Construction Equipment Market Size, Leading Players and Forecast to 2030

NEW YORK - Dec. 8, 2021 - PRLog -- The World Bank states that the global urban population increased from 4.274 billion in 2019 to 4.352 billion in 2020. It also forecasts that by 2050, around 7 out of 10 people across the world will reside in cities. The increasing influx of people from rural areas to urban areas, especially in developing countries, such as China, Brazil, and India, in search of employment and a better lifestyle, is resulting in the construction of numerous housing units.

Thus, the booming urban population will contribute to the construction equipment market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue stood at $180 billion in 2020. The accelerating urbanization rate is also encouraging several governments to heavily invest in the modernization of public infrastructure. Additionally, the increasing number of manufacturing units, owing to the burgeoning demand for consumer goods from the urban population, will also drive the demand for construction equipment in the forecast years.

In contemporary times, construction companies are increasingly using electric and autonomous equipment as it offers enhanced productivity, ensures higher worker safety on site, and addresses the issue of skilled labor shortage. For instance, Komatsu Ltd. offers the D61i-24 and the D51i-24 dozers, which record terrain data as they move around a construction site. This data is then used by the systems to take calculated decisions on whether it should finish grading, cut and carry materials, and spread or fill that material.

The power output segment of the construction equipment market (https://www.psmarketresearch.com/market-analysis/construc...) is categorized into >400 HP, 201–400 HP, 101–200 HP, and <100 HP. Under this segment, the 101–200 HP category held the largest market share in 2020, on account of the better fuel economy and favorable power-to-weight ratio exhibited by equipment offering 101–200 HP output. Construction equipment with this power output is, therefore, helping construction companies and construction equipment operators reduce operating costs.

Globally, the Asia-Pacific (APAC) region is expected to hold the largest share in the construction equipment market during the forecast period, due to the mounting investments being made by governments in construction activities in the region. Moreover, the surging public demand for residential infrastructure in South Korea, China, Japan, and India, owing to the booming urban population in these countries, will also catalyze the market growth in the region. For instance, the World Bank found that the urban population in India grew from 471,031,529 in 2019 to 481,980,332 in 2020.

Thus, the rising urban population and soaring number of production units will augment the usage of construction equipment worldwide.