Construction Equipment Market 1

1. “Meticulous Research® Projects Construction Equipment Market $236.9 Billion by 2031” pen_spark” J

2. Construction Equipment Market 2024-2031 Global Construction Equipment Market: Trends, Forecasts, and Key Players The construction equipment market is evolving rapidly, driven by the growing need for efficiency, productivity, and safety in the construction sector. According to a recent report by Meticulous Research®, titled Construction Equipment Market by Type, Propulsion Type, End User, and Geography - Global Forecast to 2031, the market is expected to grow significantly, reaching over $236.9 billion by 2031. This growth, at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031, is fueled by a surge in government infrastructure investments and the rising demand for advanced, automated construction equipment. While the market presents numerous growth opportunities, challenges such as high equipment costs, stringent international trade regulations, and a shortage of skilled operators pose potential barriers to growth. Nevertheless, trends like the increasing adoption of electric equipment and compact machinery are reshaping the landscape and presenting new opportunities for industry players. Get A Glimpse Inside: Request Sample Pages – https://www.meticulousresearch.com/download-sample- report/cp_id=5847?utm_source=article&utm_medium=social&utm_campai gn=product&utm_content=07-10-2024 Market Overview and Key Drivers The construction equipment market is experiencing dynamic changes driven by various factors. Government spending on infrastructure projects is one of the most significant contributors to this growth. Major economies around the world are channeling substantial investments into modernizing and expanding infrastructure, including roads, bridges, railways, and urban facilities. The automation of construction processes is another key driver, aimed at enhancing project efficiency, reducing labor dependency, and improving safety. Moreover, the need to improve construction productivity, mitigate safety risks, and reduce project completion times is pushing the adoption of advanced machinery. In particular, the increased use of automated equipment is expected to create substantial opportunities for market players in the coming years. However, stringent trade regulations, combined with the high initial cost of construction machinery, may hinder growth in certain markets. Page 1 of 6 © Meticulous Research| sales@meticulousresearch.com

3. Construction Equipment Market 2024-2031 The rising adoption of compact and electric construction equipment is an emerging trend, as more companies focus on sustainability and energy efficiency. The growing emphasis on reducing the environmental impact of construction activities is encouraging manufacturers to develop electric- powered alternatives to traditional internal combustion engine (ICE) equipment. Market Segmentation The construction equipment market is segmented based on type, propulsion system, and end user. 1. By Type The market is broadly categorized into: •Material Handling Equipment •Earth-Moving Equipment •Concrete and Road Construction Equipment •Other Construction Equipment In 2024, the material handling equipment segment is anticipated to dominate the market with a 40.0% share. Factors such as the rapid pace of industrialization, ongoing modernization efforts in industrial infrastructures, and the growing demand for material handling machinery for smooth operations and reduced reliance on manual labor contribute to this dominance. Market leaders are actively investing in new product launches and enhancements to maintain their competitive edge. For instance, Hyundai Construction Equipment India’s introduction of new excavators, forklifts, and wheel loaders in 2023 highlights this trend. On the other hand, the earth-moving equipment segment is projected to witness the highest CAGR over the forecast period. Increased investments in construction projects spanning residential, commercial, and industrial sectors, coupled with the versatility of earth-moving equipment, are fueling its demand. From laying foundations and grading soil to digging trenches and conducting demolition works, this segment is seeing widespread adoption. Collaborations between key industry players are also expanding the availability of advanced earth-moving machinery. For example, in 2022, CanLift Equipment Ltd. (Canada) partnered with China’s Xuzhou Construction Machinery Group to expand its product range in Ontario. 2. By Propulsion Type Page 2 of 6 © Meticulous Research| sales@meticulousresearch.com

4. Construction Equipment Market 2024-2031 The propulsion segment is divided into: •Internal Combustion Engine (ICE) Equipment •Electric Equipment •CNG/LNG Equipment In 2024, ICE-powered construction equipment is expected to hold the largest market share of 53.0%, largely due to its cost-effectiveness and superior power- to-weight ratio compared to electric alternatives. The widespread availability of ICE-powered equipment, combined with ongoing efforts by market players to expand their offerings, will continue to drive growth in this segment. Notably, Crown Equipment Corporation (U.S.) expanded its lift truck portfolio with new ICE and electric counterbalance forklifts in 2023. However, the electric construction equipment segment is forecast to register the highest growth rate during the 2024–2031 period. This shift is propelled by increasing environmental regulations, lower operating costs, and advancements in battery technology. Electric construction equipment is not only quieter and more energy-efficient but also requires less maintenance. Government initiatives and growing corporate investments in eco-friendly machinery are accelerating the transition to electric equipment. A notable example is Action Construction Equipment Ltd.'s launch of a 180-ton electric crane in early 2023. 3. By End User The construction equipment market is also segmented by end user, with key categories including: •Construction Companies •Government Agencies •Private Contractors •Aerospace & Defense •Mining Companies •Others The construction companies segment is expected to account for 55.0% of the market share in 2024. This dominance is attributed to the sector's heavy investments in infrastructure development and the increasing adoption of advanced technologies to streamline construction processes. The labor shortage in the construction industry is further accelerating the shift toward automation and the use of machinery. Moreover, leading companies are making significant investments in the development of cutting-edge equipment to Page 3 of 6 © Meticulous Research| sales@meticulousresearch.com

5. Construction Equipment Market 2024-2031 maintain their competitive edge. A case in point is Skanska’s pilot project in Los Angeles, where a zero-emissions electric excavator was deployed in 2023, marking a significant step towards sustainable construction. Regional Insights The construction equipment market is geographically segmented into: •North America •Asia-Pacific •Europe •Latin America •Middle East & Africa In 2024, Asia-Pacific is poised to lead the market with a 45.0% share. The region's dominance can be attributed to the rapid pace of infrastructure development, strong economic growth, and increasing urbanization, particularly in countries such as China and India. The focus on sustainable construction practices, coupled with the expansion of rail and road networks, is driving demand for construction equipment in the region. Notably, market leaders are expanding their presence in Asia-Pacific to tap into the growing demand. For instance, Volvo Construction Equipment (Volvo CE) established a new dealership in Kuching, Sarawak, in 2023 to better serve Malaysian customers. Asia-Pacific is also expected to register the highest CAGR of 7.0% during the forecast period, driven by increasing investments in eco-friendly construction equipment and infrastructure projects. The growing focus on reducing carbon emissions and improving operational efficiency will further fuel demand for electric and automated equipment in the region. Key Market Players The construction equipment market is highly competitive, with several global players vying for market share. Leading companies in the industry include: •Caterpillar (U.S.) •CNH Industrial N.V. (U.K.) •Deere & Company (U.S.) •Doosan Corporation (South Korea) •Hitachi Construction Machinery Co., Ltd. (Japan) •J C Bamford Excavators Ltd. (U.K.) •Komatsu Ltd. (Japan) Page 4 of 6 © Meticulous Research| sales@meticulousresearch.com

6. Construction Equipment Market 2024-2031 •KUBOTA Corporation (Japan) •LIEBHERR (Switzerland) •Volvo Group (Sweden) •SANY Group (China) •MANITOU Group (France) •Wacker Neuson SE (Germany) •Terex Corporation (U.S.) •Hyundai Construction Equipment Co., Ltd. (South Korea) These companies are actively investing in product development, strategic partnerships, and geographic expansion to strengthen their market positions. A notable example of such efforts is Hyundai Construction Equipment India's recent product launches aimed at boosting its presence in key sectors such as infrastructure, mining, and material handling. Read Full Report :- https://www.meticulousresearch.com/product/construction-equipment- market-5847 About Meticulous Research® Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia- Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Page 5 of 6 © Meticulous Research| sales@meticulousresearch.com

7. Construction Equipment Market 2024-2031 Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous- research Page 6 of 6 © Meticulous Research| sales@meticulousresearch.com