Construction Equipment Market to Grow 3.8% CAGR with Modernized Equipment | SkyQuest Technology

WESTFORD, Mass., July 23, 2024 /PRNewswire/ -- According to SkyQuest, the global Construction Equipment Market size was valued at USD 150.2 billion in 2022 and is poised to grow from USD 155.91 billion in 2023 to USD 210.11 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).

The construction equipment market will soon experience a remarkable transformation as the world steps into new technologies, trends, and a new year. Constant modernizations in the industry have changed the way of building different structures with respect to efficiency, safety at construction sites, and sustainability from alternate energy solutions to autonomous equipment. Speedy urbanization in emerging economies is projected to fuel construction events, which ultimately affects the demand for dump trucks, loaders, excavators, and stronger machinery for construction.

Rising infrastructure development activities on the global scale is predicted to expand the demand for material handling machineries, which will support the construction equipment market growth. Also, government spending to modernize the existing structures in the developing nations is propelling the market.

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Construction Equipment Market Overview:

Segments covered in Construction Equipment Market are as follows:

• Equipment Type
  • Articulated Dump Trucks, Asphalt Finishers, Backhoe Loaders, Crawler Dozers, Crawler Excavators, Crawler Loaders, Mini Excavators, Motor Graders, Motor Scrapers, Rigid Dump Trucks, Road Rollers, Rough Terrain Lift Truck (RTLT) Masted, Rough Terrain Lift Truck (RTLT) Telescopic, Skid-Steer Loaders, Wheeled Excavators, Wheeled Loaders <80 HP, Wheeled Loaders >80 HP, Compactors, Pick and Carry Cranes
• Equipment Category
  • Earthmoving Equipment, Material Handling Equipment, Heavy Construction Equipment, Others
• Propulsion Type
  • Diesel, CNG/LNG/RNG
• Power Output
  • <100HP, 101-200HP, 201-400HP, >400 HP
• Engine Capacity
  • <5L, 5-10L, >10L
• Application
  • Commercial, Residential, Infrastructure

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Material Handling Segment Tops Due to Heavy Automation Demand From Several Industries

The material handling sub-segment held maximum share of the construction equipment market in 2022, owing to speedy industrialization and rising automation demand for handling materials in different sectors. This has ultimately increased the demand for completely automated industrial machinery in the developed economies. The trend of continuous launch in innovations and expanded demand for automation is further expected to grow with more along with rise in the number of construction projects and infrastructure developments. Hence, the market is anticipated to grow with the trend of manufacturing updates and managing structures to expand potential production.

The earthmoving machinery sub-segment is anticipated to hold majority share over the estimated period owing to the growth of construction equipment in the emerging and the well-established economies as well. Moreover, the market is witnessing growing demand and investment in projects demanding heavy use of such equipment. Hence, the construction equipment market will witness growth backed by this heavy demand and increasing number of grading and excavation activities.

Increasing Use of Compact Vehicles in Emerging Regions is Aiding the growth of the <100 HP Segment

By power output, the <100 HP segment held a majority share of the construction equipment market in 2022. The machinery containing <100 HP comprises compact wheel loaders, mini-excavators, compact truck loaders, and skid steer loaders that deliver extraordinary maneuverability and versatility. The growing use of compact equipment in developing regions like Africa and Asia Pacific will further demand machinery with <100 HP, thereby propelling the market.

101-200 HP sub-segment is the fastest-growing segment and is anticipated to continue dominance over the forecast period. These machines, namely bulldozers, excavators, graders, and loaders are highly demanded for bulky assignments. Hence, they often deliver 101-200 HP range with special designs that focus on improved serviceability. This streamlines access to vital parts for regular repairs and maintenance.

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Industrial Segment Continues to Lead Due to Growing FDI Investments in Manufacturing Facilities

By application, the industrial segment is expected to show huge growth soon due to growing industrialization and increasing FDI, mainly for multiple international manufacturing facilities in emerging nations. Several international companies in the developed regions are opening their new manufacturing plants in developing economies for expansion purposes. This increases the demand for better construction equipment, driving market growth.

The commercial segment is expected to be the fastest-growing sub-segment due to the rising number of constructions of retail stores, office buildings, factories, warehouses, and lots. Especially in the developing regions, commercial segment is predicted to grow remarkably owing to increasing government backing and rise of industrialization.

Technological Advancements and Current Trends in Building Practices to Progress the Market

In summary, the construction equipment market is currently experiencing major transformations due to increased development projects and spending power, mainly in emerging economies. Besides there are multiple trends observed including a boom in the production of renewable energy, the introduction of compact machinery, connectivity due to the integration of technologies, autonomous construction machinery, construction machine sensors for safety and efficiency, and more. These trends are reshaping the construction process in a bigger way. Industry is expected to propel innovations, efficiency, and sustainability in the future. With a deep emphasis on productivity, customer satisfaction, and safety, the leading industry players are playing a key role in reshaping the construction equipment market in most developed nations.

Related Report:

Construction Materials Market

Used Construction Equipment Market

Heavy Construction Equipment Market

Construction Equipment Rental Market

Material Handling Equipment Market

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SOURCE SkyQuest Technology