Construction equipment market is growing with focus on infrastructure and the development of automation in manufacturing and construction processes.
The construction equipment market is witnessing an upward trend owing to the rising focus on smart cities and buildings. Several government agencies are forming strategic alliances with private companies to speed up their transition to smart cities. For instance, in January 2021, Saudi Arabia announced its plans to create a smart green city, NEOM, that will be worth 4500 billion and be located within 10,200 square kilometres of Saudi Arabia.
Within the report, the market is segmented into Equipment Type and Application. By Equipment Type, the market is further segmented into Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others. Based on Application, the market is segmented into Residential, Commercial, and Industrial. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa
Demand for optimized and reliable products are gaining traction in the global construction equipment market
The construction equipment market is witnessing technological advancements for more optimized and reliable products. The demand for automated solutions is increasing as it helps increase productivity with fewer errors and minimum efforts. Autonomous operating technology is gradually gaining huge demand in the segment of off-highway operating vehicles. Construction work is well-suitable for mostly autonomous machinery and equipment since the nature of tasks involved are time sensitive, repetitive, precise, and physical. This is propelling the demand for the development of autonomous construction equipment.
Manufacturers are also keenly developing various autonomous equipment which work on wireless communication technologies, interfere with radio signals from other equipment, receive commands, and report status. It ensures increased productivity, reduced unscheduled maintenance, and improved safety. Thus, the trend for autonomous equipment in the construction equipment market would likely create an opportunity for the market to evolve.
Rising adoption in Industrial industries is one of the major factors accelerating the market growth.
The material movement at construction sites involves activities that move sand debris, heavy rods, bricks, soil, and other materials. Material handling actions include protecting, strong and controlling materials, goods, and products in manufacturing, distribution, consumption, and disposal. Under the material handling equipment category, articulated and rigid dump trucks are considered. The rising industrial development of commercial projects drives the demand for the material handling equipment category segment.
Recent strategic developments in the market
The Construction Equipment market has undergone several significant developments, and a few of these have been mentioned below:
The target audience for the report:
Scope of the report:
In this report, the market has been segmented based on: