Construction Equipment Market Expected to Reach $322.0 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Construction Equipment Market," The construction equipment market size  was valued at $201.9 billion in 2021, and is estimated to reach $322.0 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031. 

Asia-Pacific dominated the global construction equipment market, in terms of revenue, accounting about 44.0% share of the global construction industry, followed by Europe, North America, and LAMEA.Construction equipment are specially designed machinery used for performing construction operations. These equipment are used for different functions such as drilling, hauling, excavating, paving, and grading. The global market covers different industries such as construction & infrastructure, manufacturing, and oil & gas, which will fuel the fuel the construction equipment market growth.

One of the reasons for the growth of the construction equipment industry is rise in popularity of robust and compact equipment. The adoption of compact construction equipment has gained popularity in recent years, due to their easier maintenance, movability, and similar performance as heavy construction machinery. Moreover, unlike heavy machinery, compact construction equipment does not necessitate certified & skilled workers and are considerably easier to operate. Further, lower costs of the compact equipment boost their adoption in end-user industries.

 The products segment secured the highest share of 79.8% in the globa market in 2021 and is expected to grow at a CAGR of 4.7% during the forecast period. In terms of type, the loader segment is expected to contribute the highest construction equipment market share in the coming years, as expansion in the construction industry is estimated to fuel the market growth. The forklift segment is expected to grow at the highest CAGR during the forecast period. Forklifts are generally used in warehouses and distribution centers for lifting and moving raw materials and goods, it is also known as fork truck or lifting truck. It is an important component of warehouse to perform different operations such as moving between storage to carry, place, and retrieve the goods as per the requirement.

During the lockdown, owing to coronavirus situation, various manufacturers in the construction equipment market had to stop their business production in countries such as China, the U.S., and India. This break directly impacted sales of construction equipment companies. In addition, lack of manpower and raw materials led to halt in supply of cutting tools. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of construction equipment companies at their full-scale capacities.On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region is projected to dominate the market in 2021.

Majority of the players have adopted strategies such as product launch & development and business expansion. For example, AB Volvo in January 2020, launched the 100-ton EC950F crawler excavator in North America. The EC950F crawler excavator is the largest excavator model offered by Volvo. The excavator features 450kW Volvo D16 Tier 4 Final engine, paired with the Volvo A60H articulated hauler. Similarly, Caterpillar Inc. launched 16 new Cat D3 series skid steer loader (SSL) and compact track loader (CTL) models. The new models support the line of new Smart Attachments, which tailors the controls and operator information to match the task and tool.

By type, the loaders segment dominated the global construction equipment market in 2021, in terms of revenue. The demand for loader segment is expected to increase due to surge in spending in the construction industry. Moreover, forklift segment is anticipated to grow at a higher CAGR during the forecast period due to rise in number of warehouses and distribution centers across the world.

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current and emerging global construction equipment market trends and dynamics. 
• In-depth market analysis is conducted by the global construction equipment market estimations for key market segments between 2021 and 2031.
• The construction equipment market analysis is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
• The global construction equipment market forecast analysis from 2022 to 2031 is included in the report.
• The key market players within market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global construction equipment market opportunity.