Market Size of Road Construction Machinery Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 189.16 Billion |
| Market Size (2029) | USD 231.81 Billion |
| CAGR (2024 - 2029) | 4.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Road Construction Machinery Market Analysis
The Road Construction Machinery Market size is estimated at USD 189.16 billion in 2024, and is expected to reach USD 231.81 billion by 2029, growing at a CAGR of 4.15% during the forecast period (2024-2029).
The increase in road construction activity is expected to drive the demand for road construction machinery. Various government programs, such as stimulus packages and infrastructure developments, encouraged road construction equipment to drive market expansion between 2024 and 2029.
Over the long term, increasing investments in road projects, the launch of electric road construction machinery, and the replacement of older fleets by newer machines are creating demand in the construction equipment industry with a surge in sales of road construction machinery. However, the increasing demand for rental machinery services is expected to act as a restraint for the market's growth, as renting machinery is preferred by small and medium-scale companies to lessen the costs of labor, training, and equipment purchases.
Furthermore, digitalization, connectivity, and automation are driving market development forward, substantially impacting construction projects. Construction and construction materials companies are geared up to invest in new technologies to cope with the increasing demand for advanced construction machinery and replace the older ones with new or upgraded machinery fleets. Additionally, an increase in the number of favorable government policies aimed at encouraging the Public-Private Partnership (PPP) model is also expected to bode well for the growth of the road construction equipment market from 2024 to 2029.
