According to our new research study on “Construction Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Equipment Type and Application,” the market is expected to grow from US$ 126,062.8 million in 2022 to US$ 223,451.1 million by 2028. It is estimated to grow at a CAGR of 10.0% from 2022 to 2028. Heavy-duty vehicles developed specifically to carry out construction duties, most commonly earthwork operations, are referred to as construction equipment. The proper use of suitable equipment helps to the project’s economy, quality, safety, speed, and timeliness. It is not always desired or feasible for the contractor to possess all of the construction equipment needed for the project. Excavating, digging dirt, moving it over great distances, placement, compacting, levelling, dozing, grading, and hauling are among the main processes involved in the building of any construction project.
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Increasing Infrastructure Investments Post COVID-19 Pandemic to Drive Construction Equipment Market During Forecast Period
Economic activities across the world were considerably stifled due to the COVID-19 pandemic. There were huge investments in infrastructure, which provided momentum to the infrastructure industry growth. Infrastructure investments in electricity generation, national highway construction, and railways and shipping cargo are propelling the demand construction equipment. In emerging economies, a few core infrastructure industries including coal, crude oil, steel, and cement exhibited growth index in 2021. These factors positively impacted the construction equipment market growth.
The COVID-19 pandemic has had a severe influence on the construction equipment market. The sales of construction equipment have decreased across the world. Infrastructure investments; residential, commercial, and industrial building, mining, and well construction; and institutional expenditure affect the sales of construction equipment in the global market positively as well as negatively. The US, the UK, China, and India are among the disproportionately affected countries. However, there is a high demand for infrastructure projects related to hospitals and other medical facilities, labs, and shipping and transportation. Furthermore, several nations have begun to gradually resume activities in various markets, including the construction equipment market.
Key Findings of Study
The global construction equipment market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe construction equipment market, technological breakthroughs, significant companies’ presence, new technologies high acceptance rate, increased manufacturing infrastructure, and improved economic circumstances are driving the market. Increased engagement of the private sector in infrastructure projects—particularly private money at risk—can improve efficiency if private developers are given the chance to put their risk-management expertise to work through a genuine transfer of risks and duties. Traditional procurement methods, which pay little attention to commercial and financial concerns, do not yield the same results. The private sector participants at the optimal level of participation and risk transfer contribute specific risk-management skills, offer a long-term view, and interest in the project, and absorb other risks without the fear of bankruptcy. Therefore, the rising number of public–private partnerships fuel the growth of the construction equipment market.
Impact of COVID-19 Pandemic on Construction Equipment Market
In 2020, the COVID-19 pandemic hampered construction activities. Construction equipment being a cyclical business was expected to decline ~5% in 2020 according to world economic forum. When COVID-19 pandemic affected the global economy and country-wise lockdowns came into effect, it was estimated that worldwide equipment sales will decline by 20–40% annually. The projections for 2020 were equivalent for North America and Europe. When lockdowns were implemented, substantial drops in sales were expected. There was undoubtedly a significant fall in the second quarter of the year, but a recovery was evidently underway by June 2020. Compared to their sales volumes in 2019, markets in both regions experienced a 16% annual decline. Despite a trend of steep drops in the first half of the year and roaring rebounds in the second, most markets remained at moderate levels in 2020 after reaching very high levels in 2019 and 2018. The primary factor that kept the equipment markets at stake was that, following the initial lockdowns, which stopped a significant amount of building work, the sector was able to resume almost to normal levels of activity. Additionally, it appeared that household repair and maintenance activities were trending somewhat upward in several nations. surged.
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