The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increasing investment in infrastructure are expected to drive innovation in construction machinery manufacturing, thus driving the market during the forecast period.

The global construction machinery market is expected to grow from $308.97 billion in 2022 to $336.72 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The global construction machinery market size is expected to grow from $458.34 billion in 2027 at a CAGR of 8.0%.

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Global Construction Machinery Market Segments Include:

• By Product: Earthmoving, Material Handling, Building & Road Construction Equipment, Autonomous Construction Equipment
• By Application: Excavation & mining, Lifting & material handling, Earth moving, Transportation, Other Applications
• By End User: Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, Other End Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global construction machinery market in 2021.

Major Market Players in the construction machinery market include Caterpillar Inc., Komatsu Ltd., Deere & Company, Volvo AB, Hitachi Ltd., Zoomlion Heavy Industry Science, and Technology Co. Ltd.

In recent years, the construction machinery market has seen a number of strategic initiatives, including partnerships and the launch of innovative products. Major companies in the market are continuously focusing on collaborating with other companies to expand their product portfolio and geographical presence. For instance, Caterpillar Inc., a US-based construction machinery and equipment manufacturer announced a partnership agreement with Newmont Mining, a US-based gold producer to develop underground vehicle automation technology. The companies together plan to focus on Caterpillar’s semi-autonomous system for underground loaders and improving existing technology.

The Construction Machinery Global Market Report 2023  provides a construction machinery market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The construction machinery market forecast analyzes construction machinery market size, construction machinery market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Construction machinery refers to heavy machines designed for performing construction operations. Construction machinery is used in construction projects to load and unload materials, drive tools and materials into and out of a construction site, feed or retrieve material into a processing machine, handle raw materials by transporting them, cut trees and other vegetation, and many other applications.

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