The Construction Equipment Market is Segmented by Machinery Type (Cranes, Telescopic Handling, Excavator, Loaders and Backhoe, Motor Grader, and Other Machinery Types), by Drive Type (Hydraulic, Electric, and Hybrid)
ROCKVILLE, Md., Feb. 17, 2022 (GLOBE NEWSWIRE) -- According to market research and competitive intelligence provider Fact.MR, the demand for construction equipment expanded at a 2.8% CAGR between 2015 and 2021. This sluggish outlook is largely attributed to an overall slowdown in the construction industry, partly due to the COVID-19 pandemic, and partly due to a shift in construction activity from the West to the East.
“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.
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.
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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.
• Cranes • Telescopic Handler • Excavator • Loader and Backhoe • Motor Grader • Other Equipment Types
• North America • Europe • Asia – Pacific • Rest of the World
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Increased construction spending to accelerate the Market Growth
A major factor driving growth in the market over the forecast period is the increase in construction spending worldwide. Spending on construction has increased in the United States over the past few years. A number of upcoming multifamily housing construction projects in Europe are also expected to drive market growth, including Milanosesto Mixed-Use Complex (Italy), ZAC Campus Grand Parc Mixed-Use Development (France), Viadux Mixed-Use Community (U.K.), Camden Goods Yard Mixed-Use Community (U.K.), and Sackville Road Residential Community (U.K.).
How will the market emerge in the North American region during the forecast period?
According to Fact.MR, on account of a rise in residential construction activity, North America is predicted to register a CAGR of over 3.2% over the forecast period. As reported by the U.S. Census Bureau, construction spending went up by 5.7% in January 2021, which led to a demand for equipment. In the next few quarters of 2022, the rental companies are also expected to have an increased demand for upgraded equipment because of the increasing penetration of earthmoving equipment rentals, particularly mini-excavators and compact truck loaders.
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What will be the market scope in the APAC region?
Over 40% of revenue is projected to come from Asia Pacific in 2022, and the CAGR is forecasted at over 4% from 2022 to 2032. In emerging economies such as India, China, and Southeast Asia, the market growth is mainly the result of government policies that boost infrastructure projects.
Demand for construction equipment is expected to be driven by the infrastructure sector, in conjunction with a variety of advanced construction equipment in rental fleets. The growing populations of Asia Pacific countries, including China, India, and South Asia, are driving the need for improved infrastructure including homes, schools, hospitals, stadiums, and government buildings.
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.
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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.
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