Northbrook, IL 60062 -- (SBWIRE) -- 12/16/2022 -- The construction equipment market is estimated to grow from USD 180.4 billion in 2022 to USD 223.1 billion by 2027, at a CAGR of 4.3% over the same period. The base year for the report is 2021, and the forecast period is from 2022 to 2027. The market would witness growth owing to driving factors such as rapid urbanization, increasing infrastructure development in emerging economies, and population and migration to cities.

Market Drivers: Growth in infrastructure developments to increase the sale of construction equipment

The construction equipment market has grown gradually after the Covid-19 period due to the resumption of halted construction projects and planned new investments in the construction sector as part of the infrastructure development activities. Some factors influencing the growth of construction equipment manufacturers include investments in infrastructure, residential and commercial infrastructure, and an increment in institutional capital expenditures globally. US, UK, China, and India have increased construction activities in different areas. For instance, the US infrastructure has been under the spotlight. In November 2021, the US government declared an approximately USD 1 trillion plan with 4,300 projects underway with more than USD 110 billion in funding as a part of the infrastructure investment package. Therefore, such planned investments and growing construction activities for infrastructure development would drive the demand for construction equipment during the forecast period

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Opportunities: Trend for the autonomous construction equipment

The construction equipment market is witnessing a lot of technological advancements for more optimized and reliable products. The demand for automated solutions is growing as it helps increase productivity with minimum effort and reduced errors. Autonomous operating technology is gradually gaining popularity in the off-highway operating vehicle segment. Construction work is well-suited for autonomous machinery as the tasks are repetitive, physical, precise, and time-sensitive. This is driving the demand for the development of autonomous construction equipment. Manufacturers are developing autonomous construction equipment which works on wireless communication technologies by interfering with radio signals from other equipment, receiving commands, and reporting status. It assures improved safety, increased productivity, and reduced unscheduled maintenance. Therefore, the trend for autonomous construction equipment would create an opportunity for the construction equipment market to develop and grow during the forecast period.

Asia is projected to be the largest market by 2027

Asia is projected to be the largest construction equipment market by 2027 due to large investments in construction projects in growing economies such as India and Indonesia. At the same time, other countries in the region, such as China and Japan, are also implementing many new development projects to improve the country's infrastructure. Furthermore, many global construction equipment OEMs have their base of operations in the region. Therefore, due to such impressive growth in the construction activities across the region, Asia is projected to have the largest market share of the market during the forecast period.

Key Market Players

The construction equipment market is dominated by players such as Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and SANY Group (China). These companies have strong distribution networks at the global level. These companies have adopted comprehensive expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing market.

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