Global Construction Equipment Market Size, Share, and COVID-19 Impact Analysis, By Equipment Type (Civil Engineering Equipment, Material Handling Equipment & Cranes, Earthmoving Equipment, Concrete Equipment, Road Building Equipment, Crushing and Screening Equipment and Others), By Drive Type (Hydraulic and Electric and Hybrid), By Application (Residential, Commercial & Industrial), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS           

The Global Construction Equipment Market is projected to grow from USD 208.3 billion in 2021 to USD 279.53 billion by 2030 at a CAGR of 3.8% during the forecast period. The demand for construction equipment is expected to rise due to rise in construction activities around the globe. Over the forecast period, government program that encourage individuals to buy new homes, such as lower mortgage and stimulus packages rates, are projected to support market expansion.         

The increasing public-private partnerships, increasing residential, commercial, and industrial construction activity, and rising investments in infrastructure development are all contributing to worldwide market expansion. Mining, forestry, agriculture, material handling (e.g., ports, warehouses), waste management, and municipal equipment are among the industries and end-users for which the major players in the market are investing in R&D activities in order to provide better machinery for industry segments and end-users.  

COVID-19 ANALYSIS       

The COVID-19 pandemic has impacted negatively on industries and businesses all around the world. The pandemic's lockdown and social distance restrictions have stifled economic activity, interrupting supply chains, delaying projects, creating a labor shortage, and driving down demand for products and services.  The majority of construction projects have been postponed or cancelled. The outbreak hit the construction industry hard, as it did other industries, and the supply chain was seriously damaged. However, as building activity resumed in the second half of the year, the industry began to show signs of improvement in many regions of the world. 

TREND  

Autonomous and Electric Construction Equipment

The increased popularity of electric construction equipment is likely to generate new revenue streams for OEMs. These machines run on batteries and have a number of advantages, including less maintenance, less vibration, and less noise, as well as making it easier for laborers to work in the field. They're still in the early stages, but they're predicted to pick up steam over the forecast time. Compact electric excavators and wheel loaders have previously been commercialized by OEMs such as Caterpillar, AB Volvo, and Komastu. This provides construction manufacturers with opportunity to introduce electrified versions of existing/new equipment’s in the market.    

DRIVERS

Rising Private and Government Investment for Infrastructure and Construction Development     

The private and government sectors around the world are investing heavily in the construction of new commercial and residential structures as well as public infrastructure, boosting the construction industry's growth. Infrastructure growth in the United States, India, and China is predicted to propel the global construction market to roughly USD 8 trillion by 2030, according to the Institute of Civil Engineers. Growing urbanization, particularly in Latin America and Asia, is creating a huge demand for residential infrastructure, which is driving the construction equipment market forward.    

Increasing Need for Residential Construction Propel Market Growth

The rising population in Asia Pacific countries, particularly China, India, and South Asia, necessitates improved infrastructure such as residences, hospitals, schools, stadiums, airports, and government buildings. Due to decreased housing costs and growing urbanization in China and India, demand for construction equipment is expanding in the residential construction sector. Over the projection period, an increase in the number of favorable government policies targeted at encouraging the Public-Private Partnership (PPP) model is also projected to augur well for the construction equipment market's growth. 

RESTRAINT                             

Construction Equipment Causes Environmental Imbalances and Restraints Market Growth  

The key restricting factor for the overall expansion of the construction equipment business is the fluctuating price of oil and fuel used to drive heavy gear, as well as the increasing carbon footprint created when operating the machines.

SEGMENTATION INSIGHT    

The Global Construction Equipment Market is segmented by Equipment Type, Drive Type, Application, and Region. Based on the Equipment Type, the market is categorized into Civil Engineering Equipment, Material Handling Equipment & Cranes, Earthmoving Equipment, Concrete Equipment, Road Building Equipment, Crushing and Screening Equipment and Others. Based on Drive Type, the market is categorized into Hydraulic and Electric and Hybrid. Based on Application, the market is categorized into Residential, Commercial, and Industrial. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.           

REGIONAL INSIGHTS   

The Global Construction Equipment Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.                

North America region is expected to dominate the market share of global pet food market owing to the low-interest loans to purchase building equipment will encourage construction companies to invest. Despite federal expenditure cuts, the construction industry in the United States is predicted to increase at a reasonable rate. The substantial presence of well-known firms such as Caterpillar and Sany America is assisting the market's expansion in North America. Furthermore, these firms' explicit efforts in terms of technological breakthroughs, acquisitions, strategic collaborations, and a focus on aftermarket services are expected to have an impact on the market potential in North America.         

Europe is expected to be the second largest market for construction equipment. Europe earned significant revenue in 2019 and is predicted to expand as a result of increased demand for new housing units, improved employment levels, and other factors. Furthermore, Europe is predicted to have a substantial possibility to grow throughout the forecast period, as Germany is home to Europe's best-performing machine and equipment sector. Furthermore, due to the rapid expansion and long-term influence of COVID-19 across Europe, nations such as Italy and Spain are anticipated to have poor development in 2020.

Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period. The rise of online shopping facilities, the availability of machinery on a rental basis, expanding government spending in infrastructure development, and increased capital investments are projected to boost growth in the region. Similarly, the Chinese government is investing in public infrastructure, renewable energy, and residential construction projects, all of which are driving up demand for construction equipment.  

LIST OF KEY COMPANIES PROFILED:  

· AB Volvo (Gothenburg, Sweden)

· Caterpillar Inc. (Illinois, U.S.)

· Komatsu Ltd. (Tokyo, Japan)

· Doosan Infracore North America LLC (Suwanee, Georgia)

· Hitachi Construction Machinery Co., Ltd. (Tokyo, Japan)

· J C Bamford Excavators Ltd. (Rocester, U.K.)

· Liebherr Group (Bulle, Switzerland)

· CNH Industrial N.V. (London, U.K.)

· Hyundai Construction Equipment Co., Ltd. (Seoul, South Korea)

· SANY Group (Beijing, China)

· Xuzhou Construction Machinery Group (XCMG) (China)

· ZOOMLION Heavy Industry Science & Technology Co., Ltd. (China)   

· Deere & Company.

KEY INDUSTRY DEVELOPMENTS:       

May 2021- Liebherr added a new 305t/336 tonnes haul truck to its T 274 haul truck lineup, filling the gap between the T 284 (363 t / 400 tonnes) and the updated T 264 (240 t / 265 tonnes).

October 2019- Volvo unveiled its first electric compact wheel loader for German tree farming offering emission-free and simple-to-maintain wheel loaders for a variety of tasks including pallet handling, material loading, grading, and sweeping.

SEGMENTATION

By Equipment Type

• Civil Engineering Equipment
• Material Handling Equipment & Cranes
• Earthmoving Equipment
• Concrete Equipment
• Road Building Equipment
• Crushing and Screening Equipment
• Others

By Drive Type

• Hydraulic
• Electric
• Hybrid

By Application

• Residential
• Commercial
• Industrial

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa