Market Size of Turkey Construction Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.7 Billion |
| Market Size (2029) | USD 2.5 Billion |
| CAGR (2024 - 2029) | > 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Turkey Construction Equipment Market Analysis
The Turkey Construction Equipment Market size is estimated at USD 1.7 billion in 2024, and is expected to reach USD 2.5 billion by 2029, growing at a CAGR of greater than 6.5% during the forecast period (2024-2029).
Over the medium term, One of the major factors driving the growth of the market is the growing construction industry, owing to numerous growth opportunities in infrastructure, residential, and non-residential sectors.
The rise in the construction of multi-family houses (with the growing trend of nuclear families) and increasing investments in the construction of roads, highways, smart cities, metros, bridges, and expressways due to the growing population and urbanization. This is likely to enhance the demand for construction equipment during the forecast period.
By 2023, the Turkish government plans to construct 2,000 kilometers of high-speed rail lines from Kars in northeast Turkey to Edirne in western Turkey, with China funding a portion of the project. The government also wants to increase renewable energy's share of electricity generation to 38.8% by 2023, up from 32.5% in 2018. With the increase in construction investment across the country, the demand for construction equipment will be high in the coming years, which in turn is likely to witness major growth for the market during the forecast period.
