According to The Insight Partners new research study on "Construction Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Equipment Type and Application," the market is expected to grow from US$ 126,062.8 million in 2022 to US$ 223,451.1 million by 2028. It is estimated to grow at a CAGR of 10.0% from 2022 to 2028. Economic activities across the world were considerably stifled due to the COVID-19 pandemic. There were huge investments in infrastructure, which provided momentum to the infrastructure industry growth. Infrastructure investments in electricity generation, national highway construction, and railways and shipping cargo are propelling the demand construction equipment. In emerging economies, a few core infrastructure industries including coal, crude oil, steel, and cement exhibited growth index in 2021. These factors positively impacted the construction equipment market growth.
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Top Key Players of Construction Equipment Market
- Caterpillar Inc.
- CNH Industrial N.V.
- Hitachi Construction Machinery Co., Ltd
- J C Bamford Excavators Ltd.
- Deere & Company
- Komatsu Ltd.
- Liebherr-International Deutschland GmbH
- Terex Corporation
- Volvo CE
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
Infrastructure investment has a long-term impact on product development, which can boost GDP in long run, albeit the scale of these effects is unknown. Most countries, specifically in Middle East, have established a quadrilateral economic forum to focus on infrastructure development projects in the region. In addition, the growing reliance on communication infrastructure, including telecommunications and broadband services, has grown significantly with providers reporting a 60% rise in internet traffic since the COVID-19 crisis, according to OECD in 2020. To facilitate communication among employees and with consumers, businesses use digital solutions and channels. Governments and educational institutions have done so as well.
Key stakeholders in the construction equipment market are construction equipment raw materials, construction equipment manufacturers who operate at the supply side, and construction equipment end users who operate at the demand side. In the recent years, the demand for construction equipment especially in residential and commercial construction has increased, which is expected to drive the construction equipment market growth in the next five years. Caterpillar, John Deere, Komatsu, Volvo, and Liebherr are among the key construction equipment providers. In addition to these major ecosystem players, there are several other peripheral stakeholders who play a crucial role in enabling the advancements in technologies and the adoption of these products across several industries.
Key Findings of Study
The global construction equipment market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe construction equipment market, technological breakthroughs, significant companies’ presence, new technologies high acceptance rate, increased manufacturing infrastructure, and improved economic circumstances are driving the market. Increased engagement of the private sector in infrastructure projects—particularly private money at risk—can improve efficiency if private developers are given the chance to put their risk-management expertise to work through a genuine transfer of risks and duties. Traditional procurement methods, which pay little attention to commercial and financial concerns, do not yield the same results. The private sector participants at the optimal level of participation and risk transfer contribute specific risk-management skills, offer a long-term view, and interest in the project, and absorb other risks without the fear of bankruptcy. Therefore, the rising number of public–private partnerships fuel the growth of the construction equipment market.
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Frequently Asked Questions
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