The Construction Machinery Market encompasses a wide range of equipment used in various phases of construction projects. From earthmoving and excavating machines to concrete mixers and cranes, these tools play a vital role in enhancing efficiency and productivity on construction sites. With advancing technology and growing urbanization, the construction machinery market continues to evolve, offering innovative solutions to meet the demands of modern infrastructure development.
The Construction Machinery Market Is Projected To Reach USD 185.19 Billion By 2026 From USD 140.04 Billion In 2021, At A CAGR Of 4.07% During The Forecast Period. This Growth Is Triggered By Various Factors Which Cover Various Aspects, Like Increase In Infrastructure Investments Post-COVID-19 Pandemic Is Likely To Fuel The Demand For Construction Machinery And Increasing Investments In Urban Infrastructure Are Expected To Drive The Construction Sector, And Thereby Is Expected To Boost The Construction Machinery Market During The Forecast Period.
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Sales On The European Construction Machinery Market Went Down By 6.4% In 2020. This Seemingly Modest Drop Is Due To The Performance Of High-Volume Light And Compact Equipment, Whose Sales Were Almost Unaffected At -3%. In Contrast, Heavy Construction Machinery Suffered A 19% Fall In Sales, In What Emerged As A Challenging Year. Indeed, Less Expensive Machines Were Sold At Almost Normal Levels During The Pandemic, While Investment In More Capital-Intensive Equipment Suffered From The Economic Uncertainty. These Economic Figures Are The Result Of A Combination Of Anticipated Cyclical Downturn After Years Of Growth And A Slowdown In Business Activity Due To The Covid Pandemic. Unlike Earlier Years, Earthmoving Equipment, Road Equipment, Concrete Equipment, And The Tower Cranes Business Experienced Similar Market Patterns, Despite The Impact Of Stronger Sales Of Light Equipment.
According To Market Data Library, The European Construction Machinery Market Size Was Estimated At USD 26443.91 Million In 2020 And Is Projected To Reach USD 32501.33 Million By 2028, Exhibiting A CAGR Of 2.61% During The Forecast Period.
Construction Machinery Market Segmentation
The global construction machinery market is segmented by product type, application, and region. By product type, the market is segmented into earthmoving equipment, lifting equipment, road construction equipment, concrete machinery, and others. The earthmoving equipment segment is expected to dominate the market during the forecast period, owing to the increasing demand for excavators, loaders, and dump trucks in construction projects.
By application, the market is segmented into residential construction, commercial construction, infrastructure construction, and others. The infrastructure construction segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing government spending on infrastructure development in developing countries.
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate the market during the forecast period, owing to the rapid urbanization and growing infrastructure development in the region.
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Construction Machinery Market Top Players
Some of the key players operating in the global construction machinery market are:
- Caterpillar Inc.
- Komatsu Ltd.
- CNH Industrial NV
- Deere & Company
- Hitachi Construction Machinery Co. Ltd.
- Volvo Construction Equipment
- JCB
- Liebherr Group
- Terex Corporation
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Construction Machinery Market Key Trends
Some of the key trends in the global construction machinery market include:
- Increasing demand for infrastructure development in developing countries
- Rapid urbanization
- Rising adoption of automation in the construction industry
- Development of new technologies for construction machinery
- Growing demand for energy-efficient construction machinery
Market Outlook
The global construction machinery market is expected to grow at a healthy CAGR during the forecast period. The growth of the market is driven by the increasing demand for infrastructure development in developing countries, rapid urbanization, and the rising adoption of automation in the construction industry. The development of new technologies for construction machinery and the growing demand for energy-efficient construction machinery are also expected to boost the growth of the market during the forecast period.
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