A recently concluded Fact.MR report on the construction equipment market projects that demand is forecast to increase at a CAGR of 4% from 2022 to 2032, reaching US$ 174 Bn by the end of the aforementioned assessment period. Increasing commercial and residential infrastructure projects, especially in Asia, is expected to drive market growth positively.
Demand for construction equipment registered a value CAGR of 2.8% from 2015 to 2021, reaching a value of US$ 113 Bn. Prospects were significantly disrupted during the COVID-19 pandemic, with construction activity completely ceasing in the first 3 quarters of 2020. Eventually, as restrictions on public activity lifted, prospects have been exhibiting a gradual recovery.
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Key Segments Covered in the Construction Equipment Industry Survey
- Earth Moving Machinery
- Construction Material Handling Machinery
- Crawler Cranes
- Trailer Mounted Cranes
- Truck Mounted Cranes
- Concrete and Road Construction Machinery
- Concrete Mixer & Pavers
- Construction Pumps
- Earth Moving Machinery
With a number of key players in the market, the market is highly competitive. OEMs are currently facing many short-term challenges, including shortages of skilled employees, high raw material prices, and shortages of semiconductor components. OEMs expect lower new construction equipment sales over the next few quarters of 2022 as a result of supply and logistic delays.
As an integral part of their product offerings, almost all key vendors in the market will look for ways to provide cost-effective and eco-friendly equipment going forward. It is expected that OEMs will adopt organic and inorganic growth strategies through joint ventures, partnerships, and mergers and acquisitions, which will help them increase their customer base and strengthen their market position.
- Komatsu Ltd. and Honda Motor Co., Ltd. signed a joint development agreement in January 2021. Komatsu and Honda worked together to electrify Micro Excavators (PCO1) and set up a battery-sharing system to provide Battery Power Packs (MPP) for use in construction equipment and related equipment.
- The new electric mobile crane from Manitex Vall, the V 110 R, was unveiled in February 2021. The battery-powered and remote-controlled lift rises to a height of 10.4 meters, has a lifting capacity of 11,000 kg and operates at a height of 10.4 meters.