Latest News- Construction Machinery Market: Commercial is expected to lead the Application segment during 2024-2028

The Construction Machinery Market is being driven by Increased investment in infrastructure

The Construction Machinery Market is expected to grow at a CAGR of 3.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 37.3 billion. In the aftermath of the 2008 financial crisis, mining and construction companies have had to prioritize efficiency and adaptability to survive in the evolving global economic landscape. Procuring expensive construction machinery, such as tracked excavators, poses a significant challenge for firms undertaking small-scale projects or those with limited project durations. To mitigate this issue, many organizations have opted for machinery rental services. This approach enables them to save on the substantial upfront investment required for new equipment, as well as the associated maintenance costs, making their operations more economically viable. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Commercial
  • Residential
  • Infrastructure
• Product
  • Earthmoving machinery
  • Material handling machinery
  • Concrete and road construction machinery
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

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

• Increased investment in infrastructure
• Expanding manufacturing and distribution facilities
• New product launches

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

• Growing secondhand machine market
• Stringent regulations
• Lack of workforce in construction industry

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Market Scope in Construction Machinery Market Research Report

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Research Analysis Overview

The Construction Machinery Market encompasses various aspects, including hydraulic systems, engine technology, operator interface, and cabin design. Key considerations include maintenance intervals, service life, wear and tear, component replacement, fleet management, and remote monitoring. Predictive maintenance, service optimization, construction equipment financing, leasing options, and equipment rental are also significant factors. The used equipment market, remanufactured equipment, waste management, emissions standards, fuel alternatives, and safety regulations are additional elements. Skilled labor shortages, workforce training, infrastructure development, public-private partnerships (PPPs), sustainable construction practices, green building standards, LEED certification, energy efficiency, water conservation, smart construction, cloud computing, data visualization, and safety regulations are also crucial elements shaping the Construction Machinery Market.

Market Research Overview

The global construction machinery and heavy transportation equipment market encompasses a range of product segments, including heavy-duty trucks, compact earthmoving equipment such as backhoe loaders, material handling systems, road construction and compaction equipment, crushing and screening machinery, concrete equipment like concrete mixers, drilling rigs, civil engineering equipment, and various other related heavy machinery. Factors propelling the expansion of this market include the rapid pace of urbanization, resulting in substantial investments in construction projects. This trend is driven by the growing demand for residential properties, including single-family homes and multi-family dwellings, as well as the increasing need for commercial structures such as condominiums, hospitals, hotels, and offices.. 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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Email: media@technavio.com
Website: www.technavio.com/