According to the report by Expert Market Research (EMR), the global construction machinery market size is projected to grow at a CAGR of 4.1% between 2024 and 2032. Aided by the burgeoning construction activities worldwide and technological advancements in machinery, the market is expected to grow significantly by 2032.
Construction machinery plays an instrumental role in the infrastructure and real estate sectors, encompassing a wide range of equipment such as cranes, excavators, backhoe loaders, and concrete mixers. These machines are essential for various construction tasks including lifting, digging, breaking, and mixing, thus forming the backbone of construction operations.
The construction machinery market growth trajectory is primarily attributed to the escalating demand for infrastructure development across the globe. With urbanisation and industrialisation proceeding at a rapid pace, especially in emerging economies, there is a significant increase in construction projects, ranging from residential complexes to large-scale infrastructural developments like bridges, roads, and airports. This upsurge in construction activities directly fuels the demand for advanced and efficient construction machinery.
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Another pivotal factor propelling the construction machinery market demand is the technological evolution of construction machinery. Manufacturers are continuously innovating to introduce machinery with enhanced features like better fuel efficiency, reduced emissions, and advanced automation. This not only boosts operational efficiency but also aligns with the global shift towards sustainable and environmentally friendly construction practices.
The market is also witnessing a shift towards rental and leasing services for construction equipment, driven by the need to reduce the operational costs associated with purchasing and maintaining heavy machinery. A per the construction machinery market analysis, this trend is particularly noticeable among small and medium-sized enterprises (SMEs) and in regions where short-term construction projects are prevalent.
Regionally, Asia-Pacific stands out as a significant market for construction machinery, thanks to the extensive infrastructural developments in countries like China, India, and Japan. The region’s strong economic growth, coupled with governmental initiatives to boost infrastructure, plays a crucial role in driving the demand for construction machinery.
Additionally, the construction machinery market is poised for a positive growth trajectory, supported by continuous infrastructural development, technological advancements, and the increasing adoption of rental and leasing services. As the world continues to urbanise, the demand for efficient and advanced construction machinery is expected to rise, offering lucrative opportunities for market players.
Construction Machinery Market Segmentation
The market can be divided based on machinery type, drive type, and region.
Market Breakup by Machinery Type
- Crane
- Telescopic Handlers
- Excavator
- Loader and Backhoe
- Motor Grader
- Others
Market Breakup by Drive Type
- Hydraulic
- Electric & Hybrid
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Construction Machinery Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global construction machinery market. Some of the major players explored in the report by Expert Market Research are as follows:
- CNH Industrial N.V
- Deere & Company
- Manitou Group
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Hitachi Ltd.
- C. Bamford Excavators
- Caterpillar Inc.
- Others
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