Construction Equipment Market Size to Hit $223. 1 billion by 2027… – Yahoo Finance


MarketsandMarkets Research Pvt. Ltd.

MarketsandMarkets Research Pvt. Ltd.

Chicago, Jan. 17, 2023 (GLOBE NEWSWIRE) — Construction Equipment Market is estimated to grow from USD 180. 4 billion in 2022 to reach USD 223. 1 billion by 2027, at a CAGR of 4. 3% over the forecast period, according to a new report simply by MarketsandMarkets™.  

Browse in-depth TOC on   ” Construction Gear Market ”     
470 – Tables
72 – Figures           
486 – Pages

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Report Attributes

Details

Market size value in 2022:

  UNITED STATES DOLLAR 180. four Billion

Projected to achieve 2027:

  USD 223. 1  Billion

CAGR:

  4. 3%

Base Year Considered:

  2021

Forecast Period:

  2022-2027

Largest Market:

  Asia Pacific

Region Covered:

Asia Oceania, Europe, North America, and RoW

Segments Protected:

Equipment Type, Equipment Category, Propulsion Kind, Power Output, Engine Capacity, Application, and Region

Companies Covered:

Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Building Machinery Co., Ltd. (Japan), Xuzhou Structure Machinery Group (China), plus SANY Team (China)

The market is expected to witness growth due to the development associated with public-private capital investments, increase in the number of the commercial projects, and restart of the infrastructure projects sanctioned by governments after the pandemic situation.

Marketplace Dynamics

DRIVER: Growth inside infrastructure developments to increase the sale of construction equipment

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

OPPORTUNITY: Trend for the autonomous design equipment

The Design Equipment Market is witnessing a lot of technological advancements for more optimized plus reliable products. The need 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 working vehicle segment. Construction work is well-suited for autonomous machinery as the tasks are repetitive, physical, precise, plus time sensitive. This is usually driving the demand with regard to the development of autonomous construction equipment. Manufacturers are developing autonomous building equipment which works on wireless communication technologies simply by interfering along with radio signals from other gear, receiving commands, and reporting status. It assures improved safety, improved productivity, and reduced unscheduled maintenance. Therefore, the trend regarding autonomous structure equipment would create an opportunity for that Construction Tools Market to develop and grow during the particular forecast period.

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The industrial application section of Construction Equipment Market is estimated to be the largest growing portion

According to MarketsandMarkets statistics, the commercial application segment associated with Construction Devices Market is estimated as the largest growing segment throughout the forecast time period. The growing commercial tasks across the particular globe like the Beijing New International Airport (China), South to North Water Transfer Project (China), the design from the Mall of Saudi, worth UNITED STATES DOLLAR 3. 2 billion within the city of Riyadh, which is due in order to be completed by 2022 and such others are projects are creating opportunity intended for the growth of the Building Equipment Market.

Asia is approximated to be the biggest market to get Construction Apparatus

Asian countries is estimated as the largest market due to significant growth within the construction routines in The far east, Japan, Indian, and Indonesia. The region is anticipated to lead the market by 2027. The Asian countries Construction Machines Market will be witnessing impressive growth due to the growth in terms of the number of projects such as dams, airports, and hydroelectric projects, due to which many international companies have started their manufacturing plants in this region. Some associated with the major industry players from Asia are Komatsu Ltd. (Japan), Hitachi Structure Machinery Company., Ltd. (Japan), SANY Group (China), and others.

Key Market Players:

The particular Construction Equipment Market is usually dominated by giants like Caterpillar (U. S. ), Komatsu Limited. (Japan), Deere & Company (U. S. ), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Equipment Group (China), SANY Team (China), A. B. Volvo (Sweden), Liebherr (Germany), CNH Industrial N. V (U. K. ), Doosan Enerbility (South Korea), JCB (U. K. ), Terex Corporation (U. H. ), Zoomlion Heavy Industries Science & Technology Co., Ltd. (China), Kobelco Design Machinery Company., Ltd. (Japan), KUBOTA Company (Japan), Yanmar Holdings Co., Ltd. (Japan), Sumitomo Heavy Industries (Japan), Sumitomo Large Industries Construction Cranes Company., Ltd. (Japan), and Sumitomo Construction Machinery Co., Limited. (Japan).

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