Construction Equipment Market Size by Product (Earth Moving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032
Construction Equipment Market is anticipated to record massive growth by 2032, owing to the rising demand for customized machineries and tools. The increasing number of residential, commercial, and industrial projects that need heavy-duty equipment is further expected to influence market expansion in the coming years. Constant investments and rapid developments in the power distribution sector will also drive the market growth in the future.
Although, the market is expected to face hindrances owing to the high customs duties and taxes imposed by the government on construction equipment. However, shifting focus on smart cities and buildings would further add impetus to the construction equipment industry demand over the next ten years.
Overall, the construction equipment industry is segmented in terms of product, earthmoving and roadbuilding equipment, material handling and cranes, concrete equipment, and region.
Based on product, material handling and cranes held over USD 30 billion market share in 2022 and is anticipated to grow exponentially owing to the rising number of mining activities worldwide. Besides, the rising demand for tower cranes for lifting heavy loads effectively and safely, especially in the mining sector, will positively impact the overall industry outlook.
On the basis of earthmoving and road-building equipment, the excavators segment held over 20% market share in 2022, with the segment anticipating profitable returns during 2023-2032. The growth can be attributed to the equipment design that offers superior operational capabilities. Easy to transport, easy to operate, low ground pressure, and versatility are among the other product benefits slated to encourage its adoption in the future.
Considering the material handling & cranes, the industrial trucks segment is expected to depict over 4% CAGR through 2032. The growth can be attributed to the mounting adoption of heavy-duty industrial trucks by the construction industry. Besides, the growing infrastructure projects in the Asia Pacific region will play a key role in enhancing the product demand, thus resulting in segmental expansion.
Regionally, the North America construction equipment industry was valued at over USD 30 billion in 2022 and is estimated to grow exponentially through 2032. The growth can be attributed to the increasing infrastructure development projects in the continent. In addition, the presence of several leading firms in the region that are highly inclined toward the use of fuel-efficient cranes, given their fuel savings and less carbon emission ability, would further support the regional market growth.
The region is also witnessing a tremendous increase in the demand for sophisticated and fuel-efficient machinery due to its cost-effective performance and high safety, which would add to the industry expansion over the forthcoming years.
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