Press Release

The Construction Equipment Market Is Estimated To Record a CAGR of Around 4.87% During The Forecast Period

Evolve Business Intelligence has published a research report on the Global Construction Equipment Market, 2023–2033. The global Construction Equipment market is projected to exhibit a CAGR of around 4.87% during the forecast period of 2023 to 2033.

Evolve Business Intelligence has recognized the following companies as the key players in the global Construction Equipment Market: Hyundai Doosan Infracore Co Ltd, AB Volvo, CATERPILLAR INC, XCMG Group, CNH Industrial, Hitachi Ltd, J C Bamford Excavators Ltd (JCB), Liebherr-International, Komatsu Ltd, Deere & Company.

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Market Highlights

The Construction Equipment market is projected to be valued at USD 386.74 Billion by 2033, recording a CAGR of around 4.87% during the forecast period. Construction equipment refers to a wide range of machinery, tools, and vehicles used in construction projects. These equipment are designed to perform various tasks such as excavation, leveling, lifting, transporting, and compacting materials. Some common types of construction equipment include excavators, bulldozers, loaders, cranes, forklifts, concrete mixers, and road rollers. They play a crucial role in increasing productivity, efficiency, and safety on construction sites by automating and facilitating manual labor-intensive tasks. Construction equipment is essential for the successful completion of projects in the construction industry.

The COVID-19 pandemic had a negative impact on the construction equipment market. The supply chain disruptions, decreased demand due to project delays and cancellations, and financial uncertainties faced by construction companies all contributed to a decline in the market. The restrictions and safety protocols imposed during the pandemic also hindered the normal operations of construction sites, leading to a decrease in equipment utilization. Overall, the construction equipment market experienced a slowdown during the pandemic as the industry faced challenges in production, demand, and project execution.

Segmental Analysis

The global Construction Equipment market has been segmented based on Type, Application, End-user, and region.

Based on Type, the Construction Equipment market is segmented based on Concrete Mixer Truck, Wheel Bulldozer, Front Loaders, Dump Trucks, Backhoe loaders, Grader, Crawler Dozers, Compactors, Excavators, Forklifts, and Others. Excavators are expected to have the largest market share throughout the forecast period, while Compactors are expected to grow at the fastest rate.

Based on Application, the global Construction Equipment market has been divided into Excavation and Mining, Lifting and Material Handling, Earth Moving, Transportation, and Others. The Excavation and Mining segments are anticipated to dominate the market.

Based on the End User, the global Construction Equipment market has been divided into Oil and gas, Construction and Infrastructure, Manufacturing, Mining, and Others. The Construction and Infrastructure segments are anticipated to dominate the market.

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Regional Analysis

The Construction Equipment market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America region includes the US and Canada, where the construction equipment market is significant. The presence of large construction projects and infrastructure development drives the demand for construction equipment. European countries like Germany, France, and the UK have a well-established construction equipment market. The region sees a high demand for advanced and technologically advanced equipment. The Asia-Pacific region, including countries such as China, India, Japan, and South Korea, is a major market for construction equipment. Rapid urbanization, infrastructure development, and construction projects in emerging economies contribute to the growth of the market. Latin American countries like Brazil, Mexico, and Argentina have a growing construction equipment market. Infrastructure investments and economic development drive the demand for construction equipment in this region. The Middle East, including countries such as Saudi Arabia, UAE, and Qatar, has a robust construction industry. Large-scale construction projects, particularly in the infrastructure and real estate sectors, create demand for construction equipment. Africa has a developing construction equipment market, with countries like South Africa, Nigeria, and Kenya experiencing growth in the construction sector. Infrastructure development and investments contribute to the demand for construction equipment in this region.

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