Construction Equipment Market Forecast: CAGR of 6.9% from 2023 to 2031
The global construction equipment market is poised for significant growth, with a forecasted value of US$ 250.2 billion by 2031, representing a CAGR of 6.9% from 2023 to 2031. This growth is attributed to the rise in infrastructure development, rapid urbanization, and expansion in the mining sector, driving the demand for advanced construction machinery.
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The market is segmented into various types of construction equipment, including earth moving equipment, construction vehicles, material handling equipment, and other construction equipment. Earth moving equipment, in particular, is expected to dominate the market during the forecast period, owing to its extensive use in construction and mining activities.
The Asia Pacific region is anticipated to lead the market growth, driven by government infrastructure projects and the surge in demand for advanced construction equipment. Additionally, North America and Europe are expected to witness substantial growth due to increased investments in real estate and construction projects.
Key players in the construction equipment market, such as Caterpillar Inc., Deere & Co., Kubota Corp., Komatsu Ltd., and others, are focusing on sustainable and eco-friendly solutions, investing in research and development to meet global carbon emission standards.
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