The global Construction Equipment Market size is projected to reach USD 161.99 billion by 2030, registering a 3.9% CAGR from 2022 to 2030, according to a new study by Grand View Research Inc. Increasing investments by governments worldwide for developing public infrastructure is one of the prime factors that is expected to drive the market growth over the forecast period. Furthermore, the growing population in emerging economies such as India has resulted in increased residential and commercial construction activities, a trend that is expected to continue to increase the demand for construction equipment. Thus, the market is anticipated to grow steadily over the forecast period.
Favorable government initiatives are expected to drive
the growth of the market in the forthcoming years. For instance, in August
2021, the federal government of the U.S. announced stimulus packages including
USD 550 billion in new federal investment for modernizing infrastructure are
expected to drive construction spending in the country. Similarly, in 2019, the
Government of India announced to invest USD 1.4 trillion for infrastructure
projects from 2019 to 2023; this signifies the upcoming demand for construction
machinery in the country over the forecast period.
The COVID-19 outbreak hampered the growth of the
market, due to supply chain disruptions and temporary shutdowns of dealer
stores. However, in 2021, there was a sudden increase in demand for
construction equipment due to the resumption of construction activity for
halted and new projects. An abrupt demand for construction and infrastructure
resulting in a shortage of inventories leading to an increase in the price of
the commodity of base materials are expected to hinder the growth of the market
over the forecast period.
Related Press Release@ Construction Equipment Market Report
Construction Equipment Market
Report Highlights
- The earthmoving machinery segment dominated the market in 2021. The
segment is expected to witness progressive demand owing to the increasing
investments for industrial and commercial construction projects in
emerging economies of the Asia Pacific and the Middle East and Africa
- The material handling machinery segment is expected to
register a CAGR exceeding 4% over the forecast period. It can be ascribed
to an increase in demand for crawler cranes that offer greater convenience
and ease of accessibility in small construction sites, especially in urban
areas
- The concrete and road construction machinery is projected to expand
at a CAGR exceeding 5% over the forecast period. Favorable government
initiatives to increase their investment in highway construction are
anticipated to drive the growth of the segment
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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