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Building And Road Construction Equipment Market Size in 2029: A Look at Recent Changes and Trends
The market size of building & road construction equipment has seen a fast-paced growth in the past years. The market, which was valued at $203.1 billion in 2024, is projected to rise to $225.01 billion in 2025, experiencing a compound annual growth rate (CAGR) of 10.8%. Factors such as economic growth, infrastructure development, urbanization along with replacement and modernization efforts, have all contributed to this growth during the historic period.
The market size for building & road construction equipment is projected to experience a swift elevation in the upcoming years. The market is forecasted to bolster up to $329.86 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.0%. The growth predicted for this period is due to several factors like the development of infrastructure, intelligent construction, green building principles, the surge in urbanization, and burgeoning rental market. The key trends for this dodging period are technological progress, the advent of autonomous and remote-controlled devices, digital twin technology, as well as customization and adaptability.
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What Core Factors Are Driving the Expansion of the Building And Road Construction Equipment Market?
The growth of the building and road construction equipment market is fuelled by infrastructure improvements in both emerging and developed nations. These countries’ governments and private sectors are striving to develop infrastructure to maintain GDP, meet the demands of a burgeoning population, adjust to urbanisation levels, and enhance connectivity through highway and expressway construction. For example, Indian road construction investments totalled $22.4 billion, with private investments constituting 14% of all investments. Moreover, according to the World Bank, the commitments made for infrastructure investments by the private sector for low- and middle-income countries rose to $76.2 billion in 2022, marking a 49% increase from 2021 globally. With an emphasis on infrastructure development, both developed and emerging countries’ governments and private sectors are in need of advanced equipment to facilitate and accelerate construction, further boosting the building and road construction equipment market.
How Is the Building And Road Construction Equipment Market Structured Across Key Segments?
The building and road construction equipment market covered in this report is segmented –
1) By Product Type: Motor Graders, Road Roller, Wheel Loaders, Concrete Mixer, Bulldozers, Other Product Types
2) By Equipment Category: Earthmoving Equipment, Material-Handling Equipment, Heavy Construction Vehicles, Other Equipment Categories
3) By Application: Building Construction, Road Construction
Subsegments:
1) By Motor Graders: Crawler Graders, Wheeled Graders
2) By Road Roller: Single Drum Rollers, Double Drum Rollers, Pneumatic Rollers
3) By Wheel Loaders: Small Wheel Loaders, Medium Wheel Loaders, Large Wheel Loaders
4) By Concrete Mixer: Drum Mixers, Pan Mixers, Twin-Shaft Mixers, Volumetric Mixers
5) By Bulldozers: Crawler Bulldozers, Wheel Bulldozers
6) By Other Product Types: Backhoe Loaders, Excavators, Skid Steer Loaders, Dump Trucks, Asphalt Pavers
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What Innovation Trends Will Redefine the Building And Road Construction Equipment Market Landscape?
Prominent corporations within the building and road construction equipment market are placing emphasis on the creation of innovative solutions, such as construction excavators and forklifts, with the aim to augment productivity and efficiency at work sites.
This refers to heavy-duty machinery used in construction for tasks such as earthmoving and material handling, in addition to lifting, with the main uses of excavators including digging and demolition, while forklifts are utilized for the transport and stacking of materials. For example, HD Hyundai Construction Equipment, a company situated in South Korea known for delivering top-tier equipment, unveiled a fresh lineup of products in October 2023, with the list including excavators, wheel loaders, and electric forklifts, which were showcased in their Chakan, Pune plant. The lineup of excavators boasts the SMART Plus Series, which includes three models, the 8-ton, 14-ton, and 15-ton designed for infrastructure usage, as well as the 50-ton HX520L for heavy mining tasks. Furthermore, two models of wheel loaders with capacities of 3 tons and 5 tons, alongside electric forklifts with capacities of 2.5 tons and 3.0 tons, were ushered in to boost the efficiency of material handling.
Where Is the Building And Road Construction Equipment Market Experiencing the Fastest Regional Growth?
Asia-Pacific was the largest region in the building and road construction equipment market in 2023. Western Europe was the second-largest region in the building and road construction equipment market. The regions covered in the building and road construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Leading Players Shaping the Future of the Building And Road Construction Equipment Industry
Major companies operating in the building and road construction equipment market include Volvo Group, Caterpillar Inc., Komatsu Ltd., Liebherr Group, Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, Terex Corporation, Atlas Copco Group, Deere and Company, Sany Heavy Industry Co. Ltd., Wacker Neuson SE, CNH Industrial NV, Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Doosan Infracore Co. Ltd., Hyundai Heavy Industries Co. Ltd., Wirtgen Group, Kobelco Construction Machinery Co. Ltd., Manitowoc Company Inc., Bell Equipment Ltd., Astec Industries Inc., BopparderMaschinenbau-Gesellschaft mbH, Case Construction Equipment, FAYAT Group, Gomaco Corporation Inc., HAMM AG, JLG Industries Inc., Konecranes Oyj, Kubota Corporation, LiuGong Machinery Corp. Ltd., Manitou Group, Palfinger AG, Putzmeister Holding GmbH, SennebogenMaschinenfabrik GmbH, Tadano Ltd., Takeuchi Mfg. Co. Ltd.
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