Construction Equipment Industry Outlook 2030
The construction equipment industry is projected to grow from USD 149.7 billion in 2023 to USD 194.7 billion by 2030, at a CAGR of 3.8%. The construction equipment rental business is picking up steam and seems to be having a positive impact on the global construction equipment industry which will offer promising growth opportunities for the futuristic growth of the market.
Based on Region, it is predicted
that Asia Pacific will maintain its dominance in the worldwide market for
construction equipment throughout the forecast period. The construction
equipment industry in China, which is anticipated to be the biggest market in
Asia, is mostly to blame for the domination. The demand for construction
equipment such as Crawler Excavators, Road Rollers, and others will drive the
Asian construction equipment industry in the years to come due to the expanding
infrastructure development activities such as the construction of railway
lines, roads, new commercial complexes, and others. With the aid of significant
investments and product innovation, China is advancing towards sustainable
growth in the construction equipment industry, which increases its
competitiveness. To create new products and break into mid- to high-end markets, domestic
construction equipment manufacturers spend money on research and development.
The presence of major construction equipment producers in the nation, including
SANY Group, Xuzhou Construction Machinery Group, Liugong Construction Machinery
Co., Ltd., and others, is what drives the market's expansion.
According to the China Electronic
Information Industry Development (CCID), the government investment associated
with new infrastructure projects is expected to reach USD 1.43 trillion to USD
2.51 trillion by 2025. The government started the construction of the Shanghai
Metro Line (Phase 1) project of 28 km in Q1 of 2022 between Chuansha Road
Station to Dongjing Road Station in Shanghai. This project involved a heavy
investment of nearly USD 5,715 million and is expected to be complete by the
end of 2024. Such heavy investments in infrastructure development projects will
create huge opportunities for selling construction equipment like crawler
excavators, wheeled loaders >80 HP, pick and carry cranes, and others in the
country.
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By equipment category, the earth-moving
equipment segment is estimated to account for the largest market share in 2023
followed by the material-handling equipment segment which is estimated to be
the second-largest segment throughout the forecast period. Earth-moving equipment including excavators (crawler and wheeled),
loaders (backhoe, skid-steer), and motor graders are considered in excavators are
key components and its continuously rising demand to account for the significant
share in the overall earth-moving equipment market which in turn will shape the
overall market. Companies including
Deere & Company, Caterpillar AG, and CNH Industrial are focusing on expanding
and upgrading their models of earthmoving equipment that function as
jack-of-all-trades at construction sites. Building and infrastructure projects
are driving historic demand for excavators. Currently, small models of excavators
increasingly are replacing backhoes and front-end loaders that traditionally
have been used to dig holes or move piles of dirt.
The electric construction
equipment industry is growing at a significant rate. This increasing demand for
electric construction equipment is propelled by environmental concerns, cost
efficiency, and technological advancements. Electric equipment produces lower
emissions, complying with stricter regulations and reducing pollution. Lower
operating costs and improved energy efficiency make electric options
attractive, with battery technology enhancements further enhancing viability. Also,
renewable energy integration expands and the construction industry emphasizes
long-term sustainability, electric construction equipment gains prominence for
its ability to align operational needs with environmental responsibility, which
would consequently push the demand for construction equipment in this segment.
Based on the propulsion type,
diesel-powered construction equipment leads the market during the forecast
period. This is due to the diesel-fueled construction equipment is extensively
utilized due to its ability to offer higher torque and enhance equipment
mobility. The necessity for heavy equipment with greater torque is fulfilled by
diesel engines, which also feature higher compression ratios. While the CNG/RNG/LNG-powered construction
equipment is expected to grow with the highest growth rate owing to the upcoming
emission regulations. This trend of electrification in construction equipment is
expected to grow at a higher rate during the forecast period. All these factors
would keep the demand for diesel-fuelled as well as CNG-powered equipment in
the coming years.
The global construction equipment
industry is moderately fragmented. However, few global players have a sizable
share in the market, namely Caterpillar, Komatsu Ltd., Deere & Company,
Hitachi Construction Machinery Co., Ltd., and AB Volvo. These Leading companies
have largely benefitted from their well-established supply chain and strong
geographical presence. Players adopted strategies such as new product launches,
advanced technology integration, collaborations, partnerships, and agreements
to strengthen their position in the construction equipment industry. Among
these new product launches accounted for a significant share of all the growth
strategies adopted by companies in the Construction equipment industry.
Key Market Players
The construction equipment industry is dominated by players such as Caterpillar (US), Komatsu Ltd. (Japan), Hitachi
Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group
(China), and Deere & Company (US). These companies have strong distribution
networks at the global level.
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