According to the latest report by IMARC Group, titled “Construction Equipment Market: Global Industry Share, Trends, Size, Growth, Opportunity and Forecast 2023-2028”, The global construction equipment market size reached US$ 182.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 245.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Construction equipment, also known as heavy equipment, is designed to perform construction-related activities. It includes pavers, scrapers, generators, pile drivers, concrete mixers, off-highway haulers and trucks, and compactors and rollers. Construction equipment is used to perform different functions such as hauling, drilling, paving, grading, excavating, and digging. Presently, several players are focusing on improving the fuel consumption of construction equipment owing to several environmental concerns and the increasing need for energy conservation.
Global Construction Equipment Market Trends:
Increasing investments in infrastructural development, in confluence with a significant rise in commercial construction activities, represents one of the major factors bolstering the market growth. Moreover, the emerging automation trend in construction processes is contributing to the growth of the market. Apart from this, several manufacturers are focusing on upgrading existing equipment into next-generation machines by integrating advanced technologies, such as the internet of things (IoT). This is projected to create a positive outlook for the market.
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Global Construction Equipment Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- AB Volvo
- Caterpillar Inc.
- CNH Industrial N.V.
- Deere Company
- Doosan Infracore
- Hitachi Construction Machinery
- Komatsu Ltd.
- Liebherr-International AG.
The report has segmented the market on the basis on region, solution type, equipment type, type, application and industry.
Breakup by Solution Type:
- Products
- Services
Breakup by Equipment Type:
- Heavy Construction Equipment
- Compact Construction Equipment
Breakup by Type:
- Loader
- Cranes
- Forklift
- Excavator
- Dozers
- Others
Breakup by Application:
- Excavation and Mining
- Lifting and Material Handling
- Earth Moving
- Transportation
- Others
Breakup by Industry:
- Oil and Gas
- Construction and Infrastructure
- Manufacturing
- Mining
- Others
Breakup by Region:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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