Construction Equipment Market 2022 - Market Size &
Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030
Page: 386 | Report Code: CM22090601 | Research Suite: Report (PDF) & Market Data (Excel)
Request Sample Pages to Get Table of Content
Construction equipment, also known as heavy equipment, are specially
designed machineries used in construction activities for different functions
such as transferring heavy loads, grading, dozing, drilling, hauling,
excavating, paving, compacting, and leveling. These equipment possess good
mechanical strength & durability and aid in reducing the dependence on
human labor and in saving a lot of time and effort.
Some of the most common construction equipment include ditchers,
bulldozers, pumps, graders, tractors, excavators, trenchers, cranes, derricks,
loaders, and backhoes.
Growth Drivers:
Factors such as
the growing number of end-use applications for construction equipment; the
rising investments in urban infrastructure and industrial development projects;
the increasing infrastructural development, especially in the emerging
economies; the soaring demand for strong residential and commercial
infrastructure; the growing automation in construction processes due to dearth
of skilled labor and surging focus on minimizing the overall cost and time for
project completion; the rising population migration toward urban areas globally;
the escalating investments in refurbishment and maintenance activities across
the globe are primarily driving the growth of the global construction equipment
market.
Additionally,
the number of strategic partnerships between market players present in the
construction equipment market is rising, mainly to develop technologically
advanced equipment and solutions and roll them out in the market for various
applications. Alongside, the demand for construction equipment is also growing from
the smart construction sector. In view of this, in April 2021, Komatsu Ltd. entered
into a partnership with Nomura Research Institute, Sony Semiconductor Solutions
and NTT Docomo to launch Earthbrain Ltd., which will assist in the development
of new smart construction equipment solutions and services. These developments
and the increasing number of partnerships are projected to bolster the growth
of the global construction equipment market in the next few years.
Moreover, the
ever-increasing global population coupled with the rapidly augmenting
urbanization across the world is raising the demand for building new
infrastructure such as residential and commercial. This leads to an enhanced
emphasis on public–private partnerships (PPP), i.e. joint ventures between
government and private sector companies to construct public infrastructure
systems. The escalating number of public-private partnerships in different
countries such as India, Africa, and China are estimated to fuel the growth of
the global construction equipment market during the forecast period.
Furthermore,
other factors such as the proliferating trend of construction equipment rental
services; the advent of new technologies for construction machinery, the
growing worker safety concerns on construction sites; the increasing number of
mining projects and smart city development across regions, and the increasing
focus of players on enhancing the fuel consumption of construction equipment
are further expected to create ample growth opportunities for the growth of the
global construction equipment market during the forecast period.
However,
factors such as the high cost associated with construction equipment, the
increasing prices of machine oil; the growing environmental imbalance owing to the
rising use of construction equipment, and the dearth of competent & skilled
operators are expected to hamper the growth of the market to some extent during
the forecast period.
Construction Equipment Market Segmentation:
By Type:
·
Dump Truck
·
Loader
·
Dozer
·
Excavator
·
Motor Grader
By Equipment Category:
·
Earthmoving Equipment
·
Material Handling Equipment
·
Heavy Construction Vehicle
·
Other Equipment
By Equipment:
·
Articulated Dump Truck
·
Asphalt Finisher
·
Backhoe Loader
·
Crawler Dozer
·
Crawler Excavator
·
Crawler Loader
·
Mini Excavator
·
Motor Grader
·
Motor Scraper
·
Rigid Dump Truck
·
Road Roller
·
Rough Terrain Lift Truck (RTLT)
Masted
·
Rough Terrain Lift Truck (RTLT)
Telescopic
·
Skid-Steer Loader
·
Wheeled Excavator
·
Wheeled Loader <80 HP
·
Wheeled Loader >80 HP
·
Compactor
·
Pick and Carry Crane
By Application:
·
Commercial
·
Residential
·
Infrastructure
By Power Output:
·
<100 HP
·
101–200 HP
·
201–400 HP
·
>400 HP
By Engine Capacity:
·
<5L
·
5L-10L
·
>10L
By Emission Regulation:
·
Stage II
·
Stage III
·
Stage IIIA
·
Stage IV
·
Stage V
·
Stage VI
·
Tier 4
·
Tier 5
By Aftertreatment Device:
·
Diesel Oxidation Catalyst (DOC)
·
Diesel Particulate Filter (DPF)
·
Exhaust Gas Recirculation (EGR)
·
Selective Catalytic Reduction
(SCR)
By Propulsion Type:
·
Diesel
·
CNG/LNG/RNG
By End-User:
·
Oil & Gas
·
Construction &
Infrastructure
·
Manufacturing
·
Mining
·
Others
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Based on equipment, the wheeled
loader > 80HP segment accounted for the largest share of the global
construction equipment market in 2021. The segment is expected to retain its
dominance further during the forecast period due to the high application of
these equipment in large-scale infrastructure projects to load/unload &
bulk material movement and the growing number of roadways and residential
buildings, especially across the emerging economies.
Based on power output, the 101-200HP segment acquired the largest global construction equipment market share in 2021. The trend is expected to continue over the forecast period owing to the capacity of machines with this power output to enhance machine capability and downsize the engine to one of lower displacement, thereby decreasing maintenance costs and enhanced fuel economy and component layout.
Based on equipment category,
the earthmoving equipment segment captured the largest share of the global
construction equipment market in 2021. The segment is estimated to continue
further with its dominance in the market throughout the forecast period. The
rising urban population in tandem with the increasing demand for better
infrastructure facilities is majorly attributable to this particular segment's
growth.
Based on end-user, the
construction & infrastructure segment led the market in 2021 and is
anticipated to further continue doing the same over the forecast period.
Regional Outlook:
The Asia Pacific region held the commanding position in
the global construction equipment market in 2021. The region’s position is
predicted to remain unchanged over the forecast period due to the burgeoning
application of construction equipment by different end-user verticals; the
expanding buildings and construction industry; the escalating investments by the
government in infrastructure development; the growing construction spending,
and the surging population base in the region. China, followed by India, is the
major contributor to the growth of the market in the region.
The North American region is slated to witness the
highest growth in the global construction equipment market during the forecast
period. The growth of the market in the region can be ascribed to the rapidly
expanding construction sector in the region; the increasing initiatives by
governments for infrastructural development in the region, and the growing
investments by companies offering construction equipment present in the region.
The U.S. and Canada are the major contributors to the growth of the market in
the region.
Key Companies in Construction Equipment Market:
·
Caterpillar Inc.
·
Komatsu Ltd.
·
Xuzhou Construction Machinery Group (XCMG)
·
Zoomlion
·
Terex Corporation
·
Sumitomo Heavy Industries Ltd.
·
Sany Heavy Industry Co. Ltd.
·
Mitsubishi Corporation
·
Manitou Group
·
Volvo Construction Equipment
·
Hitachi Construction Machinery Co. Ltd.
·
Deere & Company, Komatsu Ltd.,
·
Sandvik
·
CNH Industrial
·
Volvo Construction Equipment
·
XCMG Group
·
Kobelco Construction Machinery Ltd.
· Other Players