IMARC Group, a leading market research company, has recently releases report titled “Construction Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global construction equipment market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the construction equipment market?

What is construction equipment?

Construction equipment, also known as heavy equipment, refers to heavy-duty vehicles designed to execute earthwork operations. It includes loaders, cranes, forklifts, excavators, dozers, pumps, graders, derricks, and backhoes. It is used in excavation, digging, placement, compacting, leveling, dozing, grading, and hauling. It finds extensive applications in oil and gas, construction and infrastructure, manufacturing, and mining industries across the globe.

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What are the growth prospects and trends in the construction equipment industry?

The growing global population, rapid urbanization, and a significant rise in construction activities are among the key factors positively influencing the market across the globe. In line with this, the ongoing automation of construction processes to reduce labor requirements and minimize operational costs is propelling the growth of the market. Moreover, key market players are incorporating artificial intelligence (AI) based solutions in construction equipment that rely on cameras and drones at the site to gather 3D representations for visualizing the terrain at the edge. This also helps in making the construction equipment safer and more efficient. Besides this, governments of various countries are making investments in the development of public infrastructure and are also allocating improved budgets for further plans. This, in confluence with the increasing focus on public-private partnership (PPP) and joint ventures between the government and private companies for offering technical and construction expertise, is projected to stimulate the market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Solution Type:

• Products
• Services

Equipment Type Insights:

• Heavy Construction Equipment
• Compact Construction Equipment

Type Insights:

• Loader
• Cranes
• Forklift
• Excavator
• Dozers
• Others

Breakup by Region:

• North America (U.S. & Canada)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
• Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
• Latin America (Brazil, Mexico)
• Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• AB Volvo
• Caterpillar Inc.
• CNH Industrial N.V.
• Deere & Company
• Doosan Infracore
• Hitachi Construction Machinery
• Komatsu Ltd.
• Liebherr-International AG

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