Future Construction Equipment Market: Key Dynamics, Size & Share Analysis
The Global Construction Equipment Market is valued at USD 156 billion in 2023 and is estimated to grow at a CAGR of around 3.01% during the forecast period, i.e., 2024-30. The market is primarily fueled by the exponential growth in the global population and an increasing focus by governments on infrastructure development to support & accommodate the needs of their citizens. Additionally, there is a rapid escalation in construction activities, leading to a heightened demand for a variety of construction equipment.
Top Challenges Impacting the Construction Equipment Market Growth
Environmental Imbalance Using Construction Equipment Emitting Greenhouse Gases – Construction equipment currently runs majorly on fossil fuels & emits various emissions like nitrogen oxides (NOx), volatile organic compounds (VOC), and carbon monoxide (CO), negatively & severely affecting the environment & causing imbalances. Such aspects are restraining the fledged utilization of construction equipment owing to the presence of stringent environment sustainability restrictions imposed by the governments of different countries globally.
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Understanding the Core Segments in the Construction Equipment Market
Construction Equipment Market Size, Share & Industry Trends Analysis- By Type of Equipment (Earthmoving Equipment [Excavator, Loaders, Bulldozers, Skid Steer Loaders, Motor Graders, Crawler Loader, Trenchers, Dump trucks, Others], Material Handling Equipment [Cranes, Forklift, Tipper, Others], Other Construction Equipment [Road Roller , Diesel Generator, Others]), By Application (Power & Utilities, Mining, Hospitality, Residential, Healthcare & Educational, Roads & Highway, Manufacturing Units, Other), By Power Output (Less than 100 HP, 101-200 HP, 201-400 HP, More than 400 HP), By Propulsion Diesel, Gas [CNG , LPG], Electric), and others
Geographical Analysis of the Construction Equipment Market
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
The Middle East & Africa is anticipated to dominate the Construction Equipment Market with the largest share during the forecast period.
Who Dominates the Construction Equipment Market Insights on Key Industry Players?
Companies are strengthening their presence in the Construction Equipment market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.
- Caterpillar
- Volvo
- Komatsu
- CNH Industrial
- Liebherr
- Hitachi Construction
- John Deere
- Dooson
- JCB
- Terex
- CEAT Limited
- Others
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