Publishing: November 2021 | Report Code: CM10691 | Available Format: PDF
The global construction equipment market stood at ~$180 billion in 2020. The rapid urbanization leading to the increasing demand for housing and rising investments in infrastructure development across the globe are expected to propel the growth of the construction equipment market.
The COVID-19 pandemic forced governments all over the world to impose multiple lockdowns, which resulted in partial or fully closed manufacturing factories. Moreover, construction activities were halted in order to contain the spread of coronavirus, and, thus, many projects across the globe experienced a sudden break. Depending on the location of infrastructure projects, the nature of the impact varies. However, now, the situation in many countries is improving, and construction is restarting.
The earth moving machinery category is projected to hold the largest market share in the forecast period, based on product. This will mainly be because these machines offer a good grip on snow and in the mud. Moreover, these machines are rather important at construction sites because of their ability to perform a wide range of work, including laying foundations, grading soil, removing dirt and rocks, digging trenches, and carrying out demolition.
The 101–200 horsepower (HP) category accounted for the majority share in 2020, based on power output. This was mainly due to the higher penetration of 101–200-HP construction equipment as its power-to-weight ratio is favorable and it offers better fuel economy and reduces the operating costs for construction equipment operators and contractors. Furthermore, a power range of 101–200 HP is suitable for the majority of projects, such as road, airport, and commercial construction projects. Thus, this category is expected to continue to dominate the market during the forecast period.
Asia-Pacific (APAC) is set to generate the highest revenue in the forecast period. Construction projects are the backbone for the development of any economy in the world. The rapidly increasing investments by governments are supporting construction activities in the region. Essentially, the rapid urbanization in major countries, such as China, Japan, India, and South Korea, is leading to the increasing demand for housing, thereby helping the construction equipment market advance.
The trend of fully autonomous equipment in the industry isn’t a reality yet, but it is where the industry is eventually going. Autonomous equipment in the construction industry can offer benefits such as higher worker safety on site, increased productivity, and addressal of the problem of skilled labor shortage. For example, the D51i-24 and the D61i-24 dozers of Komatsu Ltd. have the ability to record terrain data as they move around a site. This data is further used by the system to make calculated decisions on whether it should cut and carry material, whether it should spread or fill that material, or whether it should finish grading.
The growing urbanization level in major countries across the globe is contributing toward the increase in employment opportunities, thus leading to a shift of people from non-urban to urban areas, especially in developing economies, such as China, India, and Brazil. The increasing population in such areas is raising the demand for housing, thus leading to the construction of new housing infrastructure, such as individual units and high-rise buildings. As per the World Bank Group, the urban population (out of the total population) in India was 27.7% in 2000, and it increased to 34.5% in 2019. Moreover, in developing countries, the continuous government support and heavy investments to modernize the public infrastructure are expected to drive the construction equipment market during the forecast period.
|Base Year (2020) Market Size||~$180 Billion|
|Report Coverage||Market Trends, Drivers, and Restraints, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Impact of COVID-19, Companies’ Strategic Developments, Market Share Analysis, Company Profiling|
|Market Size by Segments||By Product; By Propulsion Type; By Application; By Power Output; By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||Indian Construction Equipment Manufacturers Association, Association of Equipment Manufacturers, Associated Builders and Contractors, Crane Manufacturers Association of America, Material Handling Equipment Distributors Association, Committee for European Construction Equipment, Construction Industry Manufacturers Association, Equipment Manufacturers Institute, Process Equipment Manufacturers' Association|
The global construction equipment market is consolidated in nature with the presence of players such as Caterpillar Inc., Hitachi Construction Machinery, Volvo Construction Equipment, Liebherr AG, Terex Corporation, Doosan Infracore, Joseph Cyril Bamford Excavators Ltd., Deere & Company, and Sany Heavy Industry Co. Ltd.
The construction equipment market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Product
Based on Propulsion Type
Based on Application
Based on Power Output
Market Segment Analysis of Countries
The global construction equipment market value stood at ~$180 billion in 2020.
Asia-Pacific will be the largest region in the construction equipment industry during 2021–2030.
The construction equipment industry is expanding because of the increasing residential construction activities, on account of the burgeoning demand for housing.
The usage of electric and autonomous equipment is the major trend currently being witnessed in the market for construction equipment.
The earth moving machinery category will dominate the market for construction equipment during 2021–2030, under the product segment.
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