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Construction Equipment Industry Growth Forecast and Market Dynamics – 2030

Amit Kumar
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Construction Equipment Market Projected to Expand at 3.01% CAGR Through 2030

The Global Construction Equipment Market is valued at USD 156 billion in 2023 and is estimated to grow at a CAGR of around 3.01% during the forecast period, i.e., 2024-30. The market is primarily fueled by the exponential growth in the global population and an increasing focus by governments on infrastructure development to support & accommodate the needs of their citizens. Additionally, there is a rapid escalation in construction activities, leading to a heightened demand for a variety of construction equipment.

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Strategic Takeaways from the Report:

Construction Equipment Market Segment Overview & Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Type of Equipment

Material Handling Equipment is beneficial for the storage & movement of materials & goods during their manufacturing, distribution, and disposal. These types of equipment are used widely in warehouses & manufacturing plants. The surging popularity of material handling equipment in the logistic industry is because it offers perfect control of the material movement as well as saves costs. The rising demand for automation to increase the speed of operation & enhance the productivity of businesses is providing a lucrative opportunity for the Construction Equipment Market.

By Application

With accounting for a substantial share of the Construction Equipment Market, the demand for Mining applications is likely to increase at an astronomical pace during 2024-30. Mines are industrial sites that require heavy machinery for continuous & highly efficient operations. The profits in the mining industry are highly impacted by the efficiency of construction equipment. The launch of technologically advanced equipment is leading to the enhanced speed of tasks while ensuring safety. Further, the adoption of crews & excavators for the mining of precious stones & minerals is another crucial aspect projected to contribute to the overall market growth.

By Power Output

By Propulsion

By Region

The Middle East & Africa is anticipated to dominate the Construction Equipment Market with the largest share during the forecast period.

These divisions help clarify demand patterns and expected shifts.

Market Opportunities

Autonomous Construction Equipment Seizing Market Opportunities – The emergence of autonomous construction equipment signifies a substantial growth opportunity within the Construction Equipment Market. The off-highway industry is increasingly adopting autonomous technologies, finding a particularly fitting application in construction tasks characterized by repetition, precision, and strict timelines.

Due to this, the demand for autonomous construction equipment is on the rise. Therefore, manufacturers are actively responding to this demand by developing autonomous construction machinery that integrates with this technology and aligns with government mandates for telematics and e-call equipment. For instance:

This anticipated demand for autonomous construction equipment is poised to be a driving force for future market expansion, propelling overall growth in the industry.

Construction Equipment Market Competitive Snapshot from 2024-2030

The report highlights established and emerging players in the global Construction Equipment Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

Their activities include partnerships, product launches, and geographic expansions.

Construction Equipment Industry Prime Challenge

Environmental Imbalance Using Construction Equipment Emitting Greenhouse Gases – Construction equipment currently runs majorly on fossil fuels & emits various emissions like nitrogen oxides (NOx), volatile organic compounds (VOC), and carbon monoxide (CO), negatively & severely affecting the environment & causing imbalances. Such aspects are restraining the fledged utilization of construction equipment owing to the presence of stringent environment sustainability restrictions imposed by the governments of different countries globally.

The same aspect is also emerging as an area of opportunity for the leading players to indulge themselves in developing new equipment that can run on sustainable sources of power for functioning, like rechargeable batteries with better energy efficiency.

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About Post Author

Amit Kumar

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