Construction Machinery Market 2024-2028: Size and Growing secondhand machine market; growth driven by the Application, Some of key Companies Positioned Strategically

The construction machinery market size by Application (Commercial, Residential, and Infrastructure), Product (Earthmoving machinery, Material handling machinery, Concrete and road construction machinery, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa), is forecast to increase by USD 37.3 billion. The market is expected to grow at a CAGR of  almost 3.78% between 2024 and 2028.

• The global construction machinery market is currently confronted with a significant hurdle: the sluggish expansion of the secondary market for used construction machinery. This situation is largely attributed to the closure of numerous manufacturing and mining industries in the US and Europe, particularly in countries like Romania and Germany, due to elevated labor costs and stringent environmental regulations. Consequently, an oversupply of secondhand construction machinery, primarily excavators, from Europe and the US has emerged. In response, Asian contractors and mining firms have shown a strong interest in acquiring these affordable used machines, particularly in rapidly developing economies such as China, India, and Pakistan.
• The construction machinery market witnesses significant growth due to the increasing infrastructure development and housing sector projects worldwide. Key players in this industry include Caterpillar, Komatsu, and Volvo Construction Equipment, who continuously innovate to meet the evolving demands of customers. Market trends include the adoption of electric and autonomous machinery, as well as the integration of IoT and advanced analytics for improved efficiency and productivity.

Access the full report to know who are the other key countries segment-wise forecast and historic data

Some of the Key Companies:

• AB Volvo
• Caterpillar Inc.
• CNH Industrial NV
• Deere and Co.
• Doosan Bobcat Inc.
• Hitachi Ltd.
• Hyundai Motor Co.
• J C Bamford Excavators Ltd.
• Kawasaki Heavy Industries Ltd.
• Kobe Steel Ltd.
• Komatsu Ltd.
• Liebherr International Deutschland GmbH
• Linamar Corp.
• Manitou BF SA
• Sany Group
• Tadano Ltd.
• Terex Corp.
• Xuzhou Construction Machinery Group Co. Ltd.
• Yanmar Holdings Co. Ltd.
• Zoomlion Heavy Industry Science and Technology Co. Ltd.

Contacts

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/