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

The global construction machinery market is poised for significant expansion, with expectations to grow from $308.97 billion in 2022 to $336.72 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 9.0%. This momentum is projected to continue, reaching a market size of $458.34 billion in 2027, boasting a CAGR of 8.0%. Let’s delve into the key drivers, major players, and recent industry trends shaping the landscape of the construction machinery market.

Infrastructure Investment Fuels Market Growth

• Increasing Investment in Infrastructure:The construction machinery market anticipates growth with rising investments in global infrastructure.
• World Economic Forum Projections:Infrastructure investment worldwide is expected to reach $79 trillion by 2040, as per the World Economic Forum.
• Government Initiatives:Governments, like that of India, allocate substantial funds to boost the infrastructure sector, as evidenced by the Union Budget 2022-23 with a Rs. 10 lakh crore (US$ 130.57 billion) allocation.
• Impact on Construction Machinery Market:Higher infrastructure investments generate increased demand for construction machinery and equipment, driving overall market growth.

Major Players Driving Innovation

• Prominent Market Players:
  • Caterpillar Inc.
  • Komatsu Ltd.
  • Deere & Company
  • Volvo AB
  • Hitachi Ltd.
  • Zoomlion Heavy Industry Science and Technology Co. Ltd.
  • Liebherr Group
  • EXOR Group
  • Doosan Infracore Co. Ltd.
  • Oshkosh Corp.
• Strategic Initiatives:
  • Partnerships:Collaboration remains a key strategy for market players to expand product portfolios and geographical presence.
  • Product Launches:Continuous focus on launching innovative products to stay ahead in the competitive landscape.
  • Recent Example:Caterpillar Inc. partnered with Newmont Mining to develop underground vehicle automation technology, focusing on semi-autonomous systems for underground loaders.

Segmentation of the Construction Machinery Market

1. By Product:
   • Earthmoving
   • Material Handling
   • Building & Road Construction Equipment
   • Autonomous 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

Recent Trends in the Construction Machinery Market

• Strategic Initiatives:The market has witnessed a surge in partnerships and product launches by major companies.
• Focus on Collaboration:Emphasis on collaborating with other companies to enhance technological capabilities and market presence.
• Technological Advancements:Constant efforts to innovate and introduce advanced technologies to meet evolving industry demands.
• Example:Caterpillar Inc.’s partnership with Newmont Mining, aimed at enhancing underground vehicle automation technology.

Regional Dominance: Asia-Pacific Takes the Lead

• Market Share:In 2022, Asia-Pacific emerged as the largest region in the construction machinery market.
• Driving Factors:Robust construction and infrastructure activities in Asia-Pacific contribute significantly to the region’s dominance.

Future Outlook: Projections for 2027

• Anticipated Market Size:The global construction machinery market is expected to reach $458.34 billion in 2027.
• CAGR for 2023-2027:A projected growth rate of 8.0%, indicating sustained expansion.

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https://www.thebusinessresearchcompany.com/report/construction-machinery-global-market-report

The Construction Machinery Global Market Report 2023  provides an overview of the construction machinery market 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 and their market positions.

The Table Of Content For The Construction Machinery Market Include:
1. Construction Machinery Market Executive Summary
2. Construction Machinery Market Segments
3. Construction Machinery Market Size And Construction Machinery Market Growth Rate
4. Key Construction Machinery Market Trends
5. Major Construction Machinery Market Drivers
……
25. Key Mergers And Acquisitions In The Construction Machinery Market
26. Top Construction Machinery Companies
27. Construction Machinery Market Opportunities And Strategies
28. Construction Machinery Market, Conclusions And Recommendations
29. Appendix

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