Construction Machinery Market 2023 – Market Insights, Industry Drivers, Market Size, Share And Forecast To 2032 | Caterpillar Inc., Komatsu Ltd., Deere & Company, Volvo AB, Hitachi Ltd.

he Construction Machinery Global Market Report 2023 by The Business Research Company, provides construction machinery market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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As per The Business Research Company’s insightful report on the Construction Machinery Global Market in 2023, there is a forecasted expansion from $308.97 billion in 2022 to an anticipated $336.72 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 9.0%. However, the geopolitical landscape, notably the Russia-Ukraine conflict, has cast a shadow over the short-term global economic recovery post-COVID-19. This unfortunate war has triggered widespread economic sanctions, a surge in commodity prices, and disruptions in supply chains, consequently fostering inflation in both goods and services and impacting diverse markets worldwide.

Despite these challenges, the global construction machinery market is poised for sustained growth, with a projected market size of $458.34 billion in 2027, showcasing a steady CAGR of 8.0%. This trajectory underscores the resilience of the construction machinery sector, highlighting its ability to navigate complex geopolitical scenarios and position itself for long-term success. As the industry confronts multifaceted challenges, the data suggests a promising future characterized by adaptability and persistent growth.

Increasing investment in infrastructure is anticipated to contribute to the construction machinery’s market growth.

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The construction machinery market is segmented:

1) Construction Machinery Market By Product: Earthmoving, Material Handling, Building & Road Construction Equipment, Autonomous Construction Equipment

2) Construction Machinery Market By Application: Excavation & mining, Lifting & material handling, Earth moving, Transportation, Other Applications

3) Construction Machinery Market By End User: Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, Other End Users

Top Major Players

In recent years, the construction machinery market has seen a number of strategic initiatives, including partnerships and the launch of innovative products. Major companies in the market are continuously focusing on collaborating with other companies to expand their product portfolio and geographical presence. For instance, Caterpillar Inc., a US-based construction machinery and equipment manufacturer announced a partnership agreement with Newmont Mining, a US-based gold producer to develop underground vehicle automation technology. The companies together plan to focus on Caterpillar’s semi-autonomous system for underground loaders and improving existing technology.

The construction machinery market report table of contents includes:

1. Executive Summary

2. Construction Machinery Market Characteristics

3. Construction Machinery Market Trends And Strategies

4. Construction Machinery Market – Macro Economic Scenario

5. Construction Machinery Market Size And Growth

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26. Africa Construction Machinery Market

27. Construction Machinery Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Construction Machinery Market

29. Construction Machinery Market Future Outlook and Potential Analysis

30. Appendix