The construction equipment market is expected to grow from USD 148.02 billion in 2024 to USD 186.62 billion by 2030 at a CAGR of 3.9%. The growth of this market can be attributed to the increasing urbanization, Infrastructure Development Initiatives carried out by governments for smart city initiatives, and technological advancements in the construction equipment industry.
Construction equipment manufacturers across the globe are focusing on incorporating new technologies such as fleet management, electrifying construction equipment, and bringing autonomy to construction equipment. The integration of these technologies provides real-time monitoring, predictive maintenance, equipment tracking, autonomous operations, and other safety features. Construction equipment manufacturers, such as Volvo AB (Sweden), J C Bamford Excavators (UK), Hitachi Construction Machinery Co., Ltd. (Japan), Caterpillar (US), and Deere & Company (US), have invested significantly in R&D to develop these advanced technologies. The successful implementation of any of these technologies can change the business landscape of the construction equipment market.
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The infrastructure segment will experience the highest growth rate in the application segment from 2024 to 2030 due to massive infrastructural developments, such as mega corridor projects, dams, commercial complexes, corporate offices, residential buildings, airports, ports, and road expansions in both developing and developed countries. The demand for heavy and compact construction equipment, including Backhoe loaders, heavy and small excavators, and compact wheel loaders, is increasing due to their versatility in various tasks. Mini excavators are lightweight, portable, easy to use, and suitable for confined spaces, making them ideal for interior demolition or construction in urban areas. In Europe, 70% of mini excavators sold weigh less than three tons. With increased capital-intensive infrastructure projects, construction equipment demand will likely rise soon. Similarly, the demand for rental construction equipment is also increasing for infrastructural projects. These equipment are widely used in infrastructure projects due to the long duration of projects and the focus of engaged companies to limit capital expenditure. Owing to these reasons, the growth of construction equipment is estimated to be the fastest.
The electric construction equipment market is growing at a significant rate. Environmental concerns, cost efficiency, and technological advancements propel this increasing demand for electric construction equipment. Electric equipment produces lower emissions, complies with more stringent regulations, and reduces pollution. Lower operating costs and improved energy efficiency make electric options attractive, with battery technology enhancements 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.
Opportunities in the construction equipment market stand for developments in electric/hybrid construction equipment and the rising inclination towards alternate fuel-propelled equipment including hydrogen ICE and fuel cell. Companies working on the development of these equipment include Caterpillar (US), Komatsu (Japan), Volvo AB (Sweden), Deere & Company (US), J C Bamford Excavators (UK), and Liebherr (Switzerland).
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