Construction Equipment Market during Forecast Period 2022-208

1. Construction Equipment Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2022-2028

2. Global Construction Equipment Market - Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Construction Equipment Market was worth USD 171.4 billion in the year 2021. The market is projected to grow at a CAGR of 5.30%, earning revenues of around USD 245.3 billion by the end of 2028. The Global Construction Equipment Market is booming because of the increase in government spending on infrastructure development, rising demand for smart city projects that call for a lot of construction equipment, and newly formed emission regulations to kickstart advancements in OHV engine & exhaust technologies.

3. Growth Drivers Increasing Investments in Infrastructural Development Worldwide Due to the restart of suspended building projects and expected new investments in the construction sector as part of the infrastructure development activities, the market for construction equipment has progressively increased since the Covid-19 period. Infrastructure investments, improvements to residential and commercial infrastructure, and an increase in institutional capital spending on a global scale are some factors affecting the expansion of construction equipment manufacturers. Construction activity has increased in several places in the US, UK, China, and India. For instance, attention has been focused on US infrastructure.

4. Restraints  High Ownership and Maintenance Costs Cost of construction equipment and the need for skilled labor to limit the market growth. For the proper functioning of heavy construction equipment machinery, skilled labor is needed. Additionally, buying new equipment is expensive. Additionally, as the business must invest in both labor and equipment, training new employees adds to the expense. The market size for heavy construction equipment is predicted to be constrained by these factors over the projected period. All these factors hinder the growth of the Global Construction Equipment Market

5. Impact of COVID-19 Construction activity in 2020 was negatively impacted by the COVID-19 epidemic. Due to the brief lockout that resulted from the COVID-19 viruses' rapid spread, construction activity abruptly decreased. The OEMs saw supply chain hiccups and temporary dealer store closures that prevented fresh purchases. However, the resumption of building for ongoing and new projects in 2021 caused a dramatic spike in demand for construction equipment. Lower housing costs helped to increase demand for residential areas, which in turn increased demand for equipment. The market is also uncertain due to rising COVID-19 infections caused by the new variation Omicron, high pricing for steel and aluminum, and semiconductor shortages.

6. By Region Geographically, the Global Construction Equipment Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Due to huge investments in construction projects in developing nations such as India and Indonesia, Asia Pacific is expected to be the largest construction equipment market by 2027. Simultaneously, other countries in the region, such as China and Japan, are executing several new development projects to boost the country's infrastructure. Furthermore, numerous multinational construction equipment OEMs have a presence in the region. As a result of the region's significant increase in building activities, Asia is expected to have the biggest market share of the construction equipment market throughout the forecast period.

7. Competitive Landscape The leading market players in the Global Construction Equipment Market are Caterpillar, CNH Industrial N.V., Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co., Ltd., Hyundai Construction Equipment Co., Ltd., J C Bamford Excavators Ltd., Deere & Company., Kobelco Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr-International AG, Manitou BF, Hidromek, Sany Heavy Industry Co., Ltd., Sumitomo Heavy Industries, Ltd., Terex Corporation, Volvo AB, Zoomlion Heavy Industry Science and Technology Co., Ltd, and other prominent players. Sample Copy: https://www.blueweaveconsulting.com/report/construction-equipment-market/report-sample

8. Recent Development In June 2022,Liebherr Australia and Fortescue (Australia) partnered to develop mining haul trucks to add zero-emission power system technologies. The partnership will draw from Liebherr's industry-leading equipment and technology and FFI's expertise in green technologies to deliver zero-emission mining equipment.

9. Key PlayersCaterpillar, CNH Industrial N.V., Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co., Ltd., Hyundai Construction Equipment Co., Ltd., J C Bamford Excavators Ltd., Deere & Company., Kobelco Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr-International AG, Manitou BF, Hidromek, Sany Heavy Industry Co., Ltd., Sumitomo Heavy Industries, Ltd., Terex Corporation, Volvo AB, Zoomlion Heavy Industry Science and Technology Co., Ltd, and other prominent players.

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