Construction Equipment Market Overview
The global construction equipment market size was valued at USD 112.98 billion in 2021 and is projected to reach USD 161.99 billion by 2030, at a CAGR of 3.9% from 2022 to 2030.
The worldwide rise in construction activity is anticipated to drive the demand for these equipment. Favorable government initiatives such as stimulus packages and lower housing rates that inclined consumers for new house purchases are key factors expected to drive market growth over the forecast period. However, supply chain and inventory concerns coupled with semiconductor shortages are likely to hinder the market growth over the next few years.
Gather more insights about the market drivers, restrains and growth of the Global Construction Equipment Market
The rising popularity of electric construction equipment is expected to create new revenue streams for the OEMs over the next few years. These equipment are operated on batteries and offer various attributes such as lower maintenance, reduced noise, lesser vibration and provides greater convenience for laborers to operate on the field. They are currently at the nascent stage and are expected to gain momentum over the forecast period. OEMs such as AB Volvo, Caterpillar, and Komastu have already commercialized compact electric excavators and wheel loaders in the market. However, the high initial upfront cost is expected to be one of the bottlenecks for its adoption during the forecast period.
