Automation expected to drive global construction equipment growth

According to the forecast of the Construction Equipment – Global Strategic Business Report, the significant growth in the global construction equipment market is expected to reach US$248.5 billion by 2030, up from US$179.3 billion in 2023, with a compound annual growth rate (CAGR) of 4.2% over 2023-2030. This growth is driven by automation, particularly in response to labor shortages, and is supported by recent innovations and market activities.

Notably, the US market is estimated at US$33.5 billion, while China is forecast to grow at a CAGR of 5.4%, reaching $53.7 billion by 2030. Other key geographic markets include Japan and Canada, with growth rates of 2.6% and 3.5%, respectively.

The report emphasized the increasing focus on sustainability and carbon footprint management, driving interest in electric construction equipment. Additionally, it highlighted trends such as the rise of equipment rental and leasing, the launch of technologically advanced construction equipment, the growing popularity of telematics for efficiency and safety, and the value of construction equipment and machine big data as valuable assets. The report also discussed the impact of AI, cybersecurity, and IoT on construction equipment management.

22 Apr 2024 reported by Machinery News