by Corinne Gangloff
January 25, 2022
Cleveland OH, January 25, 2022 – Technology innovation will fuel global construction machinery market gains through 2025, finds a new Freedonia Group analysis. Despite a modest increase in unit sales, global demand for construction machinery is forecast to grow 4.1% per year to $250 billion in 2025, boosted by the introduction of newly developed, state-of-the-art equipment, which will cost considerably more than predecessors.
Other key factors supporting market growth include:
Industry leaders are currently developing the next generation of construction equipment – ranging from alternative fuel trucks and semi-autonomous excavators – which will be considerably more productive, efficient, and environmentally friendly. New models will feature a variety of innovative technologies, such as advanced sensors, electric engines, and sophisticated data collection capabilities. For example:
The incorporation of such technologies into new models will spur both new and replacement equipment sales and drive up average construction equipment prices.
Want to Learn More?
Global Construction Machinery, now available from The Freedonia Group, provides historical data for 2010, 2015, and 2020, and forecasts for 2025 and 2030 for global construction machinery demand by product type, total production, and net exports on a country-by-country basis in millions of current US dollars, including inflation. Also provided at the world level is construction machinery demand by product type in thousands of units.
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