Report : Europe Construction Equipment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others) and Application (Residential, Commercial, and Industrial)
At 10.9% CAGR, the Europe Construction Equipment Market is speculated to be worth US$ 32,511.07 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe construction equipment market was valued at US$ 17,517.70 million in 2022 and is expected to reach US$ 32,511.07 million by 2028, registering an annual growth rate of 10.9% from 2022 to 2028. Burgeoning focus on public–private partnerships (PPP) and widening infrastructure investments post COVID-19 pandemic.
Public–private collaboration is a joint venture between the government and the private sector to build a public infrastructure. In this collaboration, the private firm manages a government project and contributes technical and operational knowledge. Increased engagement of the private sector in infrastructure projects—particularly private money at risk—can improve efficiency, if private developers are given the chance to put their risk-management expertise to work through a genuine transfer of risks and duties. Traditional procurement methods, which pay little attention to commercial and financial concerns, do not yield the same results. The private sector participants at the optimal level of participation and risk transfer contribute specific risk-management skills, offer a long-term view and interest in the project, and absorb other risks without the fear of bankruptcy. Therefore, the rising number of public–private partnerships fuel the growth of the construction equipment market.
On the contrary, reducing deal value of construction equipment projects.
Based on equipment type, the Europe construction equipment market is segmented into heavy construction vehicles, earthmoving equipment, material-handling equipment, and others. The material-handling equipment segment held 32.4% market share in 2022, amassing US$ 5,574.76 million. It is projected to garner US$ 16,494.57 million by 2028 to expand at 19.5% CAGR during 2022–2028.
Based on application, the Europe construction equipment market is segmented into residential, commercial, and industrial. The commercial segment held 46.5% market share in 2022, amassing US$ 7,739.65 million. It is projected to garner US$ 13,537.55 million by 2028 to expand at 8.8% CAGR during 2022–2028.
Based on country, the Europe construction equipment market has been segmented into Germany, France, Italy, the U.K, Russia, and Rest of Europe. Our regional analysis states that Germany captured 37.2% market share in 2021. It was assessed at US$ 6,081.36 million in 2022 and is likely to hit US$ 13,804.24 million by 2028, exhibiting a CAGR of 13.3% during the forecast period.
Key players dominating the Europe construction equipment market are Caterpillar Inc.; CNH Industrial N.V.; Komatsu Ltd.; Liebherr; Terex Corporation; Zoomlion Heavy Industry Science & Technology Co., Ltd.; J C Bamford Excavators Ltd. (JCB); Deere & Company; AB Volvo; and Hitachi Construction Machinery Co., Ltd among others.
- In April 2022, Terex announced the acquisition of Steelweld, a Northern Ireland-based manufacturer of heavy fabrications. Steelweld's acquisition contributes to Materials Processing's growth strategy by expanding fabrication capabilities in Northern Ireland.
- In December 2021, Planet and JCB International have announced the expansion of their European collaboration. Planet will now function as a JCB acquirer across European regions for both face-to-face and e-commerce transactions, including JCB Contactless, with J/Secure(TM) 2.0-enabled ecommerce to be available online in early 2022.
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