Construction Equipment Market Size
Construction Equipment Market size exceeded USD 150 billion in 2022 and is anticipated to grow at 5% CAGR from 2023 to 2032 owing to the rapid development of modern infrastructure projects globally.
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Rising consumer demand for luxurious and aesthetically pleasing buildings and housing is anticipated to expedite industry expansion. Furthermore, improvements and maintenance of power grids as well as significant government investments and initiatives for the development of commercial constructions, including IT parks, smart cities, shopping malls and other government buildings, are likely to boost the market, particularly in emerging economies by 2032.
High equipment costs may limit product uptake
The high cost of the equipment is anticipated to restrain the construction equipment market progression. Due to financial limitations, organizations working on modest projects still prefer traditional human approaches over modern facilities. Technologically advanced equipment is not being adopted by small-scale project owners due to the high costs. To overcome this industrial limitation, enterprises are taking R&D initiatives for the introduction and development of innovative and affordable equipment to lower operating and maintenance costs.
|Market Size in 2022:
|USD 150 billion
|2023 to 2032
|Forecast Period 2023 to 2032 CAGR:
|2032 Value Projection:
|USD 250 billion
|Historical Data for:
|2018 to 2022
|No. of Pages:
|Tables, Charts & Figures:
|Pitfalls & Challenges:
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Construction Equipment Market Analysis
The construction equipment industry size from the concrete equipment product segment is projected to observe 5% growth during 2023 to 2032. This equipment produces high-quality and homogenous concrete and thus, finds extensive usage across the construction sector. The robust segment growth is supported by the increasing number of road-building projects and infrastructure plans worldwide.
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The concrete pumps segment held more than 20% of the construction equipment market share in 2022. Prevalent industrialization favoring large-scale construction projects is bolstering the demand for concrete pumps. Moreover, the development of advanced concrete pumps is expected to propel product necessity by 2032. In addition, in January 2022, construction machine manufacturer Liebherr Group launched THP 80-LP, its smallest truck-mounted concrete city pump that is ideal for maneuvering urban and residential job sites in restricted spaces.
The Europe construction equipment industry is expected to attain around 15% of the overall revenue share by the end of 2032. The increasing number of residential building infrastructure projects in various nations, including the UK, Germany, and Russia, is a key factor speculated to facilitate the industry development. However, the 2022 Krampnitz Housing Development project involves the construction of a housing complex on 150 acres of land at Krampnitz Barracks in Potsdam, Brandenburg, Germany, providing housing for 10,000 people by 2038. The market for construction equipment in APAC is likely to witness 5% CAGR through 2032.
Construction Equipment Market Share
The construction equipment industry includes prominent companies viz.
- Caterpillar, Inc.
- Volvo CE
- Hitachi Construction Machinery
- Wacker Neuson
- Doosan Group
- Liebherr Group
- Palfinger AG
- Sany Group
- Sumitomo Heavy Industries
- Tadano Ltd.
- Terex Corporation
These businesses frequently engage in strategic initiatives, including partnerships and acquisitions for service portfolio expansions to enhance their industry footprint.
Impact of COVID-19 pandemic
The COVID-19 outbreak adversely impacted the construction business and subsequently, the construction equipment sector. Virtually all nations experienced a financial crisis that led to the loss of employment. Even though many state and municipal governments allowed construction projects to continue, some regions did not categorize it as essential. Nevertheless, with the declining COVID-19 cases and the implementation of recovery strategies, the construction sector has a potential opportunity to recover gradually, which is foreseen to benefit the industry in the coming years.
This market research report on construction equipment includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 and shipments in units for the following segments:
to Buy Section of this Report
Market, By Product
- Earthmoving & Roadbuilding Equipment
- Compaction Equipment
- Material Handling and Cranes
- Storage & Handling Equipment
- Engineered Systems
- Industrial Trucks
- Bulk Material Handling Equipment
- Concrete Equipment
- Concrete Pumps
- Transit Mixers
- Asphalt Pavers
- Batching Plants
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
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