Construction Equipment Market: Current Analysis and Forecast (2020-2030)
Emphasis on Equipment Type (Heavy Construction Equipment, Compact Construction Equipment); Product Type (Cranes, Loader, Forklift, Excavator, Dozers, Others); Application (Earthmoving, Concrete Equipment, Material Handling, Material Processing); Industry (Oil & gas, Construction & Infrastructure, Manufacturing, Mining, Others); End-User (Commercial, Residential, Industrial); Sales Channel (OEMs and Aftermarket); Regions & Country
Construction Equipment market was valued at USD 180 billion in 2021 & is expected to grow at a CAGR of 4.3% from 2022-2030. In addition, factors such as growing investment in infrastructure, residential, commercial, and increment in institutional capital expenditure globally. For instance: in 2023, the U.S. Department of Transportation granted USD 1.5 bn for the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) discretionary and the new National Infrastructure Project Assistance (Mega) Grant program.
Some of the major players operating in the market include Caterpillar Inc., Komatsu Ltd., AB Volvo, Xuzhou Construction Machinery Group Co., Ltd., Zoomlion, Deere & Company, The Liebherr Group, Doosan Heavy Industries Co., Ltd., Sandvik AB, J C Bamford Excavators Ltd.
Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst equipment type, the heavy equipment segment held a dominating share of the market in 2022”
Based on equipment type, the construction equipment market is bifurcated into heavy construction equipment, and compact construction equipment. Currently, the heavy construction equipment segment dominates the market and is expected to maintain its dominance throughout the forecast period. Heavy equipment is designed to offer superior performance and productivity. In addition, this equipment is effective and efficient tools that help to increase the rate of output through the work progress and reduce the overall construction costs, especially for large contracts.
“Amongst application, the earthmoving held the majority share of the market in 2022”
Based on application, the construction equipment market is bifurcated into earthmoving, concrete equipment, material handling, and material processing. Earthmoving equipment dominates the market and is expected to witness considerable growth in the forecast period as well. It is mainly owing to the increasing demand for earthmoving equipment from the mining industry. Additionally, the growth in public infrastructure spending will raise the need for earthmoving equipment globally in the years to come.
“Asia Pacific Caters Significant Share of the Construction Equipment Market in 2022”
The Asia Pacific market is expected to register the highest growth rate in the forecast period. It is mainly owing to the growing construction, oil and gas, and mining sector demand in the region. Furthermore, due to lower housing costs and growing urbanization in India and China, the demand for construction equipment in the residential development market is increasing.
Construction Equipment Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Construction Equipment market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Construction Equipment Market Analysis (2020-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Construction Equipment market were the three major steps undertaken to create and analyze the adoption of Construction Equipment in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Construction Equipment market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Construction Equipment market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Construction Equipment market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as equipment type, product type, application, industry, end-user, sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Construction Equipment market. Further, we conducted factor analysis using dependent and independent variables such as equipment type, product type, application, industry, end-user, and sales channel of the Construction Equipment market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Construction Equipment market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Construction Equipment market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Construction Equipment market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Construction Equipment market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Construction Equipment market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the equipment type, product type, application, industry, end-user, sales channel in the global Construction Equipment market.
The main objective of the Global Construction Equipment Market Study
The current & future market trends of the global Construction Equipment market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Construction Equipment market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the equipment type, product type, application, industry, end-user, sales channel.
- Define and analysis of the regulatory framework for the Construction Equipment industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Construction Equipment market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Construction Equipment market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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