According to our new research study on "Construction Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Equipment Type and Application," the market is expected to grow from US$ 126,062.8 million in 2022 to US$ 223,451.1 million by 2028. It is estimated to grow at a CAGR of 10.0% from 2022 to 2028.
The construction equipment market in the region of North America is segmented into the US, Canada, and Mexico. The surging construction activities and the rising demand for construction equipment in residential as well as commercial buildings across the region is expected to boost the market growth during the forecast period. The growing penetration of sustainable products is also impacting the construction techniques, such as introduction of environment friendly equipment, vehicles and other innovative construction equipment, that is expected to support the construction equipment market expansion in North America in the coming years. The above factors backed by the government support, to develop the smart industrial sector is likely to fuel the demand for the construction equipment market in this region during the forecast period.
After the COVID-19 pandemic, industrial real estate became resilient. This has greatly increased demand for distribution space and quickly accelerated the e-commerce expansion. According to research from June 2021, the US would need to increase the amount of warehouse space by 330 million square feet by 2025 to keep up with the anticipated growth in e-commerce sales during that time. Demand for warehouse space is outpacing availability by a wide margin in Canada, which has caused an increase in industrial building. Canada will need an additional 40 million square feet of warehouse space over the next five years to fulfil demand by 2025, following a 32% increase in online sales in 2021. The commercial construction equipment market in the US is significantly growing with the rise in investments toward modernized and technologically advanced building infrastructure. Moreover, the country is also witnessing a surge in commercial building infrastructure construction on the back of continuous growth in the economy The Canadian government is likely to increase spending on housing and renewable energy programs in keeping with its electoral commitments. In its election platform, the party stated that it would invest CAD 2.7 billion (US$ 2.1 billion) during the following four years to construct or repair 1.4 million affordable housing units and that by the end of the decade, greenhouse gas emissions would be reduced by 40–45% below 2005 level0s, boosting demand for smart building monitoring in the construction equipment market
The COVID-19 pandemic created a high need for infrastructure in hospitals, clinics, and other medical facility centers, such as laboratories, shipping, and logistics. Furthermore, since the outbreak, the market in several countries is operating at a semblance of normalcy. As a result, demand for products and equipment in the Asia-Pacific heavy construction equipment market is expected to increase in the coming years. Furthermore, the rapid development of infrastructure and the availability of corporate capital investments in growing economies such as China and India in APAC boosted the demand for heavy construction equipment across the region.
Based on equipment type, the construction equipment market is segmented into heavy construction vehicles, earthmoving equipment, material handling equipment, and others. The heavy construction vehicles segment led the market in 2021. Based on application, the market is segmented into residential, commercial, and industrial. The commercial segment led the market in 2021. Based on geography, the global construction equipment market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Asia-Pacific dominated the market in 2021.
Impact of COVID-19 Pandemic on Construction Equipment Market
In 2020, the COVID-19 pandemic hampered construction activities. As a result, construction equipment sales have decreased across the world. Infrastructure investments; residential, commercial, and industrial construction; underground and well construction; and institutional expenditure affect construction equipment manufacturers. The US, the UK, China, and India are among the countries that have been disproportionately affected. According to the International Construction Group, the delivery of over one-quarter of all projects (22.7%) was delayed by more than 250 days, and more than one-tenth of all projects (13.4%) were delayed by more than a year in 2020. However, projects of hospitals and other medical facilities, labs, and shipping and logistics infrastructure are in limited supply. Furthermore, several nations have begun to gradually resume activities various industries, including the construction industry. India and China have started industrial and commercial construction projects. In April 2021, industrial output climbed for the first time since January 2021, as countries began to implement new projects. Therefore, the demand for excavators, backhoe loaders, compactors, dozers, and other construction equipment surged.
Caterpillar Inc.; CNH Industrial N.V.; Hitachi Construction Machinery Co., Ltd; J C Bamford Excavators Ltd.; Deere & Company; Komatsu Ltd.; Liebherr-International Deutschland GmbH; Terex Corporation; Volvo CE; and Zoomlion Heavy Industry Science and Technology Co., Ltd. are among the major companies operating in the construction equipment market.
Report : Construction Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others) and Application (Residential, Commercial, and Industrial)
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