The latest report by IMARC Group, titled “Construction Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global construction equipment market size reached US$ 172.8 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 5.45% during the forecast period (2022-2027).
- Based on the solution type, the market has been bifurcated into products and services.
- On the basis of the equipment type, the market has been divided into heavy and compact construction equipment.
- The market has been categorized based on the type into loader, cranes, forklift, excavator, dozers, and others.
- Based on the application, the market has been segmented into excavation and mining, lifting and material handling, earthmoving, transportation, and others.
- On the basis of the industry, the market has been segregated into oil and gas, construction and infrastructure, manufacturing, mining and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom,Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) andMiddle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore, Hitachi Construction Machinery, Komatsu Ltd., and Liebherr-International AG.
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