The construction equipment market is the most dynamic one among all sectors in the industry. Several factors influence this market which leads to showing the dynamic curves of data software. However, the year 2022 was quite better in terms of equipment sales and purchases. The equipment dealership was not expecting this growth due to some uncertain global conditions like a hike in fuel process and other mega-disasters. Let’s find out more in detail how did the equipment market perform in 2022 and how will it grow in the next few years.
The construction equipment market performed quite well in 2022. Global demand for new construction equipment was driven by rising residential and commercial construction, as well as infrastructure projects such as bridges and tunnels. In addition, the continued expansion of the global economy helped to support this demand.
The market for new construction equipment also saw growth in countries outside of North America and Western Europe, with Asia-Pacific being one of the largest regions for new construction activity.
Although there were some signs that the market may slow down in 2022, it is difficult to predict what will happen because there are so many factors that influence the industry’s performance. For instance, government policies could have an impact on how much money companies spend on new construction projects.
Uncertainty on the North American market.
As North America is one of the biggest markets for construction equipment so the steadiness in this market may influence other regions as well. The construction equipment market was a bit sluggish due to uncertainty in the North American market. The industry faced a prolonged recession and an oil price slump, which has led to a slowdown in construction activity in the region.
Nevertheless, the North American construction equipment market recorded a 10.7% growth in the first quarter of 2022, after declining by 8.7% in the previous quarter, according to the latest report by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA).
Major players in the industry
Without any doubt, it is clear that the major players in the equipment industry are Caterpillar construction equipment, Komatsu Ltd., Hitachi Construction Machinery, Volvo Construction Equipment, and Doosan Heavy Industries & Construction.
These companies managed to deliver high-quality products at affordable prices to meet the needs of both small and large companies in construction and other industries. These companies have also been able to maintain a steady growth rate by expanding their product lineups with new models.
Further growth expectation
The construction equipment market continued to grow in 2022, with further growth expected in many regions. This is due to several factors, including:
- The increasing demand for infrastructure construction and maintenance.
- The need for increased productivity from new technologies and equipment.
There will also be an increase in the demand for equipment that can handle heavy loads and projects such as bridges, tunnels, and highways.
The construction machinery industry is growing at a rapid pace, with an increase in demand for construction equipment from both the public and private sectors. This growth is attributed to the increasing industrialization across developing countries, coupled with the need for infrastructure development and urbanization.
North America (NA) region is probable to be the second-largest market in 2026 with accountancy for nearly 30% share of total construction equipment sales. NA region is on track to further expand its market share during the forecast period due to increased investment in infrastructure projects, which are largely driven by increasing urbanization and industrialization.
The construction equipment industry is the most dynamic industry that sees unexpected performance within a matter of time. However, 2022 seems to be a good year for the equipment industry with little steadiness. The North American market performed well as well whereas the major players in the industry were caterpillar construction equipment, Hitachi, Volvo, Doosan, and Komatsu. However, the next few years are bright in the expert’s perception. Read this article to find more details on the market performance of heavy equipment in the year 2022.