Construction Equipment Market worth $194.7 billion by 2030 - Exclusive Report by MarketsandMarkets™

1. Construction Equipment Market worth $194.7 billion by 2030 - Exclusive Report by MarketsandMarkets™ NEWS PROVIDED BY MarketsandMarkets 12 Sep, 2023, 01:42 ET  CHICAGO, Sept. 12, 2023 /PRNewswire/ -- Construction Equipment Market is projected to grow from USD 149.7 billion in 2023 to USD 194.7 billion by 2030, at a CAGR of 3.8%, according to a new report by MarketsandMarkets™. The sales of Construction Equipment are observed to have dropped due to the recession impact between 2023 and 2025 and hence show a declining trend in China, the US, Russia, and South Africa. This downside is due to in?ation, a severe issue throughout 2022, and while improving, it remained high in early 2023. In addition to this, the war in Ukraine continues to enhance in?ationary pressures worldwide. But, after 2025, the growth in construction equipment sales will revive, attributed to the regional recovery in the construction output and the increasing construction activities. In European countries, the decline in construction equipment sales is negligible due to the strong infrastructure developments that stimulate the sales of large construction equipment market growth. Additionally, new product launches in the trend of electric and compact construction equipment would create promising growth opportunities in the Construction Equipment market. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp? id=179948937  Browse in-depth TOC on "Construction Equipment Market".

2. 90 – Tables 75 – Figures        450 - Pages Construction Equipment Market Scope: Report Coverage Details Market Size USD 194.7 billion by 2030 Growth Rate 3.8% of CAGR Largest Market Asia Oceania Market Dynamics Drivers, Restraints, Opportunities & Challenges Forecast Period 2023-2030 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends By Equipment Type, Equipment Category, Power Output, Propulsion, Engine Capacity, Application, Rental Application, Electric Segments Covered Equipment Type, Battery Chemistry, Compact Equipment Shipment By OEM, Aftertreatment Device and Region. Geographies Asia, North America, Europe, The Middle East, and the Rest of the World [RoW] Covered Report Highlights Updated financial information / product portfolio of players Key Market Government mandates telematics and e-call services Opportunities Key Market Drivers Growth in infrastructure development globally and rising demand for compact construction equipment 'Crawler excavator is estimated to account for the largest market in 2023.' Crawler excavators accounted for the maximum share in all construction equipment types as it is an all-around excavator used for demolishing surfaces and structures, digging sites, trenching, and lifting heavy objects.  With rising urban infrastructure development (roads, metros, airports, etc.), real estate business, and other commercial buildings (malls, shopping centers), the crawler excavators would be the most preferred equipment due to their versatile work nature in con?ned spaces. Further, crawler excavators ?nd applications for quarrying and aggregates in the agriculture, landscaping, and forestry industries. Additionally, key OEMs offer advanced-designed crawler excavators like CASE excavators, which deliver up to 17% more horsepower, faster cycle times, and lower fuel costs. Also, in 2023, Develon, formerly Doosan Construction Equipment, launched its new DX140LC-7K (14.6 tonne) crawler excavator. These excavators are designed for high performance and durability. These products are versatile; they can be equipped with various attachments such as buckets, hydraulic hammers, grapples, and drills. This makes them suitable for multiple applications - from digging and grading to demolition and material handling. Thus, owing to 

3. its ability to navigate challenging rough or muddy terrains with a high range of versatility and adaptability, crawler excavators are expected to dominate the construction equipment market over the forecast period. >10L engine capacity construction equipment to register the fastest growth during the forecast period. Diesel engines with >10L are projected to notice the highest growth rate as these are preferred in heavy construction equipment owing to large torque and power requirements. Construction equipment such as excavators, loaders, and articulated dump trucks are usually equipped with these large engines. The demand for this equipment is highest in Asian countries owing to extensive infrastructure and development projects. Developing countries such as China and India have showcased increased demand for heavy-duty equipment with engine capacity >10L due to increased road tunnel construction activities and smart city projects in the region and China, its Belt and Road Initiative (BRI) crossed the USD 1.016 trillion mark with about USD 596 Bn in construction contracts. The Indian government is working towards expanding the national highway network to 2 lakh km by 2025 with an investment of USD 350 Bn. Such projects upsurge the demand for large and heavy construction equipment with larger engine capacity for handling huge quantities of materials and complex construction tasks, which also provide better productivity, and the revenue generation through this equipment is better than the small construction equipment. Construction equipment manufacturers are focusing on the development of alternate fuel-powered equipment. For instance, in May 2022, Tata Hitachi India introduced the CNG-compliant ZW225 wheeled loader. Asia Paci?c is estimated to be the dominant regional market. Asia Paci?c is projected to lead the global Construction Equipment Industry by 2028. The dominance is mainly due to China which is predicted to be the largest market in Asia. Growing infrastructure development activities like constructing railway lines, road constructions, new commercial complexes, and others would drive the future demand for construction equipment like Crawler Excavators and road rollers. According to Off-Highway research, in 2023, it is expected that there will be broadly based growth in equipment sales, and the Indian market is predicted to increase by 10%. Several proposals for infrastructure investment drive this growth. One of the key factors in?uencing 

4. the demand for construction equipment is the increasing demand for compact construction equipment. The JCB and Tata Hitachi, the executives in India's compact construction equipment market, cater to this demand. In 2022, these manufacturers were top suppliers of compact construction equipment in India and catered to the 50% demand. Also, India construction equipment sales forecasts for most equipment have been revised downwards, except for the backhoe loader, whose sales remain unchanged and are predicted to showcase a positive outlook with a considerable growth rate during the forecast period. In addition, sales forecasts for other niche products, such as skid steer loaders and telescopic handlers, have been revised slightly upwards. They will create ample opportunities for the overall growth of the construction equipment market. The positive outlook of the Asia construction equipment market is attributed to the key investments by the key manufacturers in new product launches and expansion of their production plants in Asia which helps the company such as SANY Group, Xuzhou Construction Machinery Group, and Liu Gong Construction Machinery Co., Ltd., to serve the demand in the domestic market. In 2020, at the ministry level, the Ministry of Ecology and Environment (MEE) has updated the standards with the requirements of on-board diagnostics (OBD), particle number (PN), and real-world portable emission measurement system (PEMS) testing to ensure severity. It has announced the implementation date as the end of 2022 in Emission Control Technical Requirements of Non-Road Diesel Mobile Machinery. Those requirements are consistent with the world's most stringent standards—the European Stage V non-road emission standard—designed to force manufacturers to include diesel particulate ?lters in their equipment and improve compliance. To promote the off-road emission control regulations in China, they are adopting several strategies, like adopting new energy off-road equipment in Tianjin & Beijing in their existing low-emission zones. Another strategy is providing incentives to accelerate the adoption of new energy equipment, which is the most widely adopted approach, as ?nancial measures are provided for purchasing zero-emission equipment. Such practices to pilot the sales of zero-emission equipment would drive the demand for alternate fuel technology in construction equipment and offer an opportunity for manufacturers in the Asian region. Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=179948937 Key Market Players: 

5. The construction equipment companies are such as Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and Deere & Company (US). These companies have strong distribution networks at the global level. These companies have adopted comprehensive expansion strategies and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing construction equipment market. Recent Developments: In June 2023, Caterpillar Inc. launched the new Cat 995 Wheel Loader, which increased to 19% more than the previous model. Also, it will deliver up to 13% lower hourly fuel consumption and offer an additional 8% ef?ciency gain. In June 2022, Komatsu Ltd. and Cummins Inc. collaborated on developing zero- emission haulage equipment. Building on the legacy of diesel engine partnership across various mining and construction equipment. This collaboration with Cummins Inc. helps the company to provide zero-emission solutions for its global customers. In March 2023, Deere & Company unveiled the new 85 P-Tier and 510 P-Tier current generation excavator models at CONEXPO-CON/AGG 2023 in Las Vegas, US. In June 2022, Deere & Company and Wacker Neuson collaborated on developing < 5 metric tons of excavators designed and manufactured by Wacker Neuson. Also, Deere & Company will develop and manufacture 5-9-metric-ton excavators, incorporating designs from Wacker Neuson. Per the agreement, distribution, parts, service, and support will continue through the Deere & Company dealer network. In May 2023, Hitachi Construction Machinery invested in and formed a commercial partnership with aptpod, Inc. In the future, Hitachi Construction machines will use the high-speed IoT platform offered by Autopod to co-create real-time "digital twins*1" for construction sites and will design systems for remote control and autonomous operation of construction machines using the digital twins Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp? id=179948937 Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting 

6. Related Reports: Farm Equipment Market - Global Forecast to 2028 Mining Machinery Market - Global Forecast to 2030 Electric Construction Equipment Market - Global Forecast to 2027 OTR Tires Market - Global Forecast to 2027 About MarketsandMarkets™: MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us pro?cient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To ?nd out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. 

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