Overview and Scope
Construction machinery refers to heavy machines designed for performing construction operations. Construction machinery is used in construction projects to load and unload materials, drive tools and materials into and out of a construction site, feed or retrieve material into a processing machine, handle raw materials by transporting them, cut trees and other vegetation, and many other applications.
Sizing and Forecast
The construction machinery market size has grown strongly in recent years. It will grow from $312.39 billion in 2023 to $341.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the low interest rate environment, and the supportive government initiatives.
The construction machinery market size is expected to see strong growth in the next few years. It will grow to $477.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing investments in infrastructure, the growing global construction industry, the increasing urbanization, and the rising population. Major trends in the forecast period include market include the development of robotic excavators, focus on electric construction equipment, the integration of the internet of things (iot), product innovations, technology advancements, and strategic partnerships and collaborations.
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Segmentation & Regional Insights
The construction machinery market covered in this report is segmented –
1) By Product: Earthmoving, Material Handling, Building & Road Construction Equipment
2) By Application: Excavation & mining, Lifting & material handling, Earth moving, Transportation, Other Applications
3) By End User: Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, Other End Users
Asia-Pacific was the largest region in the construction machinery market in 2023. Western Europe was the second-largest region in the global construction machinery market share. The regions covered in the construction machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
A rise in construction spending is expected to propel the growth of the construction machinery market going forward. Construction spending refers to the total amount of money spent on construction-related expenses, including labor, materials, and engineering work, over a given period. Construction businesses have greater income prospects when construction investment increases, which helps to develop new demand for construction services, equipment, and materials. For instance, according to the US Census Bureau, a US-based government agency, in August 2023, construction spending in the US was estimated to be $1,983.5 billion, which is 0.5% higher than the revised July estimate of $1,973.7 billion. Thus, a rise in construction spending is driving the growth of the construction machinery market.
Key Industry Players
Major companies operating in the construction machinery market report are Caterpillar Inc., Komatsu Ltd., Volvo AB, Zoomlion Heavy Industry Science and Technology Co., Ltd., Hitachi, Ltd., Deere & Company, EXOR Group, Sany Heavy Industry Co., Ltd, Xuzhou Construction Machinery Group Co., Ltd, Liebherr Group, Action Construction Equipment, PT United Tractors Tbk, LiuGong Machinery Co. Ltd., Shantui Construction Machinery Co. Ltd., Hitachi Construction Machinery UK, JCB UK, CIFA, Chelyabinsk Mechanical Plant, Truststroy, Zavod UralTrakGrupp, Bell Equipment, Bobcat, AGI Industries, Ashland Industries, ASV Holdings, Inc., Built Robotics, Inc., Cyngn, Royal, Lovol Heavy Industry, Randon, SotreqGrupo, Bom Jesus, Saudi Binladin Group, Shikun and Binui, TAV İnsaat Taahhut A.S., Babcock International, Goscor Earthmoving Equipment, Mantrac Group, C.Woermann Nigeria Limited, Orascom Construction PLC, Kanu Equipment
The construction machinery market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
…………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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