Construction Equipment Market Set for Robust Growth by 2031

Construction Equipment Market Set for Robust Growth by 2031

The construction equipment market is on a trajectory to reach over $236.9 billion by 2031, growing at a CAGR of 5.3% from 2024 to 2031, according to the latest report from Meticulous Research®. This growth is driven by increased government spending on construction and infrastructure, along with a pressing need to enhance efficiency, productivity, and safety in construction projects. The rise of automated construction equipment also promises to create substantial market opportunities. Nevertheless, stringent international trade policies, high equipment costs, and a shortage of skilled operators may hinder market growth.

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Key trends include a heightened demand for compact construction equipment and the adoption of electric construction equipment.

Market Segmentation:

1. By Type: The construction equipment market is categorized into material handling equipment, concrete and road construction equipment, earth-moving equipment, and other construction equipment.

• Material Handling Equipment: This segment is expected to dominate the market in 2024 with a 40.0% share. Its growth is attributed to rapid industrialization, modernization of industrial facilities, and a growing need for efficient material handling. Hyundai Construction Equipment India's product launches in October 2023, including new excavator, forklift, and wheel loader models, underscore this segment's momentum.
• Earth-Moving Equipment: Projected to achieve the highest CAGR, this segment benefits from increased investments in various construction projects and strategic partnerships. For example, CanLift Equipment Ltd.'s partnership with Xuzhou Construction Machinery Group Co., Ltd. in January 2022 aims to enhance the sales of earth-moving equipment in Ontario.

2. By Propulsion Type: The market is divided into ICE, electric, and CNG/LNG.

• ICE Segment: Expected to hold the largest share (53.0%) in 2024, the ICE segment is favored for its high power-to-weight ratio, lower cost compared to electric alternatives, and ease of use. Crown Equipment Corporation's expansion of its lift truck portfolio in January 2023 exemplifies the growth in this segment.
• Electric Segment: Anticipated to grow at the highest CAGR, the electric segment is driven by benefits like lower operating costs, minimal maintenance, and government support for electric equipment adoption. Action Construction Equipment Ltd.'s launch of a 180-ton electric crane in February 2023 highlights this trend.

These findings emphasize the dynamic growth and evolving landscape of the construction equipment market, driven by technological advancements, strategic investments, and emerging trends.

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Jane Doe is a seasoned content writer and market analyst specializing in insightful blogs and projections, blending creativity with data-driven strategies.