Global Construction Equipment Market Set to Surge to $248.5 Billion by 2030 ResearchAndMarkets.com has introduced the “Construction Equipment – Global Strategic Business Report,” forecasting a robust expansion in the global construction equipment market, with estimates projecting a value of $248.5 billion by 2030.
In 2023, the construction equipment market reached an estimated $179.3 billion and is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% during the analysis period from 2023 to 2030.
The market’s upward trajectory is primarily fueled by a growing emphasis on automation, particularly in response to labor shortages. This trend is further reinforced by global economic updates and competitive dynamics, as evidenced by the market share percentages and overall presence of key competitors in 2023. The market overview delves into various types of construction equipment, offering insights into future market outlook.
Among the segments analyzed in the report, Earthmoving Equipment is projected to achieve a 3.6% CAGR, reaching $102 billion by the end of the analysis period. Similarly, the Material Handling Equipment segment is expected to grow at a CAGR of 4.9% over the next eight years.
Recent market activities and innovations highlight ongoing developments in the sector. Additionally, recovery in the construction industry is positively influencing the construction equipment market. Simultaneously, there’s a growing focus on sustainability and carbon footprint management, driving interest in electric construction equipment.
The U.S. construction equipment market is estimated at $33.5 billion in 2023. China, the world’s second-largest economy, is forecast to reach a market size of $53.7 billion by 2030, with a CAGR of 5.4% during the analysis period from 2023 to 2030. Other notable geographic markets include Japan and Canada, each projected to grow at rates of 2.6% and 3.5%, respectively, over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.
Key Attributes:
- Report Details:
- Number of Pages: 747
- Forecast Period: 2023 – 2030
- Estimated Market Value (USD) in 2023: $179.3 Billion
- Forecasted Market Value (USD) by 2030: $248.5 Billion
- Compound Annual Growth Rate: 4.8%
- Regions Covered: Global
Market Overview:
The focus on automation amid labor shortages serves as a cornerstone for growth in the construction equipment market, buoyed by global economic updates and competitive dynamics. The report provides an overview of construction equipment types and market outlook, along with recent market activities and innovations.
Market Trends & Drivers:
Factors such as the recovery in the construction industry, emphasis on sustainability, and the rise of electric construction equipment are driving market trends. Technological advancements, including telematics, machine learning, and AI, are reshaping the industry landscape, while the importance of cybersecurity and IoT is gaining prominence.
Select Players:
The report features 278 key players in the construction equipment market, including industry giants like AB Volvo, Caterpillar Inc., CNH Industrial NV, Deere & Company, and others.
For more information about this report, visit the link provided.
