According to a recent study from market research firm Global Market Insights, the construction equipment market is set to grow from its current market value of more than $135 billion to over $160 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
The construction equipment market is projected to witness lucrative growth over the forecast timespan owing to the increasing investment in mining projects and a growing demand from numerous smart-city initiatives across the globe.
The shifting trend toward equipment with up-to-date technology for improved efficiency and emissions reductions is likely to impel the construction equipment industry in coming years. Additionally, machinery equipped with new technologies generally require less maintenance, which is further endorsing their adoption over conventional machinery.
With ongoing infrastructure upgrade initiatives, demand for motor graders is likely to witness tremendous growth.
The construction equipment market is bifurcated in terms of product, and regional landscape. Earthmoving and roadbuilding equipment is slated to register momentous growth in coming years. A prominent chunk of the projected growth is slated to come from the North America region. The North America earthmoving and roadbuilding segment will be reaching a valuation of over $17 billion by the end of the analysis period owing to the growing road construction and public infrastructure development activities in the region.
From a regional frame of reference, the Latin America construction equipment market is likely to witness significant growth owing to the increasing investments in mining projects in the region.
