Latest News- Construction Equipment Market: Owned equipment is expected to lead the Product segment during 2024-2028

The Construction Equipment Market is being driven by Rising number of new construction equipment launches

The Construction Equipment Market is expected to grow at a CAGR of 5.21% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3799 million. The global construction equipment market is experiencing a significant shift towards electric equipment, driven by the construction industry's increasing focus on sustainability and environmental responsibility. Electric construction equipment offers numerous advantages, including lower operating costs, reduced carbon footprint, quieter operation, and improved efficiency, making them an attractive option for companies seeking to enhance their environmental performance and operational efficiency. Stringent emissions regulations are also fueling this trend, as electric equipment produces significantly lower emissions compared to diesel-powered alternatives. This adoption of electric construction equipment is expected to continue, as the industry prioritizes sustainability and seeks to reduce its environmental impact. 

Get more information on Construction Equipment Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Owned equipment
  • Rented equipment
  • Leased equipment
• Application
  • Commercial
  • Residential
  • Infrastructure
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising number of new construction equipment launches
• Expanding manufacturing and distribution facilities by market vendors
• Increase in building and construction activities

However, the market also witnesses some limitations, which are as follows:

• High initial cost and maintenance of construction equipment
• Stringent regulations on construction industry
• Lack of workforce in construction industry

Benefits of Buying Global Construction Equipment Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Construction Equipment Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The construction equipment market is experiencing significant growth due to the increasing demand for infrastructure projects focusing on sustainability. Electric construction equipment, autonomous machinery, and battery technology are driving innovation. Diesel engines and hybrid dump trucks are being replaced by eco-friendly alternatives due to emission laws. Construction activities in mining, agriculture, forestry, material handling, waste management, municipal services, and road infrastructure are major consumers. Technological integration of automated equipment and construction machinery is enhancing efficiency. National highway projects and various sectors like forklifts, pavers, dozers, are key markets.

Market Research Overview

The global construction and engineering market encompasses businesses specializing in non-residential construction, including engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. This market excludes entities involved in residential construction. According to Technavio, the market size is determined by the consolidated revenue generated by these non-residential sector participants. Key growth drivers for the construction and engineering market include the surging investment in urban infrastructure. With increasing urban populations and escalating demands for transportation, communication services, and essential utilities like water and electricity, the need for advanced construction equipment such as heavy construction machinery, excavators and backhoes, bulldozers and graders, forklifts in construction, road construction equipment, earthmoving equipment, concrete mixers, trenchers, plows, loader market growth, compact construction equipment, and off-highway vehicles, as well as rental construction equipment, is on the rise. These factors collectively contribute to the expansion of the global construction and engineering market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/