Meticulous Research®—a leading global market research company, published a research report titled, ‘Construction Equipment Market by Type (Material Handling, Earth Moving, Concrete and Road Construction, Others), Propulsion Type (ICE, Electric, Others), End User (Construction, Government, Private Contractor, Others), Geography - Global Forecast to 2031.’

According to the latest report by Meticulous Research®, the construction equipment market is expected to exceed $236.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031. This growth is fueled by increased government investment in construction and infrastructure projects and a growing need to enhance efficiency, productivity, and safety. Additionally, the rising automation of construction equipment offers further market expansion opportunities. However, challenges such as stringent international trade policies, high equipment costs, and a shortage of skilled operators remain significant.

Key market trends include the rising demand for compact construction equipment and the adoption of electric construction equipment. The market is segmented by type, propulsion type, and end-user, with comprehensive analyses of competitors and regional markets.

By type, the market comprises material handling equipment, concrete and road construction equipment, earth-moving equipment, and other construction equipment. In 2024, material handling equipment is expected to hold the largest market share at 40.0%, driven by rapid industrialization, infrastructure modernization, and the need to enhance productivity. Market players are focusing on product launches, such as Hyundai Construction Equipment India's recent introduction of several new models.

The earth-moving equipment segment is projected to have the highest CAGR, fueled by increasing investments in various construction projects and the demand for versatile equipment. Strategic partnerships, such as the one between CanLift Equipment Ltd. and Xuzhou Construction Machinery Group Co., Ltd, are also boosting this segment.

By propulsion type, the market includes internal combustion engine (ICE), electric, and CNG/LNG equipment. ICE equipment is expected to dominate in 2024 with a 53.0% market share due to its ease of use and cost advantages. However, the electric segment is anticipated to grow the fastest, supported by lower operating costs, minimal maintenance, and favorable government initiatives. Companies like Action Construction Equipment Ltd. are launching new electric models to capitalize on this trend.

By end-user, construction companies are expected to lead with a 55.0% market share in 2024, driven by global infrastructure investments and the adoption of advanced equipment. This segment is also projected to grow the fastest due to investments in new technology, exemplified by Skanska's pilot project with a zero-emissions electric excavator.

Geographically, the Asia-Pacific region is projected to hold the largest market share at 45.0% in 2024, driven by investments in construction, sustainability efforts, and infrastructure expansion. The region is also expected to have the highest CAGR of 7.0%, with companies like Volvo CE expanding their presence to meet growing demand.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5847    

Key questions answered in the report-

• Which are the high-growth market segments based on type, propulsion type, and end user?
• What was the historical market size for construction equipment?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the construction equipment market?
• Who are the major players, and what shares do they hold in the construction equipment market?
• What is the competitive landscape like?
• What are the recent developments in the construction equipment market?
• What are the different strategies adopted by the major players in the construction equipment market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the construction equipment market, and how do they compete with other players?

Contact Us:
Meticulous Research®
Email- [email protected]
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research