Construction Machinery Market Growth Potential: Key Insights for 2024-2033
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How Will the Construction Machinery Market Grow from 2024 to 2033?
In recent times, there has been robust growth in the market size of construction machinery. It is expected to inflate from $312.39 billion in 2023 to $341.15 billion in 2024, indicating a compound annual growth rate (CAGR) of 9.2%. The substantial growth during the historic period can be credited to the vigorous economic growth in emerging markets, coupled with the setting of low interest rates and beneficial government schemes.
The market size for construction machinery is predicted to experience robust growth in the approaching years. The estimated growth will scale up to $477.28 billion by 2028, growing at a compound annual growth rate (CAGR) of 8.8%. The anticipated expansion during the forecast period can be credited to escalating infrastructure investment, the expansion of the global construction sector, accelerating urbanization, and a growing population. Key trends identified for the forecast period include the creation of robotic excavators, a focus on electricity-powered construction machinery, the incorporation of the internet of things (IoT), technological advancements, product innovations, as well as strategic alliances and collaborations.
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What Aspects Are Influencing the Growth Rate of the construction machinery Market?
The growth of the construction machinery market is anticipated to be boosted by an increase in construction spending. This spending encompasses all the money spent on construction-related costs, like labor, materials, and engineering services within a set timeframe. As construction industry’s investment rises, it opens up more potential for profit for these enterprises, spurring new demand for their services, equipment and supplies. Going by the data from the US Census Bureau, a US government agency, construction spending within the US in August 2023 was projected at $1,983.5 billion, marking a 0.5% climb from the updated July figures which were $1,973.7 billion. The growth of the construction machinery market is thus being propelled by increment in construction spending.
What Are the Critical Segments of the Construction Machinery Market?
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
What Trends Are Redefining Consumer Expectations in the Construction Machinery Market?
Leading firms in the construction machinery market are creating advanced products, such as the mini excavator, to provide improved services to their clients. The mini excavator, a compact construction vehicle, is utilized for digging and excavation tasks in confined areas, demonstrating its versatility for various tasks. For example, in July 2023, Komatsu Europe International N.V., a heavy construction machinery manufacturer based in Belgium, introduced the PC33E-6, a new model of the mini excavator. This vehicle is powered by a 35kWh lithium-ion battery that offers a lengthy lifespan and high performance powerline, enabling most operators to continue work for a full shift without having to recharge. The PC33E-6 is designed with a short tail and furnished with a 17.4 kW motor, making it suitable for work in cramped spaces and city environments. This excavator is built with robust, safeguarded electric parts which ensures its durability and reliability for construction assignments.
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What Are the Leading Regions in the Construction Machinery Market Expansion?
Asia-Pacific was the largest region in the construction machinery market in 2023. Western Europe was the second-largest region in the global construction machinery market share. The regions covered in the construction machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Construction Machinery Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the construction machinery market, its market share, and analyzes key competitors along with 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 Template 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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