Analysts at GMI Research estimates that the Construction Equipment Market was worth USD 189.6 billion in 2020, and forecast to touch USD 261.4 billion in 2028, growing at a CAGR 4.1% from 2020-2028.

Introduction of Construction Equipment Market Report

Construction equipments are those machines that are used on construction sites to create the work of construction secure, easy, and fast. These construction machines are classified into multiple categories based on their applications such as earthmoving equipment, material handling equipment, construction vehicles, among others. The earthmoving equipments are used in the construction industry to shift huge amounts of earth and to dig landscape areas and foundations. These equipments include several other types as hydraulic excavators, bulldozers, and loaders. Construction vehicles are known as heavy-duty vehicles, which are developed for performing construction jobs, mostly related to the moving of earth.

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The factors responsible for driving the growth of the Global Construction Equipment market include the rise in the construction activities owing to rising population and rapid urbanization across key economies worldwide. The development of smart cities and increasing government investments for the development of infrastructure are some of the factors propelling the growth of the Global Construction Equipment market during the forecast period. The technological advancements in the construction equipments and the inclination of industries towards adopting autonomous equipment are expected to contribute to the market growth of construction equipment market in the upcoming years.

The increasing demand for building road infrastructure in developing nations along with the rising demand of the agriculture and mining activities and various profitable opportunities in the rental business of construction equipment is bolstering the market growth worldwide. Rising industrialization and developing economies, coupled with increasing disposable income, is leading to growth in demand for construction equipment in the market during the forecast period. The factor which is hindering the growth of global construction equipment is the high cost of the equipment.

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Based on type, the excavators & loaders segment is anticipated to lead the market during the forecast period due to the increasing surface mining and construction activities across the globe. The versatility and the use of these machines in a variety of settings are increasing their demand in the market. Excavators, also referred to as diggers, are those equipments which comprise of the stick, bucket, boom, and a cab on a rotating platform, and then all these are placed at the top of an undercarriage with wheels. These are used for digging holes, trenches, brush cutting with hydraulic attachments, mining, and other activities. Loaders are used to load materials such as dirt, asphalt, gravel, logs, rock, and sand to another type of machine, mostly a conveyor belt and dump truck.

Based on application, the residential buildings are expected to grow at a higher CAGR during the forecast period owing to the rapid urbanization and increasing population leading to a rise in spending for the development of residential infrastructure. The increasing public infrastructure and rising government spending on such infrastructure is further driving the market growth of construction equipment.

Based on category, the Earthmoving equipments are projected to grow at a higher CAGR during the forecast period owing to the increasing adoption of these equipments in the mining and construction activities, which helps in reducing the overall cost of large-scale projects. These equipments offer numerous advantages such as enhanced productivity, reliability, reduce the quality along with increased profitability and safety associated with the workers.

Based on propulsion type, the diesel segment is anticipated to lead the market during the forecast period owing to its remarkable features such as enhanced performance, reliability, power, and fuel efficiency along with low emissions. The need for low maintenance and other properties such as cost-effective, rugged, high energy density are some other factors propelling the market growth of diesel type in the construction equipment.

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Based on geography, the Asia-Pacific region is anticipated to lead the market during the forecast period owing to the rising population followed by the rapid increase in the construction activities and increasing government projects for the development of highways, roads, renewable energy projects, and others related projects. Moreover, the rising disposable income and increasing infrastructure spending is driving the market growth in this region. The growing demands for office space across several sectors, including retail, IT and ITeS, e-commerce, and consulting, along with several initiatives like Housing for all, smart cities are bolstering the market demand for construction equipment.

Various notable players operating in the global construction equipment market include Volvo Construction Equipment, Liebherr, Caterpillar, Komatsu, Terex, Zoomlion, CNH Industrial, Hitachi Construction Machinery, John Deere, and JCB, among others.

Key Market Developments:

• • In 2019, Cummins and Hyundai Construction Equipment (HCE) entered into a deal for the manufacturing of remote engine technology for the excavator engines. This is to be developed on the engine solutions of Cummins and the remote management system Hi-Mate of Hyundai, which offered troubleshooting guidelines and gave access for the real-time diagnostics of failure in the parts of excavator engine.
  • In 2019, Volvo Construction Equipment announced that the company will launch a fully electric range of compact excavators and wheel loaders in 2020 and will stop developing the diesel engine for these models.

The Global Construction Equipment market is categorized on the basis of type, application, category, propulsion type, power, and key region. Based on the type, the market is segment into Excavators & Loaders, Cranes & Draglines, Dozers & Off-highway Trucks, and Others. Based on the application, the market is segmented into Commercial Buildings, Industrial Buildings, Infrastructure, and Residential Buildings. Based on the category, the market is segmented into Material-Handling Equipment, Earthmoving Equipment, Heavy Construction Vehicles, and Other Equipments. Based on propulsion type, the market is segmented into CNG/LNG/RNG, Diesel, and Gasoline. Based on power output, the market is segmented into <100 Hp, 101-200 Hp, 201-400 Hp and <400 Hp.

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Key questions answered in this research report:

• • At what pace is the Global Construction Equipment market growing? What will be the trend in growth in the future?
  • What are the key restraints and drivers in the Global Construction Equipment market? What will be the impact of drivers and restraints in the future?
  • What is the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Construction Equipment market?
  • What are the several application areas of the Global Construction Equipment market, and how they are poised to grow?

Report Coverage	Details
Market Revenues (2020)	USD 189.6 Billion
Market Base Year	2020
Market Forecast Period	2021-2028
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Type, By Application, By Category, By Propulsion Type, By Power Output, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Volvo Construction Equipment, Liebherr, Caterpillar, Komatsu, Terex, Zoomlion, CNH Industrial, Hitachi Construction Machinery, John Deere, and JCB.; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Construction Equipment market by Type

• • Excavators & Loaders
  • Cranes & Draglines
  • Dozers & Off-highway Trucks
  • Others

Global Construction Equipment market by Application

• • Commercial Buildings
  • Industrial Buildings
  • Infrastructure
  • Residential Buildings

Global Construction Equipment market by Category

• • Material-Handling Equipment
  • Earthmoving Equipment
  • Heavy Construction Vehicles
  • Other Equipments

Global Construction Equipment market by Propulsion Type

• • CNG/LNG/RNG
  • Diesel
  • Gasoline

Global Construction Equipment market by Power Output

• • <100 Hp
  • 101-200 Hp
  • 201-400 Hp
  • >400 Hp

Global Construction Equipment market by Region

• North America Construction Equipment Market Option 1: As a part of the free 25% customization

• • By Type
  • By Application
  • By Category
  • ByPropulsion Type
  • By Power Output
  • United States of America (US) Market All-Up
  • Canada Market All-Up
• Europe Construction Equipment market Option 2: As a part of the free 25% customization
• • By Type
  • By Application
  • By Category
  • ByPropulsion Type
  • By Power Output
  • United Kingdom (UK) Market All-Up
  • Germany Market All-Up
  • France Market All-Up
  • Spain Market All-Up
  • Rest of Europe Market All-Up

• Asia-Pacific Construction Equipment market Option 3: As a part of the free 25% customization

• • By Type
  • By Application
  • By Category
  • ByPropulsion Type
  • By Power Output
  • China Market All-Up
  • India Market All-Up
  • Japan Market All-Up
  • Rest of APAC Market All-Up

• ROW Construction Equipment market Option 4: As a part of the free 25% customization
  • By Type
  • By Application
  • By Category
  • ByPropulsion Type
  • By Power Output
  • Brazil Market All-Up
  • South Africa Market All-Up
  • Saudi Arabia Market All-Up
  • UAE Market All-Up
  • Rest of world (remaining countries of the LAMEA region) Market All-Up

Construction Equipment Leading market players (Option 5: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Volvo Construction Equipment
  • Liebherr
  • Caterpillar
  • Komatsu
  • Terex
  • Zoomlion
  • CNH Industrial
  • Hitachi Construction Machinery
  • John Deere
  • JCB