Construction Equipment Market to Observe Rugged Expansion at a Top CAGR by 2032

Global Construction Equipment Market will grow exponentially through 2032, the industry's growth can be attributed to the uptick in road-building development plans in important Asia Pacific countries, which are expected to present several opportunities for market participants to expand. For example, the Asian Development Bank (ADB) allocated USD 43.2 million in October 2022 to enhance the security and dependability of Tajikistan's road network and broaden women's participation in social and economic activities. Additionally, because of the growing trend towards a client-centric approach, manufacturers are placing a strong emphasis on the creation of highly efficient, customised machines and equipment maintenance services, which is predicted to propel the construction equipment industry by 2032.

Need for earth moving and road building equipment for development of road transport infrastructure

The earth moving & road building equipment segment held over 50% of the construction equipment market share in 2022 and is foreseen to grow considerably from 2023 to 2032 due to a rise in infrastructure projects to improve road network connections for easier access to rural areas. In May 2022, Sheikh Hamdan, Crown Prince of Dubai and Chairman of the Dubai Executive Council, inaugurated the AED 2 billion Dubai-Al Ain Road project, which would connect six major junctions and benefit over 1.5 million people.

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Growing government emphasis on updating existing infrastructure to drive demand for compaction equipment

The industry size from the compaction equipment segment is estimated to record substantial growth at 3% CAGR between 2023 and 2032. The demand for compaction equipment is anticipated to increase as a result of ongoing government initiatives and financial commitments to upgrade existing infrastructure globally. The U.S. Department of Energy (DOE), for instance, launched the Building a Better Grid initiative in January 2022 to aid in the construction of new and improved high-capacity electric transmission lines as permitted by President Biden's Bipartisan Infrastructure Act.


Development of commercial and residential buildings to complement LATAM market revenue

The Latin America construction equipment market is expected to record valuation of USD 5 billion by 2032. Major Latin American cities are implementing smart city plans to improve service delivery and satisfy environmental goals. Furthermore, the rapid development of commercial and residential infrastructure, coupled with the growing presence of leading firms, is estimated to drive industry growth by 2032.

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Product innovations to define the competitive landscape
 
Some prominent firms operating in the construction equipment market include Caterpillar, Inc., Palfinger AG, Wacker Neuson, Doosan Group, Liebherr Group, Hitachi Construction Machinery, Sany Group, Volvo CE, Tadano Ltd., Sumitomo Heavy Industries, Terex Corporation, and others. To sustain their market position, these businesses focus on developing novel manufacturing processes and new products. For instance, in January 2021, leading construction equipment company Volvo CE expanded its product line with the introduction of EX03, its first electric prototype for mid-size excavators that features low noise, no exhaust emissions, and minimal maintenance requirements.
 
Table of Contents (ToC) of the report:
Chapter 1   Methodology & Scope
1.1    Market definitions
1.2    Base estimates & calculations
1.3    Forecast calculation
1.4    Data Sources
1.4.1    Primary
1.4.2    Secondary
1.4.2.1   Paid sources
1.4.2.2   Public sources
Chapter 2   Executive Summary
2.1    Construction equipment market 3600 synopsis, 2018 - 2032
2.2    Business trends
2.3    Regional trends
2.4    Product trends

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