- Press Release -

A recently concluded Fact.MR report on the construction equipment market projects that demand is forecast to increase at a CAGR of 4% from 2022 to 2032, reaching US$ 174 Bn by the end of the aforementioned assessment period. Increasing commercial and residential infrastructure projects, especially in Asia, is expected to drive market growth positively.

Demand for construction equipment registered a value CAGR of 2.8% from 2015 to 2021, reaching a value of US$ 113 Bn. Prospects were significantly disrupted during the COVID-19 pandemic, with construction activity completely ceasing in the first 3 quarters of 2020. Eventually, as restrictions on public activity lifted, prospects have been exhibiting a gradual recovery.

Throughout the world, infrastructure projects are flourishing, and heavy excavators are being used to build dams and highways, which has led to a strong market for earthmoving machinery. During the forecast period, the excavators sub-segment is projected to grow moderately. This market is expected to grow 1.4x during the forecast period.

Key Takeaways from the Market Study

• Global construction equipment market likely to be valued at US$ 117.52 Bn
• North America to exhibit a CAGR of 3.4% with respect to construction equipment demand
• More than 40% of revenues are expected to come from Asia Pacific in 2022, growing at a CAGR of 4%
• Over 59% of total market revenues are expected to come from the earthmoving machinery segment by 2022.
• The concrete and road construction machinery is projected to reach a market share of US$ 40 Bn by 2032.

“Growing government stimulus programs to boost residential construction, coupled with lower housing rates is prompting individuals to invest in housing projects. Also, there is extensive emphasis on beefing up public infrastructure, both of which will contribute immensely to market growth,” reports a Fact.MR analyst.

Competitive Landscape

There are many key players in the market, which makes it highly competitive. Many OEMs are currently facing short-term challenges, such as a shortage of skilled employees and high raw material prices. As OEMs adopt organic and inorganic growth strategies, they are expected to expand their customer bases and strengthen their market positions through joint ventures, partnerships, and mergers and acquisitions.

• In January 2021, Komatsu Ltd. and Honda Motor Co., Ltd. signed a joint development agreement. Komatsu and Honda collaborated on electrifying Micro Excavators (PCO1) and developing Battery Power Packs (MPP) for use in construction equipment.
• Manitex Vall launched their new electric mobile crane, the V 110 R, in February 2021. It has a lifting height of 10.4 meters and a lifting capacity of up to 11,000 kg and is battery-operated and remote-controlled.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global construction equipment market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.

The study indulges essential insights on the market on the basis of product type (earth moving machinery, material handling machinery and concrete & road construction machinery) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

About the Industrial Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shubham Patidar

Fact.MR

Consultant - Industrial Goods and Automotive

E-mail: Shubham@factmr.com