The construction machinery market is expected to grow at a CAGR of 6.14% to reach US$125.569 billion by 2024, from US$87.808 billion in 2018. Construction machinery includes all those heavy machines used in building the infrastructure. Various developing economies are growing at an enormous rate owing to industrialization and urbanization. Governments all over the world are playing an important role by spending heavily on the development of various industries, which is one of the most important factors responsible for the burgeoning demand for construction machinery.
By the end- user industry, the construction machinery market is segmented as oil & gas, energy & power, mining, manufacturing, and others. The global structure of the construction machinery market is growing at a tremendous pace due to increasing Investment in the oil and gas industry, which adds to the demand for these machines. The demand for these machineries in the mining industry will witness impressive growth on account of rising demand of base metals from the manufacturing industry worldwide. In addition, governments across the world are implementing policies which are favorable towards promoting the demand for construction machinery over the next five years.
By geography, the construction machinery market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The Asia Pacific region will witness a significant increase of demand of construction machinery as this region is in a phase of accelerated development and various governments are spending heavily on infrastructural development to promote robust growth across industry verticals. In the Middle East, the main focus of the government is the commercial development in due to various initiatives taken by the government of some of the major countries like Saudi Vision 2030, UAE Vision 2021, and UAE Vision 2023 among many others. These initiatives include expansion of metros, construction of airports, shopping malls and new hotels which would be add to the requirement of the construction machinery so as to establish the necessary infrastructure so as to help various organizations achieve their targeted goals.
Major industry players profiled as a part of this report are Caterpillar, Komatsu, Volvo Construction Equipment, Hitachi Construction Equipment, Liebherr, Salin Manufacturing Inc., Zoomlion, Terex, Doosan Infracore, John Deere.
The construction machinery market has been analyzed through the following segments:
By End-User Industry
Oil and Gas
Energy and Power
By Construction Type
United States of America
Middle East and Africa
United Arab Emirates