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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.
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.
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.
Report Attribute | Details |
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Base Year: | 2022 |
Construction Equipment Market Size in 2022: | USD 150 billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 5% |
2032 Value Projection: | USD 250 billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 250 |
Tables, Charts & Figures: | 534 |
Segments covered: | Product, Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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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.
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.
The construction equipment industry includes prominent companies viz.
These businesses frequently engage in strategic initiatives, including partnerships and acquisitions for service portfolio expansions to enhance their industry footprint.
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.
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