Market Size of Europe Construction Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Construction Equipment Market Analysis
The Europe Construction Equipment Market was valued at USD 7 billion and is expected to reach USD 10 Billion over the next five years, registering a CAGR of over 6% during the forecast period.
The COVID-19 pandemic hurt the market. Construction activity had naturally come to a halt due to the global shutdown caused by lockdown and social distancing norms implemented worldwide. Although construction equipment was no longer in use, some of it was still useful in the mining sector, which faced European restrictions. This prevented the industry from bankruptcy, but the economic consequences were severe. However, the industry is expected to rebound with the increased demand for sustainable construction and mining following the pandemic and new product launches by the players. For instance,
- September 2022: Mitsubishi Fuso Truck and Bus Corporation (MFTBC) has introduced t The Next Generation eCanter is now available in 42 different configurations. The PTO (power take-off) unit allows the eCanter to operate as a tow truck, tipper, or with rear cranes to support construction businesses. IAA Transportation's Next Generation eCanter.
Developing economies are investing heavily in infrastructure development to combat major issues such as traffic congestion, population growth, high manufacturing costs, and aging transportation infrastructure. Developed economies are investing in technologies such as earthquake-proof buildings, hyperloop, and so on to improve their current infrastructure. These factors are boosting the global construction machinery market's sales.
The demand for cost-effective machines, combined with regulatory pressures for lower emissions, is pressuring construction-equipment manufacturers to choose electric and hybrid vehicles over traditional hydraulic and mechanical vehicles. As a result, progress in the electrification of construction equipment is accelerating. For instance,
- March 2022: Mack Trucks has expanded its medium-duty offering by announcing the Allison 3000 RDS transmission availability for Mack MD Series models. With a higher Gross Combination Weight Rating (GCWR), the Allison 3000RDS transmission provides greater versatility for customers in 4x2 refuse, tank, and dump applications, allowing customers to drive the Mack MD Series model and pull utility trailers with small excavators.
