The global construction equipment market is on a steady ascent, according to a recent report by Adroit Mamaerket. In 2021, the market was valued at USD 142.42 billion, and it is anticipated to exhibit a robust compound annual growth rate (CAGR) of 6.8% from 2022 to 2031, reaching an impressive USD 237.9 billion by the end of the forecast period.
Construction equipment plays a pivotal role in the construction industry, encompassing a diverse array of machines and tools utilised for building, infrastructure development, and various construction projects. These tools are designed to enhance the efficiency, speed, and safety of construction operations and come in various sizes and complexities, categorised based on their specific applications.
The global market for construction equipment serves industries such as construction and infrastructure, manufacturing, and oil and gas, among others.
The market’s growth is fueled by substantial investments in infrastructure development initiatives across numerous regions. The construction of roads, bridges, airports, and ports has seen a surge in demand for construction equipment.
Additionally, the continuous trend of urbanisation has driven the construction of residential and commercial structures, further bolstering the need for construction tools. Technological advancements in the sector, including the integration of telematics, GPS, and IoT (Internet of Things) technology, have significantly improved the efficiency, safety, and productivity of construction equipment. Moreover, stringent environmental regulations have led to the adoption of more eco-friendly construction equipment, such as electric and hybrid vehicles.
The rental industry for construction equipment is also experiencing substantial growth, as construction firms and contractors seek cost-effective ways to acquire equipment without substantial upfront commitments. Emerging nations are making significant infrastructure investments, further driving the demand for construction equipment. The replacement of aging construction equipment with newer, more efficient models is generating additional demand across various industries.
The COVID-19 pandemic initially caused disruptions in the construction equipment market due to supply chain delays and project challenges. However, several governments have implemented infrastructure-focused stimulus plans, revitalizing the market.
For more detailed information on the global construction equipment market, please visit Adroit Market Research.
