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The latest report by IMARC Group, titled “Construction Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global construction equipment market size reached US$ 182.0 Billion in 2022. 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 toperform 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:
The market is primarily driven by the increasingnumber of construction and housing projects and commercial infrastructure due to rapid urbanization and population growth. Besides this, the risingautomation in construction processes due to the scarcity of skilled labor and growing emphasis on minimizing overall cost and time for project completion is positively influencing the market growth.In addition, the outbreak of coronavirus disease (COVID-19) has significantly impacted the construction industry. This can be attributed to the imposition of lockdown restrictions in several countries and the implementation of social distancing practices to prevent the spread of the virus. With the gradual removal of these restrictions, construction projects have resumed worldwide, which is expected to propel the market growth. Furthermore, key players in the market are introducing eco-friendly equipment to meet stringent guidelines on noise emissions. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.2% during the forecast period (2023-2028).
Market Summary:
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