The global rise in construction activity is expected to enhance the demand for this equipment. Construction equipment is gaining much popularity due to the major increase in the construction of housing projects and commercial infrastructure due to rapid urbanization and a higher rate of population. The global population is anticipated to increase by 2 billion by 2040, with urban populations growing by more than 40%. These factors will largely help the market growth during the forecast period.
According to Data Bridge Market Research, the Global Construction Equipment Market was valued at USD 197,038.5 million in 2021 and is expected to reach USD 286,709 million by 2029, registering a CAGR of 4.8% during the forecast period of 2022-2029.
" Growing Investment in Construction Surge the Market Growth"
The rise in global construction investment is one of the major factors expected to increase market sales during the forecast period. Building investment in the U.S. has considerably increased during the last few years. Likewise, multi-family dwelling development projects beginning in Q3 2021 are expected to boost the construction equipment market expansion in Europe. These initiatives involve the mixed-use developments ZAC Campus Grand Parc (France), Camden Goods Yard (U.K.), Milanosesto Complex (Italy), Viadux (U.K.), and Sackville Road Residential Community (U.K.). Thus, this factor boosts market growth.
What restraints the growth of the Global Construction Equipment Market?
" Inability of Compliance with Harmonized Emission Regulations"
The harmonized emission regulations are anticipated to substitute the existing multilayered legal framework with a single overarching regulation. Consequently, it is challenging for construction equipment manufacturers to comply with the latest rules. Also, concerning engine technologies, design, and even costs, it becomes tough for construction equipment manufacturers to obey the latest emission regulations for various countries worldwide, which hampers market growth. All these major factors impede the growth of the market.
Segmentation: Global Construction Equipment Market
The global construction equipment market is segmented on the basis of equipment type, equipment category, application, power output, emission regulation stage, propulsion type, solution, drive type, aftertreatment device and end users.
- Based on equipment type, the global construction equipment market is segmented into articulated dump truck, asphalt finisher, backhoe loader, crawler dozer, crawler excavator, crawler loader, mini excavators, motor grader, motor scraper, road roller, rigid dump truck, RTLT-masted, RTLT-telescopic, skid-steer loader, wheeled excavator, wheeled loader <80 Hp and wheeled loader >80 Hp.
- Based on equipment category, global construction equipment market is segmented into earthmoving equipment, material-handling equipment, heavy construction vehicles and other equipment.
- Based on application, the global construction equipment market is segmented into infrastructure, commercial buildings, residential buildings, industrial buildings and others.
- Based on power output, global construction equipment market is segmented into <100 Hp construction equipment, 101–200 Hp construction equipment, 201–400 Hp construction equipment and >400 Hp construction equipment
- Based on emission regulation stage, global construction equipment market is segmented into Stage II, Stage III, Stage IIIA, Stage IIIB, Stage IV, Stage V, Stage VI, Tier 3, Tier 4 and Tier 5
- Based on propulsion type, global construction equipment market is segmented into diesel, gasoline and CNG/LNG/RNG
- Based on solution, global construction equipment market is segmented into products and services
- Based on drive type, global construction equipment market is segmented into hydraulic, electric and hybrid.
- Based on aftertreatment device, global construction equipment market is segmented into diesel oxidation catalyst (DOC), diesel particulate filter (DPF), exhaust gas recirculation (EGR), selective catalytic reduction (SCR)
- Based on end user, global construction equipment market is segmented into oil and gas, public works and rail road, forestry and agricultural, manufacturing, military, mining, others
Regional Insights: North America is expected to dominate the Global Construction Equipment Market
North America dominates the market due to the growth and expansion of buildings and the construction industry because of increasing infrastructural development within the region. Also, the large construction projects in this region are anticipated to increase the crane and construction machinery market shortly, boosting the market's growth.
Asia-Pacific is expected to grow in the forecast period of 2022-2029 due to the rising application of construction equipment by verticals in the region. The increasing rate of dam construction, real-estate business, and rail and road infrastructure expansion in this region are boosting the market's growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-construction-equipment-market
Recent Developments in Global Construction Equipment Market
- In 2022, a Berlin-based construction technology company named Flexcavo surged its capital rate by USD 8 million for its construction machinery fleet. In addition, planned capital will first go for acquiring the newly constructed rental park in Maisach, Munich.
- In 2022, CanLift Equipment Ltd. extended its product line for construction machinery equipment under a strategic partnership with a top construction manufacturer named Xuzhou Construction Machinery Group Co., Ltd. The aim was to increase and open avenues for new relationships within the construction machinery industry.
The Prominent Key Players Operating in the Global Construction Equipment Market Include:
- Caterpillar (U.S.)
- Komatsu Ltd. (Japan)
- XCMG Group (China)
- Sany Group (China)
- Zoomlion Heavy Industry Science&Technology Co., Ltd. (China)
- Milanosesto Mixed-Use Complex (Italy)
- Viadux (U.K.)
- Camden Goods Yard Mixed-Use Community (U.K.)
- Hitachi Ltd., (Japan)
- Solvay (Belgium)
- Eastman Chemical Company (U.S.)
- China National Petroleum Corporation (China)
- Formosa Plastics Corporation (U.S.)
- Westlake Corporation (U.S.)
- DEERE & COMPANY (U.S.)
- Sackville Rd (U.K.)
Above are the key players covered in the report, to know about more and exhaustive list of global construction equipment market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Construction Equipment Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
