The Construction Equipment Market in Europe is being driven by Increasing government infrastructure investments
The Construction Equipment Market in Europe is expected to grow at a CAGR of 3.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7.1 billion. The European construction equipment market is witnessing a significant shift towards electrically-powered machinery, including excavators, loaders, and compactors. Strict environmental regulations and escalating sustainability concerns are primary catalysts for this transition. Notably, countries like Norway are spearheading this movement, aiming to prohibit the sale of fossil-fueled construction equipment by 2025. Electric construction equipment offers numerous advantages, such as reduced emissions, quieter operation, and lower operating costs, making it an attractive choice for companies seeking cost-effective and eco-friendly solutions.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
228 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.3% |
Market growth 2025-2029 |
USD 7.1 billion |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
3.2 |
Key countries |
Germany, France, UK, Italy, and Rest of Europe |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The European construction equipment market encompasses various sectors, including infrastructure projects, transportation, and housing, which utilize machinery such as cranes, telescopic handling equipment, loaders and backhoes, motor graders, and earthmoving machinery like excavators. OEMs like Mack Trucks provide IC engines for these machines, adhering to emission norms through technologies like diesel particulate filters and engine technologies. Automation, AI-driven analytics, IoT, augmented reality, and virtual reality are transforming the industry. Non-road mobile machinery, inland waterway vessels, railroad engines, and off-road recreational vehicles are also part of this market. AI-based twin technology and light-duty vehicles are emerging trends.
The European construction equipment market is a significant segment of the global construction machinery and heavy transportation equipment market. Key end-use sectors include infrastructure projects, transportation, housing, and green city initiatives. Market growth is driven by urbanization trends, leading to increased demand for residential properties and subsequent investments in construction projects. Product categories encompass heavy-duty trucks, compact earthmoving equipment, road construction and compaction machinery, crushing and screening equipment, concrete equipment, civil engineering tools, lifting devices, and related technologies. Compliance with stringent emission norms is a critical factor shaping market dynamics.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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