The Construction Machinery by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Construction Machinery, The construction machinery market size has grown strongly in recent years. It will grow from $312.39 billion in 2023 to $341.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the low interest rate environment, and the supportive government initiatives.
The construction machinery market size is expected to see strong growth in the next few years. It will grow to $477.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing investments in infrastructure, the growing global construction industry, the increasing urbanization, and the rising population. Major trends in the forecast period include market include the development of robotic excavators, focus on electric construction equipment, the integration of the internet of things (iot), product innovations, technology advancements, and strategic partnerships and collaborations.
A rise in construction spending is expected to propel the growth of the construction machinery market going forward. Construction spending refers to the total amount of money spent on construction-related expenses, including labor, materials, and engineering work, over a given period. Construction businesses have greater income prospects when construction investment increases, which helps to develop new demand for construction services, equipment, and materials. For instance, according to the US Census Bureau, a US-based government agency, in August 2023, construction spending in the US was estimated to be $1,983.5 billion, which is 0.5% higher than the revised July estimate of $1,973.7 billion. Thus, a rise in construction spending is driving the growth of the construction machinery market.
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The construction machinery market covered in this report is segmented –
1) By Product: Earthmoving, Material Handling, Building & Road Construction Equipment
2) By Application: Excavation & mining, Lifting & material handling, Earth moving, Transportation, Other Applications
3) By End User: Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, Other End Users
Major companies operating in the construction machinery market are developing innovative products such as mini excavator for better services to the customers. Mini excavator is a small, compact construction machine that is used for digging and excavation work in tight spaces. They are versatile machines that can be used for a variety of tasks. For instance, in July 2023, Komatsu Europe International N.V., a Belgium-based heavy construction machinery manufacturer launched PC33E-6, a mini excavator. It is equipped with a 35kWh lithium-ion battery that offers a long life design and a highly efficient powerline, enabling most customers to work nonstop-for-a full shift before having to recharge. The PC33E-6 has a short tail design and is fitted with a 17.4 kW motor, making it ideal for working in tight spaces and urban areas. The excavator features heavy-duty, protected electric components, making it durable and reliable for construction projects.
The construction machinery market report table of contents includes:
- Executive Summary
- Construction Machinery Market Characteristics
- Construction Machinery Market Trends And Strategies
- Construction Machinery Market - Macro Economic Scenario
- Global Construction Machinery Market Size and Growth
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- Global Construction Machinery Market Competitive Benchmarking
- Global Construction Machinery Market Competitive Dashboard
- Key Mergers And Acquisitions In The Construction Machinery Market
- Construction Machinery Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Caterpillar Inc
- Komatsu Ltd
- Volvo AB
- Zoomlion Heavy Industry Science and Technology Co., Ltd
- Hitachi, Ltd
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The high-end products mainly come from USA and Japan.A construction job mandates a large number of heavy machines.
New tools are emerging all the time, and leasing equipment means that contractors can utilize the latest products available without taking on extravagant costs.
When the lease is up, contractors can simply opt for the newest line of products available.The practice of leasing instead of purchasing heavy machinery has proven to be beneficial for companies of all sizes across numerous industries, Lower administrative overhead coupled with reduced expense and maintenance will drive construction equipment rental market size.
Asia and Europe are currently witnessing large-scale infrastructure development activities, which is raising demand for construction equipment.
Also, as most of the projects are undertaken with private investment money, where the utilization of equipment is limited to a short duration, contractors prefer to use equipment on a rental basis.Barriers to entry for the Construction Equipment Rental and Leasing industry are high, although they may be medium for some smaller, specialist firms.
Large firms in this industry require a substantial stock of construction machinery and equipment to offer customers.
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The report covers the agriculture, construction, and mining machinery manufacturing market’s segments- construction machinery manufacturing, agricultural implement manufacturing, mining and oil and gas field machinery manufacturing, earthmoving, material handling, building & road construction equipment, farm machinery and equipment manufacturing, lawn and garden tractor and home lawn and garden equipment manufacturing, oil & gas field machinery and equipment manufacturing, and mining machinery and equipment manufacturing.Explore Complete Report https://www.thebusinessresearchcompany.com/report/agriculture-construction-and-mining-machinery-manufacturing-global-market-reportAgriculture, Construction, And Mining Machinery Manufacturing Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.Request to get the sample of this report https://www.thebusinessresearchcompany.com/sample.aspx?id=1925=smpDriverless tractors and robots, increasing use of telematics, and hybrid systems replacing traditional mechanical systems are the major trends witnessed in the global agriculture, construction, and mining machinery manufacturing market.Get Discount On This Report https://www.thebusinessresearchcompany.com/sample.aspx?id=1925=discountChapters from Table of Content:Chapter 1.
Agriculture, Construction, And Mining Machinery Manufacturing Market Product AnalysisChapter 5.
4D BIM construction is important for the construction projects either big or small, new construction or a re-build for the successful BIM progression. Each and every stage of 4D construction scheduling that utilize manpower management, materials, machinery, and other activities require effective planning and scheduling of other construction activities.
