Construction Equipment Market size is estimated to exceed USD 250 billion by 2032, according to the recent research report by Global Market Insights Inc.
The industry expansion is attributable to the surge in road-building development plans in key Asia Pacific nations, which is foreseen to create several growth opportunities for market participants. For instance, in October 2022, the Asian Development Bank (ADB) allocated USD 43.2 million to improve the safety and dependability of Tajikistan's road network and increase women's access to social and economic activities. Furthermore, due to the intensifying trend of a client-centric approach, manufacturers are emphasizing the development of highly effective & customized machines and equipment maintenance services, which is foreseen to accelerate construction equipment market by 2032.
Need for earth moving and road building equipment for development of road transport infrastructure
The earth moving & road building equipment segment held over 50% of the construction equipment market share in 2022 and is foreseen to grow considerably from 2023 to 2032 due to a rise in infrastructure projects to improve road network connections for easier access to rural areas. In May 2022, Sheikh Hamdan, Crown Prince of Dubai and Chairman of the Dubai Executive Council, inaugurated the AED 2 billion Dubai-Al Ain Road project, which would connect six major junctions and benefit over 1.5 million people.
Get more details on this report - Request Free Sample PDF
Growing government emphasis on updating existing infrastructure to drive demand for compaction equipment
The industry size from the compaction equipment segment is estimated to record substantial growth at 3% CAGR between 2023 and 2032. Ongoing government efforts and investments to modernize existing infrastructure globally are expected to impel the demand for compaction equipment. For example, in January 2022, the U.S. Department of Energy (DOE) launched the Building a Better Grid initiative to support the development of new and improved high-capacity electric transmission lines as authorized by President Biden's Bipartisan Infrastructure Act.
Browse key industry insights spread across 250 pages with 504 market data tables & 31 figures & charts from the report, “Construction Equipment Market Size by Product (Earth Moving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Development of commercial and residential buildings to complement LATAM market revenue
The Latin America construction equipment industry is expected to record valuation of USD 5 billion by 2032. Major Latin American cities are implementing smart city plans to improve service delivery and satisfy environmental goals. Furthermore, the rapid development of commercial and residential infrastructure, coupled with the growing presence of leading firms, is estimated to drive industry growth by 2032.
Product innovations to define the competitive landscape
Some prominent firms operating in the construction equipment market include Caterpillar, Inc., Palfinger AG, Wacker Neuson, Doosan Group, Liebherr Group, Hitachi Construction Machinery, Sany Group, Volvo CE, Tadano Ltd., Sumitomo Heavy Industries, Terex Corporation, and others. To sustain their market position, these businesses focus on developing novel manufacturing processes and new products. For instance, in January 2021, leading construction equipment company Volvo CE expanded its product line with the introduction of EX03, its first electric prototype for mid-size excavators that features low noise, no exhaust emissions, and minimal maintenance requirements.