Construction and Mining Equipment Market size to grow by USD 62.13 billion from 2022 to 2027

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01 Aug, 2023, 12:30 ET

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NEW YORK, Aug. 1, 2023 /PRNewswire/ -- The construction and mining equipment market size to grow by USD 62.13 billion from 2022 to 2027. However, the growth momentum will progress at a CAGR of 6.7% during the forecast period, according to Technavio. The construction and mining equipment market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. AB Volvo, Atlas Copco AB, Caterpillar Inc., CNH Industrial NV, Deere and Co., Doosan Corp., Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Kubota Corp., Liebherr International Deutschland GmbH, SANY Group, Schaeffler AG, Sunward Europe Heavy Industry NV, Terex Corp., Xuzhou Construction Machinery Group Co. Ltd., Yanmar Holdings Co. Ltd., ZEPPELIN GmbH, and Kobe Steel Ltd. are some of the major market participants -. To know about the vendor offerings - Request a sample report

Construction and Mining Equipment Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The construction and mining equipment market report covers the following areas:

Construction and Mining Equipment Market 2023-2027:

Key Drivers

The expansion of construction and mining equipment manufacturing and distribution facilities is a key factor driving market growth. Market vendors are focusing on increasing their production capacities to meet the increasing demand for construction and mining equipment. Furthermore, the increased production capacity will enable the provider to meet the needs of end-users around the world. This factor can lead to differentiation from competitors and enable higher sales growth. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The digitization and automation of construction and mining equipment is a major trend in the market. Businesses are adopting these advanced technologies, which include robotics, drones, and telematics. As a result, this will enable remote monitoring of construction and mining equipment using telematics and help in real-time monitoring of equipment performance, fuel consumption, and maintenance needs. These technologies also enhance project timelines and reduce costs. Hence, these advanced technologies are expected to drive market growth during the forecast period.

Significant Challenges

The stringent regulations related to emissions, noise, and safety standards are significant challenges restricting market growth. Construction and mining equipment producers are suffering because of the stringent regulations governing emissions, noise, and safety standards for this equipment. Vendors must invest a significant amount of money in R&D and cutting-edge technology to develop construction and mining equipment that complies with all applicable standards. This can negatively impact the cost and availability of construction and mining equipment worldwide. Hence, these regulations are expected to restrict market growth during the forecast period.

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Construction and Mining Equipment Market 2023-2027: Segment Analysis

Construction and Mining Equipment Market 2023-2027: Segmentation Highlights

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report

Construction and Mining Equipment Market 2023-2027: Key Highlights

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Construction and Mining Equipment Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.7%

Market growth 2023-2027

USD 62.13 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.81

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 49%

Key countries

US, Canada, China, India, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

AB Volvo, Atlas Copco AB, Caterpillar Inc., CNH Industrial NV, Deere and Co., Doosan Corp., Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Kubota Corp., Liebherr International Deutschland GmbH, SANY Group, Schaeffler AG, Sunward Europe Heavy Industry NV, Terex Corp., Xuzhou Construction Machinery Group Co. Ltd., Yanmar Holdings Co. Ltd., ZEPPELIN GmbH, and Kobe Steel Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio