Meticulous Research® announces that the construction equipment market is forecasted to surpass $236.9 billion by 2031, with a robust CAGR of 5.3% from 2024 to 2031. This projected growth is fueled by escalating government spending on infrastructure projects and a heightened focus on improving efficiency, productivity, and safety in construction. The automation of construction equipment is also expected to drive market opportunities.

However, the market faces potential obstacles such as strict international trade regulations, high equipment costs, and a shortage of skilled operators. Current trends show increasing interest in compact and electric construction equipment, which are expected to influence market growth significantly.

The market is analyzed by type, propulsion type, and end user. Material handling equipment is predicted to hold the largest market share of 40.0% in 2024, thanks to ongoing industrialization and modernization. Meanwhile, the earth-moving equipment segment is projected to experience the highest growth rate, spurred by increased investments in construction activities.

ICE construction equipment is anticipated to maintain the largest share of 53.0% in 2024, but the electric segment is set to achieve the highest growth rate due to its cost advantages and lower maintenance. Recent developments include Hyundai Construction Equipment India’s new product launches and Action Construction Equipment Ltd.'s unveiling of an electric crane.