Study points out that global machine sales will grow 11% this yearMining and construction equipment
According to a report by ResearchAndMarkets.com, the forecast is that sales will reach US$ 194.84 billion in 2023
Global equipment sales for civil and road construction are forecast to grow 11% in 2023, jumping from US$ 175.54 billion achieved in 2022 to US$ 194.84 billion forecast for 2023. These data are from 2023’s World Civil and Road Construction Equipment Market report prepared by ResearchAndMarkets.com. According to research published in Real Estate Market, this market is expected to reach US$ 282.41 billion in 2027, at a compound annual growth rate of 9.7%.
Last year, the largest consumer region of this market was Asia-Pacific, and Western Europe ranked second in the report, which also includes Eastern Europe, North America, South America, Middle East, and Africa. Infrastructure development in emerging and developed countries has boosted the equipment market. Therefore, both governments and private sector are focusing on infrastructure development to maintain GDP, meet population growing needs, urbanization levels and increase connectivity through roads and highways development.
To get an idea, the total investment in road construction in India was US$ 22.4 billion, and private investment represented 14% of this total. Furthermore, according to the World Bank, private sector infrastructure investment commitments to low- and middle-income countries were valued at US$76.2 billion in 2021, representing a 49% increase from 2020 globally.
Focused on infrastructure development, countries require high-tech equipment to make the construction process easy and less time consuming. However, according to the report, high equipment costs are expected to hinder this market, including purchase price, sales tax, shipping and installation cost and finance charges at the time of purchase.
The document also shows that equipment manufacturing companies are focusing on technological updating, with advances that aim to increase safety, productivity, and machine connectivity, and reduce problems and maintenance costs.
By: Santelmo Camilo