Construction Equipment Market Research, 2031
The world construction equipment market size was valued at $195.8 billion in 2021, and is projected to succeed in $313.9 billion by 2031, rising at a CAGR of four.8% from 2022 to 2031. Construction gear are specially designed machinery used to carry out or help in development operations. Typically, these machines embody Wheel Bulldozers, Front Loaders, Dump Trucks, Backhoe loader, Grader, Crawler Dozers, Compactors, Excavators, Forklifts, Concrete Mixer Truck, and Others. These tools are used for different capabilities such as drilling, hauling, excavating, paving, grading, lifting, and others. The global development equipment market covers different industries corresponding to building & infrastructure, manufacturing, and oil & gas.
> The building tools market was severely hampered through the lockdown interval owning to the outbreak of COVID-19. The building and infrastructure segment have been most affected. However, the market recovered by the end of 2021.
Market Dynamics
Construction sector has been witnessing a fast rise with increasing international population, and urbanization, which is positively affecting the development tools market. However, after the slowdown in construction activities led by COVID-19 pandemic in 2020 and 2021, the development sector is expected to witness recovery and development within the coming years. Moreover, owing to speedy urbanization, main cities internationally are getting crowded and sources are being overused. Simultaneously, real property can be getting excessively costly. By 2040, the worldwide inhabitants is estimated to develop roughly by two billion with the city population rising by over 40%. Thus, to resolve this issue, varied countries similar to Egypt, India, Indonesia, and others are constructing cities to reaccommodate the inhabitants. For instance, Egypt is constructing New Administrative Capital at a cost of about $40 billion. In addition, rise in give attention to public-private partnerships (PPP) can be positively affecting the construction gear market growth. A public-private partnership as the name suggests is a partnership or some kind of three way partnership between a non-public company or entity and a authorities entity. Typically, these partnerships are meant for the construction of public infrastructure techniques, by which a non-public company handles a project and lends technical & operational expertise, and generally financial assist for the federal government projects. The development in public-private partnerships in numerous international locations similar to India, Africa, and China are expected to gas the growth of the development equipment end-user section. Further, the rise in urbanization internationally has also increased the demand to build infrastructure corresponding to residential and transportation. For occasion, the federal government of U.S., has allocated $110 billion under its Bipartisan Infrastructure Law for the repair of roads and bridges. In addition, the country has also allotted $66 billion to modernize its Northeast Rail Corridor, together with other related railway developments. However, factors corresponding to strict government rules for development and mining operations and regulations in opposition to carbon emissions from equipment are anticipated to restrain the development equipment market progress.
Furthermore, technological improvements and other fascinating enhancements in construction equipment are anticipated to provide lucrative growth opportunities for gamers that function within the building gear market. For occasion, in April 2022, Doosan Corporation, a serious participant in the construction gear market launched Doosan-7 Series mini excavators in the us, and Canada. The new gear include varied improved options, along with companies proprietary DoosanCONNECT Telematics system. This system permits users to remotely monitor and preserve their machines. Moreover, automation is also being widely adopted in the construction business, as automated automobiles and machinery scale back the operation value. In addition, automated autos can work in places where it might be dangerous to the health of an operator. Thus, firms such as Doosan, Hitachi, Sandvik, and others supply a variety of automated development gear. In February 2022, Caterpillars introduced reaching the milestone sales of its greater than 500 autonomous vehicles worldwide. Such technologies are doubtless to enhance the operations of building gear, thereby creating opportunities for an upsurge within the development tools market through the forecast period.
The demand for development tools decreased within the 12 months 2020, owing to low demand from different industries because of lockdowns imposed by the federal government of many nations. The COVID-19 pandemic led to the shut-down of production of varied merchandise for the construction gear market, primarily owing to prolonged lockdowns in main global international locations. This hampered the expansion of the development equipment market significantly through the pandemic. The major demand for tools and equipment was previously seen from giant countries including the united states, Germany, Italy, the UK, and China, which were badly affected by the spread of coronavirus, thereby halting demand for equipment and machinery. However, owing to the introduction of various vaccines, the severity of the COVID-19 pandemic has considerably reduced. This has led to the full-fledged reopening of construction gear manufacturing firms, and their end-user sectors as nicely, at their full-scale capacities. Furthermore, it has been greater than two years for the reason that outbreak of this pandemic, and lots of companies have already proven notable signs of recovery. Contrarily, the rising number of COVID-19 an infection instances in China has brought unfavorable sentiments out there, which may have a adverse impact on the development equipment marketplace for a brief period. Thus, gear and equipment producers must give attention to defending their workforce, operations, and supply chains to reply to quick crises and discover new methods of working after COVID-19 infection cases begin to lower.
Segmental Overview
The construction tools market is segmented on the premise of resolution sort, tools type, sort, software, end-user, and region. By resolution type, it is divided into services. By equipment, the development gear market is assessed into heavy building equipment and compact construction tools. By sort, it is categorized into wheel bulldozers, front loaders, dump vehicles, backhoe loader, grader, crawler dozers, compactors, excavators, forklifts, concrete mixer truck, and others. By application, it’s divided into excavation & mining, lifting & materials handling, earth moving, transportation, and others. By end-user, it is divided into oil & gasoline, construction & infrastructure, manufacturing, mining, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Construction Equipment Market
By Solution Type
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The product phase dominated a major development tools market share in 2021
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By answer kind: The development gear market is divided into services and products. In 2021, the products phase dominated the development equipment market, when it comes to income, and the companies segment is predicted to grow with a significant CAGR through the forecast interval. The products section includes all the development equipment utilized in numerous construction operations similar to loaders, dozers, excavators, cranes, forklifts, and comparable others. Moreover, the services section consists of vehicle repair, inspection, maintenance, coaching for operators, and others. Construction equipment manufacturers and distributors have began to generate a sizeable portion of revenue by offering companies and substitute parts related to building gear.
By gear: The construction equipment market is classed into heavy construction gear and compact building gear. The compact building gear market is predicted to grow rapidly during the forecast interval. Compact development gear are small in measurement and have less capacity, enabling it to be appropriate for small jobs and for jobs in constrained spaces. Owing to a smaller size, their acquisition and upkeep price is less. Furthermore, heavy building gear is heavy tools or vehicles used for activities similar to excavation, heavy lifting, tunneling, and material dealing with. Heavy development gear held a considerably larger development equipment market share in 2021.
Construction Equipment Market
By Type
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The excavators phase accounted for the largest revenue share of the construction tools market in 2021.
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By sort: The development gear market is categorized into wheel bulldozers, front loaders, dump vans, backhoe loader, grader, crawler dozers, compactors, excavators, forklifts, concrete mixer truck, and others. In 2021, the excavator phase held a serious share of the construction tools market. Excavators are extensively used for digging earth. It is a quite common construction gear, as nearly all construction websites involve digging operations. The forklift phase is anticipated to grow with a major CAGR.
By application: The development tools market is divided into excavation & mining, lifting & material handling, earth transferring, transportation, and others. The lifting & materials handling phase is anticipated to grow at the highest CAGR through the forecast interval. Lifting and decreasing objects in a building web site is a quite common exercise. Often cranes are used for such operations. For instance, cranes are used for lifting heavy objects similar to stones, sculptures, and different heavy materials from locations including truck beds, grounds, and others. Moreover, constructing materials corresponding to cement baggage, formworks, and others are transported inside a development site using forklifts. Furthermore, the earthmoving section dominated the development tools market in 2021. Earthmoving is a process of moving materials corresponding to filth, stone, land, and so forth. Majorly loaders, and dump vans are used for earth moving.
Construction Equipment Market
By End User
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The building and infrastructure segment accounted for a larger market share in 2021, and is estimated to develop with the highest CAGR.
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By end-user: The construction gear market is categorized into oil & gasoline, construction & infrastructure, manufacturing, mining, and others. The development & infrastructure section dominated the market and is anticipated to take care of this development through the forecast period. Construction gear is used for constructing numerous types of infrastructure such as residential & commercial buildings, roads, rails, and other public works. Rising development actions internationally are expected to drive progress on this segment. Increased demand for technologically advanced development equipment is predicted to increase the general demand of the section. Moreover, the manufacturing segment is predicted to grow on the second-highest development rate. In the manufacturing sector, machines similar to forklifts, hoisting equipment, and others are used for performing materials dealing with operations on a producing site.
Construction Equipment Market
By Region
Asia-Pacifc was the biggest regional market in 2021, and is estimated to grow with the best CAGR through the forecast interval.
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By area: The building gear market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific accounted for the very best construction equipment market share and is anticipated to safe the main position in the course of the forecast period, due to in depth demand within the building & infrastructure segment. Thus, varied key gamers are increasing their presence in the Asia-Pacific to serve the rising construction sector, and likewise the oil & gas, mining, and other industries. For instance, CASE India, a serious construction equipment producer in India has spent around $200 million within the final decade in India to acquire 7% market share of backhoe loaders until 2022, and it’s now planning to double its market share in India from 7% in 2022 to 12%-15% in the coming few years. Such endeavors of the corporate are vastly dependent on varied policies of the federal government to develop its infrastructure. Such elements influence the overall development equipment market overview in these regions. Moreover, China is doubtless considered one of the main exporters of development gear globally. The rapid industrial improvement of China has motivated building equipment manufacturers to ascertain their manufacturing models in the country. Furthermore, industries similar to manufacturing, energy, mining, and agriculture are a few of the main industries in China. Hence, the event of these industries creates opportunities for the growth of development gear in China.
Competition Analysis
Competitive analysis and profiles of the main players in the construction tools end-user, corresponding to AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Hyundai Doosan Infracore Co., Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG) are offered on this report. There are some necessary players out there corresponding to Sany, CNH, and Terex. Major gamers have adopted product launch and acquisition as key developmental strategies to enhance the product portfolio of the construction tools market.
Some examples of product launches available in the market
In January 2023, John Deere announced the addition of the 410 P-Tier articulated dump truck, and the 460 P-Tier truck to its P-Tier portfolio. The new vehicles have improved and engaging cabins and exterior styling. Similarly, in August 2021, AB Volvo launched single drum SD110C Compactor and double drum DD90C & DD100C Compactors in India. These machines feature VECV engines conforming to the newest emission requirements.
Acquisitions in the market
In August 2021, Hyundai Heavy Industries Holdings acquired Doosan Infracore, a quarrying and building gear producer. It will carry out its enterprise as Hyundai’s subsidiery. Similarly, in January 2020, Liebherr acquired the earthmoving business of Libero Baumaschinen GmbH & Co.KG and Libero Bau- und Industriemaschinen GmbH. The acquisition features a takeover of Libero’s sales and repair networks.
Key Benefits For Stakeholders
* The report offers an in depth analysis of the current and rising development equipment market developments and dynamics.
* In-depth development equipment market evaluation is conducted by setting up market estimations for key market segments between 2021 and 2031.
* Extensive evaluation of the construction gear market is performed by following key product positioning and monitoring of high opponents throughout the market framework.
* A comprehensive evaluation of all the areas is offered to determine the prevailing opportunities.
* The building tools market forecast analysis from 2022 to 2031 is included in the report.
* The key players within the development equipment market are profiled in this report and their methods are analyzed completely, which help understand the competitive outlook of the development tools industry.
Construction Equipment Market Report Highlights
Aspects Details Market Size By 2031 USD 313.9 billion Growth Rate CAGR of four.8% Forecast period Report Pages 544 Solution Type Equipment Type * Heavy building equipment
* Compact construction gear
Type * Concrete Mixer Truck
* Others
* Wheel Bulldozer
* Front Loaders
* Dump Trucks
* Backhoe loader
* Grader
* Crawler Dozers
* Compactors
* Excavators
* Forklifts
Application * Excavation and Mining
* Lifting and Material handling
* Earth Moving
* Transportation
* Others
End User * Oil and gas
* Construction and Infrastructure
* Manufacturing
* Mining
* Others
By Region * North America(U.S., Canada, Mexico)
* Europe(Germany, France, UK, Italy, Rest of Europe)
* Asia-Pacific(China, India, Japan, South Korea, Rest of Asia-Pacific)
* LAMEA(Latin America, Middle East, Africa)
Key Market Players Hyundai Doosan Infracore Co., Ltd., AB Volvo, CATERPILLAR INC., XCMG Group, CNH Industrial N.V., Hitachi Ltd., J C Bamford Excavators Ltd. (JCB), Liebherr-International AG, Komatsu Ltd., Deere & Company