Global Equipment Market: Major Manufacturers and Industry Overview

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Global Equipment Market: Major Manufacturers and Industry Overview

The Global Equipment Market size was estimated at USD 1113.90 billion in 2022 and is expected to reach USD 1587.74 billion by 2030 at a CAGR of 4.99%.

The Global Equipment Market is positioned for substantial growth, with an estimated value of USD 1113.90 billion in 2022. Projections indicate a remarkable ascent, reaching USD 1587.74 billion by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 4.99% during the forecast period from 2023 to 2030.

Within the equipment market, the construction equipment sector has emerged as a dominant force, particularly in regions undergoing infrastructure development, urbanization, and construction projects. Countries with robust construction sectors are witnessing a surge in demand for heavy machinery and construction equipment, including excavators, bulldozers, and cranes. The construction equipment market is propelled by the need to meet the demands of burgeoning infrastructure development projects.

Simultaneously, the agriculture equipment segment has asserted its dominance in regions with large agricultural sectors. The imperative for efficient and mechanized farming practices, driven by the global population's growth and the necessity to increase food production, underscores the significance of this market. Key equipment in this sector includes tractors, combines, and irrigation systems, contributing to the modernization and optimization of agricultural processes.

The varied dominance of construction and agriculture equipment reflects the unique demands of different regions and industries. While construction equipment meets the requirements of growing urban landscapes and infrastructure needs, agriculture equipment addresses the challenges of feeding a growing population through advanced and mechanized farming practices.

As the global population continues to rise and urbanization progresses, the demand for equipment across various sectors is expected to remain robust. The forecasted CAGR signifies sustained growth and underscores the importance of efficient and advanced equipment in driving progress and development across diverse industries. The journey from 2023 to 2030 holds promise for a dynamic and evolving equipment market, adapting to the changing needs of a rapidly advancing world.

Key Players

Hitachi, Ltd-Company Financial Analysis

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KEY MARKET SEGMENTATION

By Agriculture Equipment

Agriculture Equipment By Type (Value)

Agriculture Tractors
Harvesting Equipment
Irrigation & Crop Processing Equipment
Agriculture Spraying & Handling Equipment
Soil Preparation & Cultivation Equipment
Others (Hay & Forage Equipment, Trailers)

Agriculture Equipment By Type (Volume)

Agriculture Tractors
Harvesting Equipment
Irrigation & Crop Processing Equipment
Agriculture Spraying & Handling Equipment
Soil Preparation & Cultivation Equipment
Others (Hay & Forage Equipment, Trailers)

By Snow Removal Equipment

Snow removal Equipment By Type (Value)

Loaders
Blowers
Displacement Plows
Rotary Brooms De-Icers
Sprayer Trucks
Spreaders

Snow removal Equipment By Type (Volume)

Loaders
Blowers
Displacement Plows
Rotary Brooms De-Icers
Sprayer Trucks
Spreaders

By Paving Equipment

Paving Equipment By Type(Value)

Wheel Paving Equipment
Tracker Paving Equipment

Paving Equipment By Type(Volume)

Wheel Paving Equipment
Tracker Paving Equipment

By Waste Management Equipment

Waste Management Equipment By Type(Value)

Waste Disposal Equipment
Waste Recycling & Sorting Equipment

Waste Management Equipment By Type (Volume)

Waste Disposal Equipment
Waste Recycling & Sorting Equipment

By Construction Equipment

Construction Equipment By Type (Value)

Earthmoving Equipment
Material Handling Equipment & Cranes
Concrete Equipment
Road Building Equipment
Civil Engineering Equipment
Crushing and Screening Equipment
Other Equipment

Construction Equipment By Type (Volume)

Earthmoving Equipment
Material Handling Equipment & Cranes
Concrete Equipment
Road Building Equipment
Civil Engineering Equipment
Crushing and Screening Equipment
Other Equipment

By Demolition Equipment

Demolition Equipment By Type (Value)

Demolition Excavators
Demolition Robot

Demolition Equipment By Type (Volume)

Demolition Excavators
Demolition Robot

By Forestry Equipment

Forestry Equipment By Type ( Value)

Felling Equipment
Extracting Equipment
On-Site Processing Equipment
Separately Sold Parts and Attachments
Other Forestry Equipment

Forestry Equipment By Type ( Volume)

Felling Equipment
Extracting Equipment
On-Site Processing Equipment
Separately Sold Parts and Attachments
Other Forestry Equipment

By Gardening Equipment

Gardening Equipment By Type(Value)

Lawn Mowers
Handheld Power Tools
Hand Tools & Wheeled Implements
Water Equipment

Gardening Equipment By Type (Volume)

Lawn Mowers
Handheld Power Tools
Hand Tools & Wheeled Implements
Water Equipment

By Mining Equipment

Mining Equipment By Type (Value)

Underground Mining Equipment
Surface Mining Equipment

Mining Equipment By Type (Volume)

Underground Mining Equipment
Surface Mining Equipment

By Scrap Metal Recycling Equipment

Scrap Metal Recycling Equipment By Type (Value)

Sorting Systems
Metal Shredders

Scrap Metal Recycling Equipment By Type (Volume)

Sorting Systems
Metal Shredders

By Construction Aggregates

Construction Aggregates By Type (Value)

Sand
Gravel
Crushed Stone

Construction Aggregates By Type (Volume)

Sand
Gravel
Crushed Stone

DRIVERS

- Global Infrastructure Development: The expansion of global infrastructure development is driving an increased demand for compact construction equipment. Factors such as growing urbanization, population growth, technological advancements, the need to modernize existing infrastructure, and a focus on building sustainable green projects contribute to the industry's growth.

- Strict Safety Requirements: Stringent safety requirements for snow removal at airports, mandated by government agencies and aviation authorities, are elevating the need for specialized equipment that complies with safety standards.

- Technological Advancements: Ongoing technological advancements have led to the development of more efficient and environmentally friendly snow removal equipment. Features such as automated controls, GPS integration, and lower emissions make the equipment more attractive to airports.

OPPORTUNITY

- Applicable to a Variety of Infrastructures: The increased demand for gardening equipment extends to various infrastructures, including sports fields, public parks, golf courses, and more. This growing demand for landscaping services, particularly in emerging economies, contributes to market growth.

- Government Mandates for Telematics and E-Call Services: The construction equipment market is witnessing significant technological improvements, with a focus on producing more optimal and reliable products. The off-highway sector is gradually embracing self-driving technologies, particularly in construction operations that are repetitive, physical, precise, and time-sensitive. This has led to an increased demand for automation in construction equipment, with manufacturers developing wireless, self-driving machines.

- Opportunities from the Internet of Things (IoT): The ongoing development of the Internet of Things (IoT) continues to provide lucrative opportunities for market players. The integration of IoT technology in construction equipment enhances connectivity, data analytics, and overall efficiency, contributing to the industry's growth.

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Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges