Construction Machinery Market Size to grow by USD 37.3 billion between 2024-2028
According to a research report “ Construction Machinery Market” by Application (Commercial, Residential, Infrastructure) Product (Earthmoving machinery, Material handling machinery, Concrete and road construction machinery, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 37.3 billion, at a CAGR of almost 3.78% during the forecast period. The global construction machinery market is poised for substantial growth due to the surge in investment in infrastructure projects worldwide. Notably, China's USD13.1 billion commitment towards the development and construction of the Beijing International Airport, with a capacity to accommodate 72 million passengers by 2025, underscores this trend. Furthermore, governments' increasing focus on sports infrastructure development, such as Qatar's USD20 billion investment in nine new stadiums and three renovations for the 2022 FIFA World Cup, signifies significant capital expenditure on capital-intensive projects. Consequently, the construction machinery market is anticipated to experience robust expansion throughout the forecast period.
Browse market data tables, figures, and in-depth TOC on “Construction Machinery Market” by Application (Commercial, Residential, Infrastructure) Product (Earthmoving machinery, Material handling machinery, Concrete and road construction machinery, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Application, the Commercial segment is projected to dominate the market size in 2024
The earthmoving machinery segment of the construction machinery market encompasses mobile and power-propelled equipment used for carrying, digging, spreading, or moving earth or materials. Key products within this segment include excavators, loaders, dozers, and motor graders, which are essential for excavating large quantities of earth, digging foundations, and landscaping projects. The expanding infrastructure sector, driven by significant investment from both the public and private sectors, presents lucrative growth opportunities for market participants in the earthmoving machinery segment. Furthermore, the rapid urbanization trend, particularly in developing countries, is projected to result in an increase in the number of megacities during the forecast period, thereby creating a substantial demand for earthmoving machinery.
By Product, Earthmoving machinery segment is expected to hold the largest market size for the year 2024
The commercial construction sector encompasses the development of structures for businesses, including retail establishments, hospitality venues, educational institutions, healthcare facilities, and industrial buildings. This segment is poised for substantial expansion as both established and emerging economies allocate substantial resources towards commercial infrastructure development throughout the forecast period. The global commercial construction industry is projected to experience robust growth, with notable expansion occurring in the Middle East, particularly in the UAE, Qatar, and Saudi Arabia, due to substantial investments in commercial projects. Additionally, developing economies, such as China, India, Indonesia, and Brazil, are anticipated to invest heavily in the non-residential construction sector to address the burgeoning demands for entertainment, education, and healthcare facilities.
APAC is forecasted to hold the largest market size by region in 2024
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.
The Construction Machinery Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The construction machinery market encompasses a wide range of traditional equipment used in various industries, including municipal services, waste management, and forestry. These industries rely heavily on construction machinery for tasks such as drilling holes, lifting containers, and earthmoving in the context of construction activities. In the municipal services industry, equipment efficiency is crucial for waste management and infrastructure development. Digitalization and connectivity are transforming the sector, with Liebherr's advanced technology leading the way. In the waste management industry, heavy machinery plays a significant role in collecting, transporting, and processing waste. Public-private partnerships (PPPs) are increasingly common in the construction machinery market, particularly in the development of industrial buildings for commercial and residential use. Rental companies offer flexible solutions for businesses and projects of varying sizes and durations. Construction equipment, including earthmoving machinery, is essential for infrastructure development and the construction of industrial and commercial buildings. Digitalization and connectivity are revolutionizing the industry, improving efficiency and productivity. Liebherr's commitment to innovation continues to drive advancements in construction machinery, ensuring that the market remains dynamic and responsive to the evolving needs of industries.
Market Research Overview
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