The Latest Heavy Construction Equipment Industry Statistics Explained
The global heavy construction equipment market size was valued at USD 55.9 billion in 2016.
This statistic indicates the total market value of heavy construction equipment worldwide in the year 2016, which stood at USD 55.9 billion. This figure reflects the significant scale of investment and economic activity within the heavy construction equipment industry during that period. The market size is a crucial indicator of the demand for heavy construction equipment across various sectors such as infrastructure development, mining, and transportation. The growth or decline in this market size over time can provide valuable insights into the overall health and trends within the construction equipment industry and the broader global economy.
The heavy construction equipment market is projected to reach $2,226.2 billion by 2025, growing at a CAGR of 3.4% from 2020 to 2025.
The statistic indicates that the heavy construction equipment market is expected to expand to $2,226.2 billion by the year 2025, with a compound annual growth rate (CAGR) of 3.4% from 2020 to 2025. This projection suggests a positive trend in the market, with a steady growth rate over the specified period. This indicates that the demand for heavy construction equipment is anticipated to increase over the next few years, driven by factors such as infrastructure development, urbanization, and industrial expansion. The market forecast provides valuable insights for industry stakeholders, investors, and policymakers to make informed decisions and capitalize on the potential growth opportunities in the heavy construction equipment sector.
The earthmoving machinery segment dominated the heavy construction equipment market in 2019, accounting for 63.1% of the total revenue.
The statistic indicates that in 2019, the earthmoving machinery segment held a significant share in the heavy construction equipment market by generating 63.1% of the total revenue. This dominance suggests that earthmoving machinery, such as bulldozers, excavators, and loaders, was the most sought-after type of equipment within the industry. The high revenue share could be attributed to the essential role that earthmoving machinery plays in various construction projects, such as land development, road construction, and mining. The strong performance of this segment highlights the market demand for efficient and versatile equipment for heavy construction activities, emphasizing the importance of earthmoving machinery in driving revenue growth within the industry.
The construction sector in the Asia Pacific region is expected to grow with a CAGR of 4.6% from 2020 to 2026.
The statistic indicates that the construction sector in the Asia Pacific region is projected to experience a Compound Annual Growth Rate (CAGR) of 4.6% between the years 2020 and 2026. This growth rate signifies the average annual growth rate of the sector during this period, reflecting a positive trend in terms of expansion and development. The CAGR of 4.6% suggests that the construction industry in the Asia Pacific region is expected to steadily increase over the specified timeframe, indicating potential opportunities for investment, employment, and infrastructure development in the region.
The road construction machinery market in Asia Pacific region is predicted to reach USD 18 billion by 2024.
The statistic indicates a forecasted growth in the road construction machinery market within the Asia Pacific region, with a projected value of USD 18 billion by the year 2024. This suggests a significant increase in demand for road construction machinery across countries in Asia Pacific, driven by factors such as infrastructure development, urbanization, and economic growth in the region. The growth potential reflects opportunities for construction machinery manufacturers, suppliers, and related industries to expand their presence and capitalize on the growing market in Asia Pacific over the coming years.
The North American heavy construction equipment market has shown steady growth with a CAGR of 4.2% from 2021 to 2026.
The statistic indicates that the North American heavy construction equipment market has experienced consistent growth over the period from 2021 to 2026, as measured by a compound annual growth rate (CAGR) of 4.2%. This CAGR reflects the average annual growth rate of the market during this time frame. A CAGR of 4.2% suggests that the market has been expanding steadily, which may be attributed to factors such as increased infrastructure projects, construction activity, and technological advancements driving demand for heavy construction equipment in the North American region. This growth trend indicates a positive outlook for the industry and presents potential opportunities for companies operating in this market to capitalize on the expanding demand for heavy construction equipment.
Latin America heavy construction equipment market is expected to grow at a CAGR of 5.75% from 2020 to 2025.
This statistic indicates that the Latin America heavy construction equipment market is projected to experience a Compound Annual Growth Rate (CAGR) of 5.75% between the years 2020 and 2025. This means that the market is anticipated to increase steadily at an average annual rate of 5.75% during this period. The CAGR provides a smooth growth rate over time and allows for a more accurate representation of the market’s expansion compared to just looking at individual yearly growth rates. This growth projection suggests that there are favorable market conditions and factors driving the demand for heavy construction equipment in Latin America, likely stemming from increased construction activities and infrastructure development projects in the region.
The concrete and road construction machinery market is anticipated to grow at a rate of 6.05% from 2015 to 2020.
The statistic indicates that the concrete and road construction machinery market is expected to experience a growth rate of 6.05% between the years 2015 and 2020. This growth rate suggests that the demand for concrete and road construction machinery is projected to increase steadily over the specified period. Factors such as infrastructure development projects, urbanization, and increasing investments in construction activities could be driving this anticipated growth. This statistic provides valuable insights for stakeholders in the construction machinery industry, enabling them to make informed decisions regarding production capacity, market positioning, and investment opportunities in order to leverage the anticipated market growth effectively.
The global construction machinery manufacturing industry is predicted to hit a value of US$ 192 billion by 2025.
The statistic indicates that the global construction machinery manufacturing industry is expected to reach a total worth of US$ 192 billion by the year 2025. This prediction suggests significant growth and expansion in the industry over the next few years. Factors driving this growth could include increased investments in infrastructure projects, urban development, and industrialization globally. The rising demand for construction machinery, such as excavators, bulldozers, cranes, and other heavy equipment, also plays a vital role in driving the industry’s value. Furthermore, advancements in technology and innovation within the sector may contribute to the development of more efficient and advanced machinery, attracting further investments. Overall, the prediction highlights the potential opportunities and growth prospects within the construction machinery manufacturing industry in the coming years.
Compact construction equipment has a projected global market size of over 19 billion U.S. dollars in 2021.
The statistic highlights that the market size of compact construction equipment is expected to exceed 19 billion U.S. dollars in 2021 on a global scale. This indicates a significant demand for compact machinery such as mini excavators, skid steer loaders, and compact track loaders in the construction industry. The growing popularity of compact equipment can be attributed to its versatility, maneuverability, and efficiency, making it ideal for various construction projects in tight or urban environments. The projected market size underscores the ongoing expansion of the construction industry and the increasing adoption of compact equipment for enhanced productivity and cost-effectiveness.
The global demand for backhoes is expected to increase by over 4.5% per year through 2021.
The statistic stating that the global demand for backhoes is expected to increase by over 4.5% per year through 2021 indicates a positive growth trend in the usage and need for backhoes worldwide. This forecast suggests that there is a growing demand for backhoes, likely due to factors such as increasing infrastructure development projects, construction activities, and urbanization trends globally. The projected annual growth rate of over 4.5% indicates a steady rise in demand for backhoes over the specified period, pointing towards potential opportunities for manufacturers, suppliers, and other industry stakeholders in the backhoe market to capitalize on this expected growth trajectory.
Rental is becoming increasingly popular, with 40% of construction companies renting their equipment.
The statistic indicates that renting equipment is a growing trend within the construction industry, as 40% of construction companies are opting to rent their equipment rather than purchasing it outright. This suggests that businesses are realizing the benefits of renting equipment, such as cost savings, flexibility, and access to the latest technology without the need for significant upfront investment. The increasing popularity of rental equipment among construction companies could also be driven by factors such as the fluctuating demand for specific equipment, project-specific needs, and the desire to reduce maintenance and storage costs. Overall, the statistic highlights a shift towards renting as a preferred option for construction companies looking to optimize their operations and remain competitive in the industry.
India’s construction equipment market is expected to reach USD 9.9 billion by 2026.
This statistic indicates the projected growth of India’s construction equipment market, with an expected market value of USD 9.9 billion by the year 2026. This forecast suggests a positive trend in the construction industry within India, with increasing investments in infrastructure development, urbanization, and industrialization driving the demand for construction equipment. The growth potential also signifies opportunities for equipment manufacturers, suppliers, and related industries to capitalize on this market expansion. Additionally, this statistic reflects the overall economic trajectory of India and highlights the significant role of the construction sector in contributing to the country’s economic growth and development.
China is the largest market for construction equipment and is expected to account for over 40% of the market share by 2022.
This statistic highlights China’s dominant position in the global construction equipment market, with an expected market share exceeding 40% by 2022. This indicates the significant demand and growth opportunities for construction equipment in China, driven by the country’s rapid urbanization, infrastructure development, and industrial expansion. The sheer size and scale of China’s construction industry, coupled with government investments in infrastructure projects, make it a key market for construction equipment manufacturers and suppliers. This statistic underscores the importance of the Chinese market for businesses operating in the construction equipment sector and highlights the strategic significance of targeting this market for future growth and expansion.
Telematics in construction equipment is projected to increase, with 50% of rented equipment expected to be equipped with a telematics system by 2022.
This statistic suggests that the utilization of telematics in construction equipment is expected to grow significantly, with half of all rented equipment predicted to be outfitted with a telematics system by the year 2022. Telematics systems in construction equipment enable the collection and transmission of data on equipment performance, location, and usage in real time, allowing for improved monitoring, efficiency, and maintenance. This projection indicates a shift towards a more connected and data-driven approach in the construction industry, which can lead to better decision-making, cost savings, and overall improvements in operations and productivity.
The global heavy-duty construction equipment is highly concentrated with the top two players, Caterpillar and Komatsu, accounting for approximately 42% of the market in 2019.
This statistic indicates that the global heavy-duty construction equipment industry is dominated by a small number of key players, with Caterpillar and Komatsu collectively holding a significant market share of approximately 42% in 2019. This high level of concentration suggests that these two companies have a strong competitive advantage over other competitors in the industry and are likely leaders in terms of market share, brand recognition, and technology offerings. The dominance of Caterpillar and Komatsu may result in limited competition, potentially leading to higher barriers for new entrants to gain a foothold in the market. This concentration also implies that the actions and strategies of these two major players can heavily influence the dynamics and direction of the global heavy-duty construction equipment market.
By 2027, investments in infrastructure projects and smart city developments could potentially raise the demand for heavy duty construction equipment.
The statistic “By 2027, investments in infrastructure projects and smart city developments could potentially raise the demand for heavy duty construction equipment” suggests that in the coming years, there is expected to be a significant increase in the need for heavy construction machinery such as cranes, excavators, and bulldozers. This heightened demand is projected to be driven by investments in major infrastructure projects and the development of smart cities. As more cities around the world focus on modernizing their infrastructure and incorporating advanced technologies, the construction industry is anticipated to experience growth in demand for specialized equipment capable of handling large-scale projects efficiently. This statistic serves as a key indicator for stakeholders in the construction equipment industry to prepare for potential market expansion and adapt their strategies to capitalize on emerging opportunities.
Automation technology in construction equipment is expected to be a key trend in the market, with a CAGR of 28.6% from 2020-2027.
The statistic indicates that automation technology in construction equipment is projected to be a significant trend in the market, with a Compound Annual Growth Rate (CAGR) of 28.6% between the years 2020 and 2027. This suggests a rapid increase in the adoption and integration of automated technologies within the construction industry, which aims to enhance efficiency, productivity, and safety. The high CAGR reflects the anticipated widespread implementation of automation in various construction processes, such as autonomous vehicles, robotic machinery, and remote-controlled equipment. This trend signifies a shift towards more advanced and automated construction practices, emphasizing the industry’s willingness to embrace technological advancements for improved performance and outcomes.
In Europe, Germany leads in the adoption rate of electric construction equipment, with the market expected to grow by a compound annual growth rate (CAGR) of 9.65% by 2027.
The statistic suggests that Germany is currently leading the way in the adoption of electric construction equipment in Europe. This is a significant trend as the market in Germany is expected to continue growing at a compound annual growth rate (CAGR) of 9.65% until 2027. This indicates a strong momentum towards the transition to more sustainable and environmentally friendly construction practices in the country. Germany’s leadership in this area may also influence and inspire other European countries to increase their adoption of electric construction equipment, thereby contributing to overall industry growth and a reduction in carbon emissions.
Conclusion
The heavy construction equipment industry statistics provide valuable insights into the trends, challenges, and opportunities in this dynamic sector. By analyzing these statistics, industry professionals can make informed decisions to drive growth and innovation. Stay informed and leverage these statistics to stay ahead in the competitive construction equipment market.
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