Press Release

Construction Equipment Market to Reach USD 156 Billion in 2024, Growing at a CAGR of 3.01% 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, says MarkNtel Advisors in their research report. The market growth is attributed primarily to the growing infrastructural developments worldwide. Moreover, the increasing number of smart city projects and snowballing construction of residential & commercial buildings are also boosting the construction equipment market globally. In addition, emerging economies are increasingly focusing on constructing new infrastructures to meet the burgeoning demand for residential spaces. On the other hand, developed economies are renovating their old infrastructure as per the evolving geopolitical requirements. Hence, the increasing expenditure on construction activities is driving the global market, further states the research report, “Global Construction Equipment Market Analysis, 2024.”

Global Construction Equipment Market Segmentation Analysis

Substantially Growing Demand for Material Handling Equipment through 2030

Material handling equipment helps the movement & storage of products & materials. These types of equipment, used commonly in warehouses & manufacturing plants, are highly beneficial for logistics in manufacturing sites and help enhance overall productivity. The rising need for proper utilization of floor space, efficient supply chain, and reduced downtime at manufacturing plants are the major factors fueling the demand for material handling equipment. Further, the growing trend of automation in the construction industry is another crucial aspect projected to provide lucrative opportunities for material handling equipment manufacturers in the coming years. Hence, considering this, major market players are focusing on developing technologically advanced equipment, which, in turn, is contributing to the overall market growth.

Middle East and Africa are expected to lead the Construction Equipment Market

The Middle East and Africa are expected to lead the Construction Equipment Market, holding the largest share during the forecast period. This dominance is due to the focus of the governments in the region on diversifying their economies away from oil and improving overall infrastructure to attract foreign investments. This has resulted in a surge of construction and development activities across residential, commercial, and industrial sectors, leading to a high and sustained demand for construction equipment. As a result, there are increasing growth opportunities for major players to expand their production and distribution capabilities to meet the rising demands in the region. 

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Caterpillar, Volvo, Komatsu, CNH Industrial, Liebherr, Hitachi Construction, John Deere, Dooson, JCB, Terex, CEAT Limited, and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-2030?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?