Europe Construction Equipment Market Size Flourishing to Cross USD 256.5 Billion by 2029

Published | 18 February 2023

Europe construction equipment market is expanding due to a spurring demand for construction equipment from infrastructure redevelopment and recovery projects in various countries, including disaster-hit Türkiye and war-ravaged Ukraine, of the region and the growing adoption of technology advancements.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Europe construction equipment market size at USD 169.81 billion in 2022. During the forecast period between 2023 and 2029, the Europe construction equipment market size is projected to grow at an impressive CAGR of 6.16% reaching a value of USD 256.51 billion by 2029. Current trends in the European construction industry are influenced by both the growth of automation in construction and the shifting technology landscape. The majority of European countries are gradually incorporating technologically modern and automated technology and equipment into the construction industry to speed up the processes, increase reliability, and boost efficiency. Massive infrastructure redevelopment projects in Ukraine, ravaged by Russia’s war in the country, and Türkiye, hit by recent massive earthquakes, are expected to provide significant growth opportunities for the companies in Europe construction equipment market during the period in analysis.

Europe Construction Equipment Market - Overview

The specialized machinery needed to complete building jobs is known as construction equipment. Many jobs, including as drilling, hauling, excavation, paving, and grading, need the use of these instruments. Many industries, including manufacturing, oil and gas, and construction and infrastructure, are represented in the European market. The major goal of designing new machinery is to make adjustments that will increase the machines' capacity for speed, efficiency, and precision. These changes aim to protect the environment while also improving operator comfort and safety through sound emission control and attenuation.

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Opportunity: Country-wide redevelopment & recovery projects in Türkiye and Ukraine

Major companies in Europe construction equipment market are expected to gain from significant opportunities provided by the massive infrastructure projects in earthquake-hit Türkiye and war-ravaged Ukraine. In Türkiye, analysts estimated that the urban redevelopment across the country post the earthquake would provide huge opportunities for the construction and related industries in total investment of more than USD 250 billion. On February 06, 2023, a 7.8-magnitude of earthquake hit Türkiye and Syria, killing tens of thousands of people and severely damaging infrastructure in cities and villages across its fault line. The President of Türkiye announced that the government would engage in a comprehensive construction program to rebuild cities with safety and sustainability.

In Ukraine, Russia’s war in the country has been continuing for more than a year now. Consequently, infrastructure across Ukraine has been severely damaged. In September 2022, Ukraine government, the European Commission, and the World Bank, along with their partners, estimated the cost of Ukraine’s reconstruction and recovery would be about USD 350 billion. As the war continues, the cost is anticipated to escalate.

Massive redevelopment and recovery projects in Türkiye and Ukraine are expected to provide lucrative growth opportunities for construction and supplementary industries. It, in turn, is projected to aid the growth of Europe construction equipment market during the forecast period between 2023 and 2029 and beyond.

Europe Construction Equipment Market – By Power Output

Europe construction equipment market is divided into four segments based on power output: 100 HP, 101–200 HP, 201–400 HP, and >400 HP. Among these, the 201–400 HP segment is expected to grow rapidly. Because of the high demand from infrastructure redevelopment and recovery project, the market for 201–400 HP construction equipment is growing at the highest CAGR during the forecast period.

Impact of COVID-19 on Europe Construction Equipment Market

The COVID-19 pandemic adversely affected on the profitability of the construction equipment market during the first half of 2020, owing to a lack of capital and personnel, disruptions in the supply chain, and a halt in large construction projects. However, new, massive infrastructure projects in transportation, smart buildings, and renewable energy are a top priority for European government officials.

Competitive Landscape

Europe construction equipment market is fiercely competitive. Prominent players in the market include Caterpillar, CNH Industrial N.V., Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co., Ltd., Hyundai Construction Equipment Co., Ltd., J C Bamford Excavators Ltd, and Deere & Company. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Europe construction equipment market.

Don’t miss the business opportunity in Europe Construction Equipment Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Construction Equipment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Construction Equipment Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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