Construction Equipment Market by Equipment Type (Concrete & Road Construction Equipment, Construction Vehicles, Earth Moving Equipment), Power Source (Diesel, Electric, Hybrid), End-Use - Global Forecast 2024-2030
The Construction Equipment Market size was estimated at USD 157.55 billion in 2023 and expected to reach USD 166.59 billion in 2024, at a CAGR 5.92% to reach USD 235.80 billion by 2030.
Construction equipment, including air compressors, pneumatic or hydraulic tools, bulldozers, excavators, rollers, and concrete mixers, are designed and intended for usage in construction or material handling operations. These equipment are widely employed for carrying out construction activities as they lower overall construction costs and boost construction output by using the most effective and efficient approaches as work progresses. The adoption of construction equipment is increasing with accelerated urbanization and significant investments in building and construction projects. However, the limited availability of skilled workers for handling machinery and stringent government regulations associated with the use of construction equipment may reduce their employment by end-users. New technologies and the introduction of electric and autonomous vehicles may reduce safety issues and expand construction equipment use.
Regional InsightsThe construction equipment market in the Americas, APAC, and Europe is experiencing a significantly increasing landscape owing to the surge in the number of construction projects in the U.S., Canada, the UK, India, Australia, China, South Korea, and Japan, among others. Additionally, the governments in the Americas and APAC region are heavily investing and taking initiatives to upscale the construction activities and road and building infrastructure in their respective regions. Several regional architectural and interior working firms are adopting construction equipment to safely, efficiently, and cost-effectively increase the throughput of construction activities in countries such as Chile, Brazil, and Argentina. The Asia Pacific region contributes to the market growth with China, Japan, India, Australia, and South Korea being major contributors. This growth can be attributed to rapid urbanization, growing construction industries in emerging markets, and increased infrastructure investments under various government initiatives.
Market InsightsMarket DynamicsThe market dynamics represent an ever-changing landscape of the Construction Equipment Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
Market DriversGrowing urbanization and construction of high rise buildings globally
Rapidly increasing investments in infrastructure development in developing economies
Rising number of favorable government policies for construction of public infrastructure systems
Market RestraintsLimited availability of skilled workforce for handling construction equipment
Market OpportunitiesEmergence of safety technologies to procure construction equipment
Introduction of electric and autonomous construction equipment
Market ChallengesStringent government regulations associated with construction equipment
Market Segmentation AnalysisType: Various types of construction equipments
Power Source: Significance of power types on utilization of construction equipments
End-Use: Diverse applications construction equipment across industries
Market Disruption AnalysisPorter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis
FPNV Positioning MatrixThe FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Construction Equipment Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share AnalysisThe market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Construction Equipment Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent DevelopmentsHy-Brid Lifts Announces Strategic Partnership with ASKO
Hy-Brid Lifts has announced a strategic partnership with ASKO, who has acquired a majority stake in the company. This exciting partnership is planned to introduce new products to the market and enhance research and development efforts, as well as sales and service support.
Volvo Construction Equipment to Set Up A New Compact Business Unit
Volvo Construction Equipment (Volvo CE) has established a Compact Business Unit to capitalize on the growing trend of electrification and sustainability in the compact equipment segment. This unit is planned to take full responsibility for the entire value chain, including product development, assembly, purchasing, and go-to-market strategy.
Wacker Neuson Buys Equipment Manufacturer Enar Industrial Vehicle Technology International
The merger between Wacker Neuson and Equipment Manufacturer Enar has created a new entry into the construction equipment market, one that focuses on providing customers with innovative buy now pay later options. This merger has propelled Wacker Neuson to become one of the leading companies serving this industry segment by offering financing plans tailored to the specific needs of each customer. With their in-depth expertise in both construction and finance, Wacker Neuson is well positioned to take full advantage of this emerging and highly competitive sector by offering innovative solutions that reduce purchase costs while still providing superior performance.
Strategy Analysis & RecommendationThe strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Construction Equipment Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company ProfilesThe report delves into recent significant developments in the Construction Equipment Market, highlighting leading vendors and their innovative profiles. These include AB Volvo, Atlas Copco AB, CASE Construction Equipment, Caterpillar Inc., Deere & Company, Doosan Group, Dynapac Compaction Equipment AB, Guangxi LiuGong Machinery Co., Ltd., Hitachi Ltd., J.C. Bamford Excavators Limited, Kanamoto Co., Ltd., KOBE STEEL, LTD., Komatsu Ltd., Kubota Corporation, Larsen & Toubro Limited, Liebherr-International Deutschland GmbH, SANY America Inc., Schaeffler Group, Sumitomo Heavy Industries, Ltd., Terex Corporation, Wacker Neuson SE, and XCMG Group.
Market Segmentation & CoverageThis research report categorizes the Construction Equipment Market to forecast the revenues and analyze trends in each of the following sub-markets:
Equipment Type
Concrete & Road Construction Equipment
Concrete Mixers
Pavers
Road Rollers
Construction Vehicles
Dump Trucks
Tippers
Earth Moving Equipment
Backhoe Loaders
Bulldozers
Excavators
Loaders
Material Handling Equipment
Cranes
Forklifts
Telehandlers
Power Source
Diesel
Electric
Hybrid
End-Use
Commercial
Industrial
Residential
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom
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