Global Construction Equipment Market Size to grow by 279.53 Billion in 2030.

Press Release

The Global Construction Equipment Market is projected to grow from USD 208.3 billion in 2021 to USD 279.53 billion by 2030 at a CAGR of 3.8% during the forecast period.

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The increasing public-private partnerships, increasing residential, commercial, and industrial construction activity, and rising investments in infrastructure development are all contributing to worldwide market expansion. Mining, forestry, agriculture, material handling (e.g., ports, warehouses), waste management, and municipal equipment are among the industries and end-users for which the major players in the market are investing in R&D activities in order to provide better machinery for industry segments and end-users.  

The COVID-19 pandemic has impacted negatively on industries and businesses all around the world. The pandemic's lockdown and social distance restrictions have stifled economic activity, interrupting supply chains, delaying projects, creating a labor shortage, and driving down demand for products and services.  The majority of construction projects have been postponed or cancelled. The outbreak hit the construction industry hard, as it did other industries, and the supply chain was seriously damaged. However, as building activity resumed in the second half of the year, the industry began to show signs of improvement in many regions of the world. 

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The increased popularity of electric construction equipment is likely to generate new revenue streams for OEMs. These machines run on batteries and have a number of advantages, including less maintenance, less vibration, and less noise, as well as making it easier for laborers to work in the field. They're still in the early stages, but they're predicted to pick up steam over the forecast time. Compact electric excavators and wheel loaders have previously been commercialized by OEMs such as Caterpillar, AB Volvo, and Komastu. This provides construction manufacturers with opportunity to introduce electrified versions of existing/new equipment’s in the market.   

The private and government sectors around the world are investing heavily in the construction of new commercial and residential structures as well as public infrastructure, boosting the construction industry's growth. Infrastructure growth in the United States, India, and China is predicted to propel the global construction market to roughly USD 8 trillion by 2030, according to the Institute of Civil Engineers. Growing urbanization, particularly in Latin America and Asia, is creating a huge demand for residential infrastructure, which is driving the construction equipment market forward.    

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orth America region is expected to dominate the market share of global pet food market owing to the low-interest loans to purchase building equipment will encourage construction companies to invest. Despite federal expenditure cuts, the construction industry in the United States is predicted to increase at a reasonable rate.

Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period. The rise of online shopping facilities, the availability of machinery on a rental basis, expanding government spending in infrastructure development, and increased capital investments are projected to boost growth in the region.

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