Global construction machinery to achieve CAGR of 9% in 2023

A new report by Research and Markets forecasts growth despite continuing disruption from Ukraine and the aftermath of COVID-19

The global construction machinery market will grow from $308.97 billion in 2022 to $336.72 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%.

The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The construction machinery market is expected to grow from $458.34 billion in 2027 at a CAGR of 8.0%.

The construction machinery market consists of sales of construction machinery, including backhoes, bulldozers, construction and surface mining-type rock drill bits, construction-type tractors, off-highway trucks, pile-driving equipment, portable crushing, pulverizing and screening machinery, powered post hole diggers, road graders and surface mining machinery. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Construction machinery refers to heavy machines designed for performing construction operations. Construction machinery is used in construction projects to load and unload materials, drive tools and materials into and out of a construction site, feed or retrieve material into a processing machine, handle raw materials by transporting them, cut trees and other vegetation, and many other applications.

Asia Pacific was the largest region in the construction machinery market in 2022. Western Europe was the second-largest region in the construction machinery market. The regions covered in the construction machinery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Major players in the construction machinery market are Caterpillar Inc, Komatsu Ltd, Deere & Company, Volvo AB, Hitachi Ltd, Zoomlion Heavy Industry Science, and Technology Co. Ltd, Liebherr Group, EXOR Group, Doosan Infracore Co Ltd, and Oshkosh Corp.


Most Popular

To Top