Construction Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others) and Application (Residential, Commercial, and Industrial)

Construction Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others) and Application (Residential, Commercial, and Industrial)

The global construction equipment 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.

Public–private collaboration is a joint venture between the government and the private sector to build a public infrastructure. In this collaboration, the private firm manages a government project and contributes technical and operational knowledge. There are rising public–private partnerships in India, Africa, and China. 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 construction equipment market growth.

Electrification is shaping the construction equipment industry, which presents substantial opportunities and design options in the construction equipment market. Electrification has been rising in most of the market categories, including construction equipment for automobiles, buses, and other vehicles. The maturation and affordability of modern technologies and the tightening of pollution restrictions offer feasibility to electrification, which have altered the future of the construction equipment business. Several cities across the world have issued prohibitions on the use of diesel within city borders, affecting construction equipment operations in certain areas. In China and Europe, strong pollution standards for heavy machinery and equipment use are being imposed. With the usage of electric construction equipment, these rules related to emission and noise pollution criteria can be easily fulfilled.

The TA15 is the culmination of years of work on prior concept models. The machine is now a part of the TARA autonomous transportation solution consisting of several components, such as base vehicles (multiple TA15s), and required infrastructure, such as charging station and control tower connected to cloud solutions tailored to customer operation requirements, maintenance, and repair support, and the practical operations set-up, which varies from site to site. The TA15 is designed to deliver material in repeating flows in off-road locations, such as quarries. The number of machines and charging stations required will be determined in large part by the desired production/transport volumes and the haul cycle. The continuous advancements in electric variants of existing/new products provide lucrative opportunities for the growth of the construction equipment market during the forecasted period.

In recent years, rapid urbanization has occurred in North American countries, including the US and Canada. Also, new buildings have attempted to meet the rising need for smart and sustainable infrastructure solutions. The rising number of metropolitan regions with high job prospects increase the investments in construction by the government and private sector. The rise of ecommerce firms is expected to enhance the regional picture even further in the coming years. Amazon, eBay, and other major ecommerce corporations are spending heavily on the development of warehouses for storage and merchandise. Amazon announced plans to establish over 1,000 warehouses and delivery facilities in the country's sub-urban areas in September 2020. In Europe, the rapid expansion of transportation infrastructure is significantly increasing the construction activities. The CE market is being driven by many projects, including London Crossrail (worth over EUR 17 billion) and Germany and Denmark's Fehmarn Belt Fixed Link, which is the world's longest submerged road and rail tunnel at 18 km long. After the economic downturn during 2008–2010, demand for construction equipment increased in every nation across Europe due to the increased number of residential buildings in Germany and France and the low rates of mortgage and infrastructural development in South European countries. Population of Birmingham will grow by 25% as a result of the large city plan. The COVID-19 pandemic created a high need for infrastructure in hospitals, clinics, and other medical facility centers, such as laboratories, shipping, and logistics. Furthermore, since the outbreak, the market in several countries is operating at a semblance of normalcy. As a result, demand for products and equipment in the Asia-Pacific heavy construction equipment market is expected to increase in the coming years. Furthermore, the rapid development of infrastructure and the availability of corporate capital investments in growing economies such as China and India in APAC boosted the demand for heavy construction equipment across the region. Rapid economic growth, middle class population increase, population expansion, and foreign investments growth propel the construction sector in the Middle East and Africa. Saudi Arabia, the UAE, Oman, and Egypt are launching a slew of infrastructure projects, including new megacities, railways, harbors, airports, and housing developments, which is expected to drive the demand for construction equipment in coming years. Furthermore, modest construction projects that improve the city's infrastructure, such as the construction of new bridges, flyovers, new commercial centers, and highways, are creating a need for construction equipment.

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; and Zoomlion Heavy Industry Science and Technology Co., Ltd. are among the key companies in the construction equipment market. The report also comprises secondary research work on other companies that hold a significant market share.

The overall construction equipment market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the construction equipment market. The process also serves the purpose of obtaining an overview and forecast for the construction equipment market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the construction equipment market. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the construction equipment market.

Reason to buys

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global construction equipment market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global construction equipment market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution