Construction Equipment Market Gain To $322 Billion BY 2031

Construction Equipment industry 2031

construction equipment market size was valued at $201.9 billion in 2021, and is estimated to reach $322.0 Bn, growing at a CAGR of 4.8% from 2022 to 2031.

PORTLAND, OR, US, August 3, 2022 /EINPresswire.com/ — The research report contains an in-depth analysis and discussion of important industry trends, market dynamics, market size, and market share estimation. In addition, the report outlines the drivers, restraints, and opportunities of the global Construction Equipment market which is essential to implement strategies and to gain a sustainable growth during the forecasted period. Moreover, a detailed analysis of Covid-19 impact on the global Construction Equipment market is also published in the report.

According to a new report published by Allied Market Research, titled, “Construction Equipment Market,” The construction equipment market size was valued at $201.9 billion in 2021, and is estimated to reach $322.0 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.

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Covid-19 impact:
Manufacturing activities of Construction Equipment halted due to implementation of stringent lockdown. To prevent the spread of coronavirus, governments across every nation made social distancing compulsory, due to which, market players faced shortage of labor force. Moreover, restrictions in import & export activities led to supply chain disruptions which further resulted to shortage of raw materials. This in turn, created challenges in carrying out manufacturing in full capacity. Also, most of the construction projects were either delayed or cancelled, especially in the initial stage of the pandemic.
The products segment secured the highest share of 79.8% in the globa market in 2021 and is expected to grow at a CAGR of 4.7% during the forecast period.

In terms of type, the loader segment is expected to contribute the highest construction equipment market share in the coming years, as expansion in the construction industry is estimated to fuel the market growth. The forklift segment is expected to grow at the highest CAGR during the forecast period. Forklifts are generally used in warehouses and distribution centers for lifting and moving raw materials and goods, it is also known as fork truck or lifting truck. It is an important component of warehouse to perform different operations such as moving between storage to carry, place, and retrieve the goods as per the requirement.

Key Segments Covered:
o Solution Type
 Products
 Services

o By Equipment Type
 Heavy construction equipment
 Compact construction equipment

o By Type
 Loader
 Cranes
 Forklift
 Excavator
 Dozers
 Others

o By Application
 Excavation and Mining
 Lifting and Material handling
 Earth Moving
 Transportation
 Others

o By End User
 Oil and gas
 Construction and Infrastructure
 Manufacturing
 Mining

Competitive Landscape:
• AB VOLVO
• CATERPILLAR INC.
• CNH Industrial N.V.
• DEERE & COMPANY
• DOOSAN INFRACORE CO. LTD.
• HITACHI LTD.
• J C BAMFORD EXCAVATORS LTD.
• KOMATSU LTD.
• Liebherr-International AG

About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

David Correa
Allied Analytics LLP
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