According to a research report "Construction Equipment Market by Type (Excavator-Crawler & Mini; Loader-Backhoe, Skid-steer, & Wheel; Dozer, Dump Truck, Compactor, Crane), Electric Equipment, Propulsion, Power Output, Rental, Aftertreatment Device and Region - Global Forecast to 2027" published by MarketsandMarkets, the construction equipment market size is estimated to grow from USD 180.4 billion in 2022 to reach USD 223.1 billion by 2027, at a CAGR of 4.3% over the forecast period.
Browse 468 market data Tables and 71 Figures spread through 462 Pages and in-depth TOC on "Construction Equipment Market by Type (Excavator-Crawler & Mini; Loader-Backhoe, Skid-steer, & Wheel; Dozer, Dump Truck, Compactor, Crane), Electric Equipment, Propulsion, Power Output, Rental, Aftertreatment Device and Region - Global Forecast to 2027"
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CNG/LNG/RNG construction equipment would be the fastest growing segment over the forecast period
The upcoming emission regulations have much-lowered emission limits, requiring advanced engine technologies and after-treatment devices. It would eventually increase equipment costs between 15-25%, resulting in increased capital investment for fleet owners and lowered ROIs. Additionally, the battery technology needs more time to address the issues related to charging time, range, and cost. Hence, alternate fuel equipment is the option for OEMs in the near future. The CNG/LNG/RNG are the best options for construction equipment in the coming years. Compressed Natural Gas emits 25% less sulphur, nitrogen, and carbon pollutants than gasoline engines. RNG emits 70% lesser Greenhouse Gases than diesel or gasoline, making it the most environment-friendly fuel. Liquefied natural gas (LNG) is mostly methane that has been cooled down to convert it into liquid form. Many major construction equipment manufacturers are focusing on developing the alternate fuel models. For instance, in May 2022, at EXCON Expo in India, Tata Hitachi launched the ZW225 wheeled loader with which is compliant to CNG. Also, in November 2020, JCB launched dual fuel CNG backhoe loader named JCB 3DX DFi in India. This new machine operated on CNG and Diesel simultaneously using the Homogeneous Charge Compression Ignition Technology (HCCI). Apart from this, the alternate fuels cost low compared to diesel and gasoline. Looking at all these benefits offered by alternate fuels and achieving decreased emission limits, the demand for alternate fuel construction equipment would increase over the next few years.
Crawler excavators would be the largest construction equipment type over the forecast period.
The crawler excavators are estimated to showcase a market share of >25% in 2022 and are projected to grow by 2027. Rapid urbanization is the key factor contributing to the growth of the crawler excavator market. The crawler excavator due to its chain belt setup offer stability in operation specially in rough terrain and muddy areas. The stronger gradeability of crawler excavators make is capable for usage in residential constructions as well as the underground mining projects. The crawler excavator act as an all-round construction equipment that can be used to dig sites, demolish structures and surfaces, carry out trenching and also lifting heavy objects. The excavators are available in wide range of engine capacities like below 5 tons, 5-10 tons and above 10 tons of capacity. Asia is expected to be the largest market for crawler excavators, owing to the increase in infrastructural developments and the rapidly growing real estate business in the region. Thus, heavy investment in infrastructure development in the construction and mining industry would drive the demand for crawler excavators during the forecast period.
The Middle East would be the fastest-growing construction equipment market from 2022 to 2027.
The Middle East is estimated to be the fastest growing market for construction equipment from 2022 to 2027 due to the increased construction activities for infrastructure development. Saudi Arabia, UAE, and Qatar largely contribute to the sale of construction equipment in the Middle East. The Middle East has witnessed a boost in construction equipment sales in 2020-2021. The large infrastructure development projects like artificial beaches, luxurious hotel chains, road construction, and other such activities undertaken by the government as well as private organizations are the factors that would increase the demand for construction equipment in the Middle East by 2027. With such increased construction activities, the crawler excavators and wheeled loaders are estimated to be the largest selling equipment in the Middle East market by 2027.
Key Market Players:
The construction equipment market is dominated by giants such as Caterpillar (U.S.), Komatsu Ltd. (Japan), Deere & Company (U.S.), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), SANY Group (China), A.B. Volvo (Sweden), Liebherr (Germany), CNH Industrial N.V (U.K.), Doosan Enerbility (South Korea), JCB (U.K.), Terex Corporation (U.S.), Zoomlion Heavy Industries Science & Technology Co., Ltd. (China), Kobelco Construction Machinery Co., Ltd. (Japan), KUBOTA Corporation (Japan), Yanmar Holdings Co., Ltd. (Japan), Sumitomo Heavy Industries (Japan), Sumitomo Heavy Industries Construction Cranes Co., Ltd. (Japan), and Sumitomo Construction Machinery Co., Ltd. (Japan).
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