Top Companies in Construction Equipment Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
Construction Equipment Market is projected to reach USD 228.4 Billion by 2028 at a CAGR of 4.10% over the forecast period.
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Market Overview
The Global Construction Equipment Market is valued at USD 179.5 Billion in 2021 and is projected to reach USD 228.4 Billion by 2028 at a CAGR of 4.10% over the forecast period. One of the main factors affecting the market growth is the significant increase in housing projects and commercial infrastructure construction due to fast urbanization and the growing world population. In addition, a lack of qualified workers and a growing focus on reducing total project costs and completion times are driving an increase in automation in the construction industry. Growth in the market is also driven by rising investments in creating new and enhancing current public infrastructure. Additionally, several firms are creating environmentally friendly machinery to meet strict noise emission standards. To improve operational capabilities, they are also integrating telematics and safety technology, such as lift assist and touchscreen infotainment systems, which is anticipated to generate a positive market outlook.
Due to the enormous increase in residential and commercial infrastructure buildings due to fast urbanization and a rising worldwide population, Construction Equipment is increasingly becoming more popular. The rising urbanization significantly raises the need for infrastructures like housing and transportation. These elements will significantly support market expansion during the anticipated term.
However, the multifaceted legal framework is anticipated to be replaced with a single, all-encompassing rule thanks to the harmonized emission regulations. Because of this, it is challenging for producers of Construction Equipment to fully adhere to the most recent emission requirements for different nations worldwide. Therefore, it becomes challenging for producers of Construction Equipment to fully comply with the most recent emission requirements for various nations across the world in terms of engine technology, design, and even costs, which impedes overall growth.
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Amidst Exponential Growth in Construction Equipment Adoption, What Trends Should We look forward to?
- The electrification of the Construction Equipment business offers significant opportunities and design alternatives. Automobiles, buses, and construction machinery are just a few examples of the industry segments where electrification is becoming increasingly prevalent. This has been made possible by the development of affordable, advanced technologies and stricter emissions regulations that have changed the outlook for the Construction Equipment business.
- The need for Construction Equipment is anticipated to be driven by the infrastructure sector and various cutting-edge Construction Equipment in rental fleets.
- Rapid urbanization and industrialization promote economic growth, job opportunities, and national development, particularly in developing nations.
- The global industry is seeing an increased demand for rental services. The new regional and local businesses are anticipated to make their mark on the rental service industry and generate significant earnings from their local clientele. To increase their earnings, large construction companies focus mostly on the following industries: general infrastructure, oil and gas, utility and electrical, and commercial and residential buildings.
The Construction Equipment market is dominated by globally established players such as AB VOLVO, CATERPILLAR INC., CNH Industrial N.V., DEERE & COMPANY, DOOSAN INFRACORE CO. LTD., HITACHI LTD., J C BAMFORD EXCAVATORS LTD., KOMATSU LTD., Liebherr-International AG, and XCMG GROUP. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Construction Equipment market.
Let's Look at the Top 5 Companies That are Taking the Construction Equipment Market by Storm
The Construction Equipment market is expected to grow from USD 179.5 billion in 2021 to USD 228.4 billion in 2028 due to the expansion of commercial buildings, including I.T. parks, shopping centers, and other government structures. Business expansion will be aided by construction companies and building contractors directing their attention to accelerating construction operations without sacrificing safety and security.
- AB VOLVO
By offering finance choices, services that increase customer productivity and uptime, trucks, buses, and Construction Equipment, Volvo Group supports prosperity by offering infrastructure and transportation solutions.
- CATERPILLAR INC.
Caterpillar Inc. is the world's largest manufacturer of off-highway diesel and natural gas engines, Construction Equipment, industrial gas turbines, and diesel-electric locomotives. For almost a century, it has helped clients build a better, more sustainable world, and it is committed to and actively contributing to a future with lower carbon emissions.
- CNH Industrial N.V.
CNH Industrial is a global producer of capital goods with an emphasis on items and services for the building, mining, and agricultural sectors. Among the brands that the corporation operates under are Case I.H., New Holland Agriculture, CASE, and New Holland Construction Equipment.
- DEERE & COMPANY
Deere & Company provides a full line of creative solutions for its customers in a variety of production systems throughout the lifecycle of its Construction Equipment through a portfolio of more than 25 brands under its umbrella. Here is a selection of these brands.
- Liebherr-International AG
Liebherr has stood for a broad, constantly expanding variety of high-end goods and services for more than 70 years. Customer benefit is ensured in all product areas by exceptionally useful, seasoned, proven Construction Equipment and a continual high-quality level.
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