Construction Equipment Market is estimated to grow at a CAGR of 10.0% from 2022 to 2028.

Caterpillar, Komatsu, VOLVO Construction Equipment, John Deere and Liebherr are the five key market players operating in the global construction equipment market. CNH Industrial N.V.; Hitachi Construction Machinery Co., Ltd; J C Bamford Excavators Ltd.; Komatsu Ltd.; Liebherr-International Deutschland GmbH; Terex Corporation; and Zoomlion Heavy Industry Science and Technology Co., Ltd are few other notable players that are profiled in this market study. In addition to these players, multiple other leading global, regional & local market players, emerging companies, market disruptors and niche market players were studied and analyzed during the course of this study to gather a holistic view of the market. The global construction equipment market includes companies operating in a wide range of product portfolios. Each category has some well-established key players and owing to the different markets in which they operate and compete it is not feasible to determine key five players in the overall construction equipment market. However, based on parameters such as overall revenue, brand image, current construction equipment portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, we have listed above five key players operating in the region.

Caterpillar, Komatsu, VOLVO Construction Equipment, John Deere and Liebherr – PROMINENT MARKET PARTICIPANTS IN CONSTRUCTION EQUIPMENT MARKET

Based on equipment type, the construction equipment market is classified into heavy construction vehicles, earthmoving equipment, material handling equipment, and others. The heavy construction vehicles segment led the construction equipment market in 2021. Based on application, the construction equipment market is segmented into residential, commercial, and industrial. The commercial segment led the construction equipment market in 2021. Based on geography, the global construction equipment market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Asia-Pacific dominated the Construction Equipment Market in 2021.

Heavy-duty vehicles developed specifically to carry out construction duties, most commonly earthwork operations, are referred to as construction equipment. The proper use of suitable equipment helps to the project’s economy, quality, safety, speed, and timeliness. It is not always desired or feasible for the contractor to possess all of the construction equipment needed for the project. Excavating, digging dirt, moving it over great distances, placement, compacting, levelling, dozing, grading, hauling, and so on are among the main processes involved in the building of any construction project. Various excavation duties, such as excavating and moving the ground, are carried out with earthmoving equipment. Earthmoving equipment are available in various shapes and sizes. They are mostly used for repairing, constructing, elevating, agricultural, and demolition purposes. Excavators are earth-moving machines with buckets, arms, rotating cabs, and moveable tracks. A backhoe, also known as a rear actor or back digger, is a kind of excavation equipment having a digging bucket attached to the end of a two-part articulated arm. Loader is a construction machine that moves or loads materials, including asphalt, demolition waste, dirt, snow, feed, gravel, logs, raw minerals, recycled material, rock, sand, and woodchips, into or onto another type of machinery.

Few of the important market initiatives and product developments from the industry are mentioned below: