Construction Equipment Market Size - By Product (Earth Moving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), & Forecast, 2024 - 2032

Construction Equipment Market Size - By Product (Earth Moving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), & Forecast, 2024 - 2032

Construction equipment market size is set to record 6% CAGR between 2024 and 2032, driven by the rising infrastructure development and urbanization. As per UN. Org, the global population living in urban areas is predicted to rise to 68% by 2050. Several governments are investing heavily in infrastructure, such as roads, bridges, airports, and railways to boost economic growth and improve connectivity. This increase in construction is demanding advanced machinery, further increasing the demand for construction equipment. The integration of technological advancements like AI and IoT into manufacturing devices is driving productivity and safety, making them more attractive to manufacturing companies.

The rise in private sector investments and real estate development will also influence the market growth. With the emergence of new industries, the need for retail, industrial and construction work is increasing. This is further driving the demand for construction equipment ranging from excavators and forklifts to cranes and bulldozers. The shift towards industrialization in agriculture and mining has also grown important, as these industries require specialized equipment to be efficient.

The construction equipment industry is classified into product and region

Based on product, the market share from the concrete equipment segment is slated to gain momentum through 2032, due to surging construction activities across various industries. Increased urbanization and infrastructure are necessiting more concrete, further increasing the demand for equipment, such as mixers, pumps, and pavers. This is not only increasing the sales of these machines but also making way for cranes, haulers, and other ancillary equipment for efficient line operations. As construction projects are becoming more complex and time-consuming, advances in concrete machinery with features, such as automation and remote-control further will increase productivity and project timelines.

Europe construction equipment industry will grow substantially between 2024 and 2032. Aging infrastructure in many European countries is making way for large-scale renovation, necessitating the use of specialized equipment for tasks, such as bridge repairs and road resurfacing. Government policies for promoting greener building practices are creating a special demand for hybrid electric and mechanical products, with stricter emissions regulations. This unique combination of infrastructure demands, sustainability concerns and technological advancements is driving the regional market.