Construction Equipment Market – Industry Insights by Product and Region, 2030

The global construction equipment market size was valued at USD 112.98 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2022 to 2030.

The global Construction Equipment Market size is projected to reach USD 161.99 billion by 2030, registering a 3.9% CAGR from 2022 to 2030, according to a new study by Grand View Research Inc. Increasing investments by governments worldwide for developing public infrastructure is one of the prime factors that is expected to drive the market growth over the forecast period. Furthermore, the growing population in emerging economies such as India has resulted in increased residential and commercial construction activities, a trend that is expected to continue to increase the demand for construction equipment. Thus, the market is anticipated to grow steadily over the forecast period.

Favorable government initiatives are expected to drive the growth of the market in the forthcoming years. For instance, in August 2021, the federal government of the U.S. announced stimulus packages including USD 550 billion in new federal investment for modernizing infrastructure are expected to drive construction spending in the country. Similarly, in 2019, the Government of India announced to invest USD 1.4 trillion for infrastructure projects from 2019 to 2023; this signifies the upcoming demand for construction machinery in the country over the forecast period.

The COVID-19 outbreak hampered the growth of the market, due to supply chain disruptions and temporary shutdowns of dealer stores. However, in 2021, there was a sudden increase in demand for construction equipment due to the resumption of construction activity for halted and new projects. An abrupt demand for construction and infrastructure resulting in a shortage of inventories leading to an increase in the price of the commodity of base materials are expected to hinder the growth of the market over the forecast period.

Related Press Release@ Construction Equipment Market Report

Construction Equipment Market Report Highlights

• The earthmoving machinery segment dominated the market in 2021. The segment is expected to witness progressive demand owing to the increasing investments for industrial and commercial construction projects in emerging economies of the Asia Pacific and the Middle East and Africa
• The material handling machinery segment is expected to register a CAGR exceeding 4% over the forecast period. It can be ascribed to an increase in demand for crawler cranes that offer greater convenience and ease of accessibility in small construction sites, especially in urban areas
• The concrete and road construction machinery is projected to expand at a CAGR exceeding 5% over the forecast period. Favorable government initiatives to increase their investment in highway construction are anticipated to drive the growth of the segment

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