, driven by the growing global population and the need to increase food production, has led to the dominance of this market. Tractors, combines, and irrigation systems are among the key equipment in this sector.

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Construction aggregates are a key component of the construction industry, serving as the foundational materials for building and infrastructure projects. These materials are granular substances, often mined from natural resources like quarries and riverbeds, and they are typically composed of sand, gravel, crushed stone, or recycled concrete.

MARKET DYNAMICS

DRIVERS

• Global infrastructure development is expanding, as is the demand for compact construction equipment.

Growing urbanization, population growth, technology improvements, the need to modernize existing infrastructure, and a greater emphasis on building sustainable green projects are driving the industry's growth. Furthermore, the construction equipment market has developed gradually as new equipment sales have increased as a result of increased construction projects and projected new investments in the construction sector.

•  Strict Safety Requirements

Snow removal requirements at airports have been tightened by government agencies and aviation authorities. This increases the requirement for specialist equipment that complies with safety standards.

•  Technological advancements

Technological advancements have resulted in the development of more efficient and environmentally friendly snow removal equipment. Automated controls, GPS integration, and lower emissions make the equipment more appealing to airports.

RESTRAIN

• International trade policies and relations may restrict the growth of the mining machinery market.

• Environmental imbalance

Construction equipment is the major source of ozone emissions, thus resulting in the deterioration of air quality. The emissions generated from this equipment, such as nitrogen oxides (NOx), Volatile Organic Compound (VOC), and carbon monoxide (CO), adversely affect the environment causing environmental imbalance across rural and urban areas. Moreover, mining equipment operating at the mining sites is another source of significant ozone emissions.

OPPORTUNITY 

• Applicable to a variety of infrastructures

The rise in demand for gardening equipment for a variety of infrastructures, such as sports fields, public parks, and golf courses, among others, influenced the market over the projection period. The increase in demand for landscaping services in emerging economies contributes to market growth.

• The government requires telematics and e-call services.

The construction equipment market is seeing significant technological improvements in order to produce more optimal and reliable goods. The off-highway business is gradually embracing self-driving technologies. Construction operations are ideal for autonomous machines since they are repetitive, physical,  precise, and time-sensitive. As a result, there is a greater demand for automation in construction equipment. Manufacturers are developing wireless, self-driving construction machines.

• The Internet of Things continues to provide lucrative opportunities for market players.

CHALLENGES

• Estimation of the equipment costs maintenance

Whether the equipment is new or used, maintaining it operational is critical. You cannot achieve your project objectives unless your equipment is properly maintained. As a result, many construction companies maintain their equipment to minimize unforeseen delays and low production.

• Getting Used to New Equipment

As manufacturers build more sophisticated equipment, there is a greater need for personnel to be trained on how to utilize it effectively. Simply said, new equipment frequently entails new controls, so it's critical that operators understand how they function. Even if the equipment lacks complex software and new controls, it is highly important that personnel be thoroughly trained to operate the apparatus.

• Changing emission standards and regulations

The implementation of these standards has the potential to reduce sales of construction and agricultural machinery. Adapting to new emission regulations demands significant research and development efforts. The varied requirements of each market increase complexity, notably in the design of components, particularly engines.

• Facing equipment depreciation

IMPACT OF RUSSIAN-UKRAINE WAR

The Russia-Ukraine war had a positive and negative impact on the equipment market according to the research conducted, such as the war has hampered supply chains and hampered production of certain equipment components. This has caused price variations in raw materials used in equipment manufacturing. Also, the prolonged conflict has produced geopolitical uncertainty, which might have an impact on investment decisions and global economic stability. This uncertainty can have a domino impact on a variety of businesses, including the equipment industry. The impact of the conflict on transportation networks, particularly in Eastern Europe, has had an influence on the logistics and transportation equipment markets. Supply chain delays and interruptions have significance for the transportation industry. Moreover, the crisis has damaged Russian-Western economic and trade relations, impacting bilateral commerce and investment. This may have an indirect impact on several equipment markets. Sanctions on Russia and certain Ukrainian businesses may limit commerce in construction equipment and associated technologies. Companies may encounter difficulties when exporting or importing equipment. The impact of the war on energy markets, particularly in Europe, may have an impact on the operating expenses of construction equipment. Energy price fluctuations can have an impact on fuel expenses and the overall cost of running machinery. The economic effects of the war, as well as shifting priorities, may affect demand for construction equipment and other equipment in some countries, for example, may restrict commercial building investments while increasing spending on defense-related infrastructure. The war's influence on transportation routes and logistics can have an impact on the movement of construction equipment to project locations, perhaps creating delays or additional expenditures.

IMPACT OF ONGOING RECESSION

An ongoing recession has a significant impact on the equipment market differently in different countries due to different equipment economic structures, industry compositions, and policy responses. During a recession, some conflicts involve that companies may postpone or cancel scheduled equipment purchases in order to save money and avoid financial risk. The construction industry is especially vulnerable to economic downturns. During a recession, there is often a fall in demand for new construction projects, which leads to a decrease in demand for construction equipment also, manufacturers may reduce production due to lower demand for their products. This may result in a decrease in demand for manufacturing equipment and machinery. Currency fluctuations and economic insecurity in impacted regions might have an impact on the cost of imported construction equipment and other equipment. The government stimulus programs and infrastructure spending efforts can help to mitigate some of the negative consequences of a recession. In an effort to remain competitive and cost-efficient during a recession, businesses may invest in more advanced and efficient equipment to improve productivity and reduce operating expenses. In a positive recession impact, companies may focus on maintaining and repairing their existing equipment rather than buying new machinery during the recession, this can lead to increased demand for maintenance and repair services. Such as the India’s construction equipment industry turned in its best performance with 26% year-on-year growth in FY 2023 as sales crossed the one lakh units mark driving on road construction.

KEY MARKET SEGMENTATION

• By Agriculture Equipment

  • Agriculture Equipment By Type (Value)

    • Agriculture Tractors

    • Harvesting Equipment

    • Irrigation & Crop Processing Equipment

    • Agriculture Spraying & Handling Equipment

    • Soil Preparation & Cultivation Equipment

    • Others (Hay & Forage Equipment, Trailers)

  • Agriculture Equipment By Type (Volume)

    • Agriculture Tractors

    • Harvesting Equipment

    • Irrigation & Crop Processing Equipment

    • Agriculture Spraying & Handling Equipment

    • Soil Preparation & Cultivation Equipment

    • Others (Hay & Forage Equipment, Trailers)

• By Snow Removal Equipment

  • Snow removal Equipment By Type (Value)

    • Loaders

    • Blowers

    • Displacement Plows

    • Rotary Brooms De-Icers

    • Sprayer Trucks

    • Spreaders

  • Snow removal Equipment By Type (Volume)

    • Loaders

    • Blowers

    • Displacement Plows

    • Rotary Brooms De-Icers

    • Sprayer Trucks

    • Spreaders

• By Paving Equipment

  • Paving Equipment By Type(Value)

    • Wheel Paving Equipment

    • Tracker Paving Equipment

  • Paving Equipment By Type(Volume)

    • Wheel Paving Equipment

    • Tracker Paving Equipment

• By Waste Management Equipment

  • Waste Management Equipment By Type(Value)

    • Waste Disposal Equipment

    • Waste Recycling & Sorting Equipment

  • Waste Management Equipment By Type (Volume)

    • Waste Disposal Equipment

    • Waste Recycling & Sorting Equipment

• By Construction Equipment

  • Construction Equipment By Type (Value)

    • Earthmoving Equipment

    • Material Handling Equipment & Cranes

    • Concrete Equipment

    • Road Building Equipment

    • Civil Engineering Equipment

    • Crushing and Screening Equipment

    • Other Equipment

  • Construction Equipment By Type (Volume)

    • Earthmoving Equipment

    • Material Handling Equipment & Cranes

    • Concrete Equipment

    • Road Building Equipment

    • Civil Engineering Equipment

    • Crushing and Screening Equipment

    • Other Equipment

• By Demolition Equipment

  • Demolition Equipment By Type (Value)

    • Demolition Excavators

    • Demolition Robot

  • Demolition Equipment By Type (Volume)

    • Demolition Excavators

    • Demolition Robot

• By Forestry Equipment

  • Forestry Equipment By Type ( Value)

    • Felling Equipment

    • Extracting Equipment

    • On-Site Processing Equipment

    • Separately Sold Parts and Attachments

    • Other Forestry Equipment 

  • Forestry Equipment By Type ( Volume)

    • Felling Equipment

    • Extracting Equipment

    • On-Site Processing Equipment

    • Separately Sold Parts and Attachments

    • Other Forestry Equipment

• By Gardening Equipment

  • Gardening Equipment By Type(Value)

    • Lawn Mowers

    • Handheld Power Tools

    • Hand Tools & Wheeled Implements

    • Water Equipment

  • Gardening Equipment By Type (Volume)

    • Lawn Mowers

    • Handheld Power Tools

    • Hand Tools & Wheeled Implements

    • Water Equipment

• By Mining Equipment

  • Mining Equipment By Type (Value)

    • Underground Mining Equipment

    • Surface Mining Equipment

  • Mining Equipment By Type (Volume)

    • Underground Mining Equipment

    • Surface Mining Equipment

• By Scrap Metal Recycling Equipment

  • Scrap Metal Recycling Equipment By Type (Value)

    • Sorting Systems

    • Metal Shredders

  • Scrap Metal Recycling Equipment By Type (Volume)

    • Sorting Systems

    • Metal Shredders

• By Construction Aggregates

  • Construction Aggregates By Type (Value)

    • Sand

    • Gravel

    • Crushed Stone

  • Construction Aggregates By Type (Volume)

    • Sand

    • Gravel

    • Crushed Stone

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REGIONAL ANALYSES

The revenue generated by agriculture equipment at the global level is USD 174.9 billion in 2022 with a rapid CAGR of 5.47% and is expected to reach USD 257.0 billion in 2030. Agriculture equipment’s Asia Pacific region holds the highest revenue contribution of USD 64.16 billion in 2022 because the rapid pace of urbanization has given rise to a pressing need for enhanced agricultural productivity in order to sustain the growing population. Consequently, governments are actively investing in the modernization of farming practices and providing incentives to encourage the adoption of advanced machinery. After that Europe contributed the second largest revenue USD 45.60 million in 2022. The North American region is dominated by snow removal equipment which contributed revenue of USD 30.222 Million in 2022 and it's expected to reach USD 46.158 million in 2030 with a compound annual growth rate of 5.40%. and after that, Europe will contribute 22.044 million in 2022 which is the second highest contributing region for snow Removal equipment. Snowfall in these regions causes significant disruptions to transportation systems, leading to adverse impacts on businesses and daily commutes. Consequently, North America and Europe hold a substantial share in the global snow removal equipment.

The global waste management equipment generated revenue of USD 17154 million in 2022 with a compound annual growth rate of 3.75% is expected to reach USD 22370 million In 2030, in waste management equipment North America region contributed the highest revenue of USD 5146.3 million In 2022 because of The substantial amount of waste generated in the United States, Canada, and Mexico has led to an increased demand for waste management equipment to effectively handle this issue. and Europe contributed the second largest revenue in 2022 USD 4288.5 million. The global construction aggregates equipment industry generated a staggering revenue of USD 381.00 billion in 2022, with projections soaring to USD 512.60 billion by 2030. Notably, the APAC region emerged as the dominant force, contributing a substantial USD 142.11 billion in 2022. Following closely behind, the North American region made a significant contribution of USD 94.75 billion in 2022, with expectations of reaching USD 127.48 billion by 2030.

REGIONAL COVERAGE

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of the Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

Hitachi, Ltd-Company Financial Analysis

RECENT DEVELOPMENT

Clairemont Equipment Company: In March 2023, collaborated with Komatsu to expand its geographical presence in Los Angeles.

Epiroc AB (Sweden): In June 2023, Epiroc AB (Sweden), a prominent producer of products for reverse circulation (RC) drilling, finalized the acquisition of the principal assets of Schramm Australia. The assets consist of intellectual property, two manufacturing sites close to Perth, two service sites in Queensland and South Australia, and Epiroc.

Caterpillar Inc.:  In June 2023, The new Cat 995 Wheel Loader, boosted productivity over the previous model by up to 19% and increased hydraulic force by 6% while maintaining an equivalent hydraulic cycle time, according to an announcement from Caterpillar Inc. Additionally, it provides up to a 13% reduction in hourly fuel use and an extra 8% improvement in efficiency.

USE CASES AND BEST PRACTICES

Waste management is a major issue for metropolitan places all over the world. For effective and sustainable garbage disposal, recycling, and environmental preservation, the right waste management methods and equipment are required. To demonstrate the advantages and difficulties of modernizing waste management infrastructure, this case study examines the application of sophisticated waste management technology in the fictional city of Greenville.
Real-world-Case-Study of an Indian Automaker with practical management applications.

USE CASES:

The mid-sized city of Greenville, which has 200,000 citizens, has been struggling with waste management problems for years. The antiquated and ineffective trash collection and disposal methods contributed to rising landfill use and environmental issues. The municipal administration made the decision to spend money on cutting-edge tools and technology for waste management, in order to deal with these issues.

Challenges:

• Initial Investment: Putting innovative waste management technology in place required a sizable up-front investment. The local administration has trouble getting financing.

• Public Awareness and Participation: It took significant public education and outreach efforts to persuade households to take part in recycling and garbage separation programs.

• Maintenance and Training: To guarantee the systems' continuous performance, regular maintenance and specific training for equipment operators were required.

Key Objectives:

• Encourage recycling and minimize the use of landfills.

• Improve garbage collection effectiveness while cutting expenses.

• reduce negative environmental effects while enhancing public health.

Implementing cutting-edge waste management technology:

• Smart garbage Bins:

Smart garbage bins with sensors to track waste levels were introduced in Greenville. The city's trash management staff received real-time data from these bins, allowing for better collection routes and timetables. Additionally, by identifying high-traffic locations and allocating resources accordingly, the city was able to lower operational expenses.

• Automated Sorting Systems:

To process recyclables effectively, a cutting-edge trash sorting plant was built. In order to sift commodities like paper, plastic, glass, and metals, advanced robotic systems were used. With this automation, recycling rates went up and pollution in recycling streams went down.

• Composting equipment:

To turn organic waste into nutrient-rich compost, composting equipment was built in residential areas. Organic garbage and other rubbish were separated by residents. The city's requirement for chemical fertilizers was decreased by using the generated compost in nearby parks and gardens.

Results and Impact:

• Reduced Landfill Consumption: Within the first year, Greenville's landfill consumption dropped by 30%, resulting in significant cost savings.

• Increased Recycling Rates: As a consequence of enhanced sorting and collecting methods, recycling rates rose from 25% to 50%.

• Environmental Benefits: Less waste was disposed of in landfills, and recycling rates rose, which reduced greenhouse gas emissions and enhanced air and water quality.

• Better waste management tools decreased the likelihood of disease outbreaks linked to inappropriate garbage disposal, improving public health.

  Global Equipment Market Report Market:

  Report Attributes	Details
  Market Size in 2022	USD 1113.90 billion
  Market Size by 2030	USD 1587.74 billion
  CAGR	CAGR of4.99%  From 2023 to 2030
  Base Year	2022
  Forecast Period	2023-2030
  Historical Data	2019-2021
  Report Scope & Coverage	Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
  Key Segments	•  By Agriculture Equipment •  By Snow Removal Equipment •  By Paving Equipment •  By Waste Management Equipment •  By Construction Equipment •  By Demolition Equipment •  By Forestry Equipment •  By Gardening Equipment •  By Scrap Metal Recycling Equipment •  By Construction Aggregate
  Regional Analysis/Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
  Key Drivers	•Global infrastructure development is expanding, as is the demand for compact construction equipment. Growing urbanization, population growth, technology improvements, the need to modernize existing infrastructure, and a greater emphasis on building sustainable green projects are driving the industry's growth. Furthermore, the construction equipment market has developed gradually as new equipment sales have increased as a result of increased construction projects and projected new investments in the construction sector. •Strict Safety Requirements
  Market Restraints	• International trade policies and relations may restrict the growth of the mining machinery market. • Environmental imbalance