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Construction Equipment Market Trends

Report ID: GMI2803
Published Date: Apr 2024
Report Format: PDF

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Construction Equipment Market Trends

The construction equipment industry is witnessing notable trends driven by increasing collaborations and awareness between educational institutions and companies. Educational institutions, including universities and vocational schools, are partnering with construction equipment manufacturers and industry players to develop specialized training programs and curricula tailored to the needs of the sector. These collaborations aim to bridge the skills gap in the workforce by providing students with hands-on training and technical expertise in operating and maintaining construction machinery. Simultaneously, companies are leveraging these partnerships to foster talent pipelines, recruit skilled graduates, and promote innovation in the industry.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of construction equipment was recorded USD 171.1 billion in 2023 and will grow at a 6% CAGR between 2024 and 2032 owing to rapid urbanization and population growth, increasing investments in construction projects and the need for equipment replacement and fleet modernization.

The earthmoving & roadbuilding equipment segment in the construction equipment market secured USD 90 billion in 2023, attributed to their crucial role in infrastructure projects and technological advancements, such as GPS and telematics.

Asia Pacific construction equipment industry captured 45% share in 2023, driven by robust infrastructure development and urbanization projects and government initiatives for infrastructure modernization and expansion.

Prominent leaders operating in the construction equipment industry are Caterpillar, Inc., CNH Industrial, Deere & Co., Doosan Group, Hitachi Construction Machinery, Komatsu, Ltd., Liebherr Group, Sany Group among others.