Latest News- Construction Equipment Market: Owned equipment is expected to lead the Product segment during 2025-2029

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 4.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 34 million. The global construction equipment market is experiencing a significant trend towards the adoption of electric construction equipment. This shift is driven by several factors, including the increasing priority given to sustainability and environmental responsibility within the industry, stringent emissions regulations, and the numerous advantages offered by electric technology. Electric construction equipment boasts lower operating costs, a reduced carbon footprint, quieter operation, and enhanced efficiency, making it an attractive choice for companies seeking to optimize their environmental performance and operational efficiency. The environmental benefits of electric equipment, such as reduced emissions, align with regulatory requirements and industry expectations, further fueling its adoption. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Owned equipment
  • Rented equipment
  • Leased equipment
• Application
  • Residential
  • Infrastructure
  • Commercial
• Type
  • Earthmoving equipment
  • Material handling equipment
  • Road construction equipment
  • Concrete equipment
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • Middle East and Africa
  • South America
    • Brazil

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 in focus companies
• 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

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Market Scope in Construction Equipment Market Research Report

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Research Analysis Overview

The construction equipment market is witnessing significant growth due to the increasing focus on sustainable projects and infrastructure development. Electric construction equipment, autonomous machinery, and technological integration are driving this trend. Battery technology, hybrid dump trucks, and emission laws are key factors influencing the shift from diesel engines. Material handling, waste management, municipal services, and automated equipment are other areas benefiting from advancements in construction machinery. National highway projects and road infrastructure are major consumers of construction equipment, with a focus on equipment efficiency and technological integration.

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 increasing demand for urban infrastructure development. With expanding urban populations, there is a heightened need for transportation, communication services, and essential utilities such as water and electricity. Consequently, the market for heavy construction machinery, including excavators, backhoes, bulldozers, graders, forklifts, road construction equipment, earthmoving machinery, concrete mixers, trenchers, and plows, is poised for significant expansion. The loader market is also projected to witness robust growth due to the increasing demand for compact construction equipment.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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