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Rise in focus on public-private partnerships in developing countries and expansion of building and construction industries have boosted the growth of the global construction equipment market.
PORTLAND, Ore., July 11, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, "Construction Equipment Market by Solution Type (Products, Services), by Equipment Type (Heavy construction equipment, Compact construction equipment), by Type (Loader, Cranes, Forklift, Excavator, Dozers, Others), by Application (Excavation and Mining, Lifting and Material handling, Earth Moving, Transportation, Others), by End User (Oil and gas, Construction and Infrastructure, Manufacturing, Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global construction equipment industry was pegged at $201.9 billion in 2021, and is expected to reach $322.0 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
Major determinants of the market growth
Rise in focus on public-private partnerships in developing countries and expansion of building and construction industries have boosted the growth of the global construction equipment market. However, lack of skilled workers hinders the market growth. On the contrary, increase in investments in construction of highways, bridges, and upgrading existing roads would open new opportunities in the future.
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The services segment to manifest the highest CAGR through 2030
By solution type, the services segment is estimated to portray the highest CAGR of 5.1% during the forecast period, due to increase in demand for maintenance and repair of construction equipment. However, the products segment held the largest share in 2021, accounting for more than three-fourths of the global construction equipment market, owing to advent of advanced equipment and rapid technological advancements.
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The earth moving segment dominated the market
By application, the earth moving segment held the largest share in 2021, contributing to nearly two-fifths of the global construction equipment market, owing to new technology excavators that ensure output, cost-effectiveness, and higher performance and flexibility. However, the lifting and material handling segment is projected to manifest the highest CAGR of 7.1% during the forecast period, owing to growth in seaborne trade.
Asia-Pacific held the lion’s share
By region, the market across Asia-Pacific held the largest share in 2021, accounting for more than two-fifths of the global construction equipment market. In addition, the region is expected to register the highest CAGR of 5.6% during the forecast period, owing to increase in efforts of market players to develop manufacturing unites to improve production quantities and serve Asian industries such as construction, oil & gas, and mining.
Major market players
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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