Publication Month: Jun 2022 | Report Code: TIPRE00007469 | No. of Pages: 157 | Category: Manufacturing and Construction | Status: Published
Heavy-duty vehicles developed specifically to carry out construction duties, most commonly earthwork operations, are referred to as construction equipment. The proper use of suitable equipment helps to the project's economy, quality, safety, speed, and timeliness. It is not always desired or feasible for the contractor to possess all of the construction equipment needed for the project. Excavating, digging dirt, moving it over great distances, placement, compacting, levelling, dozing, grading, and hauling are among the main processes involved in the building of any construction project.
Various excavation duties, such as excavating and moving the ground, are carried out with earthmoving equipment. Earthmoving equipment are available in various shapes and sizes. They are mostly used for repairing, constructing, elevating, agricultural, and demolition purposes. Excavators are earth-moving machines with buckets, arms, rotating cabs, and moveable tracks. A backhoe, also known as a rear actor or back digger, is a kind of excavation equipment having a digging bucket attached to the end of a two-part articulated arm. Loader is a construction machine that moves or loads materials, including asphalt, demolition waste, dirt, snow, feed, gravel, logs, raw minerals, recycled material, rock, sand, and woodchips, into or onto another type of machinery.
|Market Size Value in||US$ 126,062.8 million in 2022|
|Market Size Value by||US$ 223,451.1 million by 2028|
|Growth rate||CAGR of 10.0% from 2022 to 2028.|
|No. of Pages||157|
|No. of Tables||61|
|No. of Charts & Figures||74|
|Historical data available||Yes|
|Segments covered||Equipment Type and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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.
Economic activities across the world were considerably stifled due to the COVID-19 pandemic. There were huge investments in infrastructure during 2020-21, which provided momentum to the infrastructure industry growth. Infrastructure investments in electricity generation, national highway construction, railways, and shipping cargo propel the demand for construction equipment. In emerging economies, a few core infrastructure industries including coal, crude oil, steel, and cement exhibited the growth index in 2021. These factors positively impacted the construction equipment market growth. Infrastructure investment has a long-term impact on product development, which can boost GDP in long run, albeit the scale of these effects is unknown. Most countries, specifically in Middle East, have established a quadrilateral economic forum to focus on infrastructure development projects in the region. To facilitate communication among employees and with consumers, businesses use digital solutions and channels. Governments and educational institutions have done so as well.
A large number of construction equipment is used than ever, owing to the growing number of commercial, residential, and industrial projects requiring heavy-duty tools and machinery to get the job done. In huge projects, heavy construction equipment is employed for various tasks. The choice of heavy equipment types is based on the scope and cost of the project. These factors facilitate and speed up the construction process. Excavators are a vital and frequently used piece of equipment in the construction sector.
Based on application, the construction equipment market is segmented into residential, commercial, and industrial. A construction tool known as an asphalt mixing plant is used to produce coated roadstone and other types of asphalt concrete for use in road construction projects. Road rollers are essentially compactor-style engineering machines that push down earth, gravel, concrete, or asphalt while building roads and foundations. For installing precast piles for skyscrapers and other enormous industrial complexes needing deep foundations, a pile boring machine is used to create vertical holes on a construction site, resulting in the growth of the construction equipment market.
The construction equipment market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors. In June 2022, Caterpillar Inc. announced that its worldwide headquarters will be relocated from Deerfield, Illinois to the company's existing facility in Irving, Texas. The company will begin transitioning its headquarters to Irving in 2022.
Based on equipment type, the construction equipment market is segmented into heavy construction vehicles, earthmoving equipment, material handling equipment, and others. The market, based on application, is segmented into residential, commercial, and industrial. Based on region, the global construction equipment market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The List of Companies -Construction Equipment Market