The building and road construction equipment market has witnessed rapid growth, expanding from $181.99 billion in 2023 to an estimated $202.35 billion in 2024, reflecting a CAGR of 11.2%. The market is poised for continued rapid growth, projected to reach $300.38 billion by 2028, with a forecasted CAGR of 10.4%. Infrastructure development, both in emerging and developed countries, has been a significant driver for the building and road construction equipment market.
Governments and the private sector alike are investing in infrastructure to bolster GDP, address population growth, urbanization demands, and enhance connectivity through the development of highways and expressways. Notable examples include India's substantial investment in road construction and a global increase in private sector infrastructure commitments, as reported by the World Bank. A notable increase in construction activities is anticipated to propel the building and road construction equipment market's growth. Construction activities, encompassing the assembly of structures based on detailed designs and plans, benefit from advanced equipment, ensuring timely project completion, cost reduction, safety, and technological advancements.
VG Sakthikumar, MD, Schwing Stetter India, said, "Demand for our construction and concreting equipment machinery has been increasing at a stellar rate since Covid19; the record volumes over the years were possible because of the stimulus measures put in place by the government of India to boost infrastructure development in the country. We are bullish about the short and long-term growth prospects for 2024 - and have therefore launched 31 new products for mining, shipping, and road & highway infrastructure industries, including port container handling, mining support, and road patching equipment. As we add more product categories due to robust demand, we will soon become a one-stop shop for customers in the construction industry."
هذه القصة مأخوذة من طبعة February 2024 من Construction Week.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة February 2024 من Construction Week.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
ELEVATOR INDUSTRY GETS BOOST FROM GROWING METRO NETWORKS
The elevators and escalators industry is seeing a boom. Metro rail networks are one of the main reasons
NAVIGATING A CHANGING LANDSCAPE
How APL Apollo is adapting to meet the evolving needs of the steel tube industry
CASAGRAND CASABLANCA
The property is a sanctuary of indulgence
PURVA CLERMONT
The epitome of global living in Chembur, Mumbai
ELAN GROUP TRUSTS LEIGHTON ASIA WITH 2ND CONTRACT
Will begin work in November
MAHA GOVT SETS NEW RECORD IN INFRA DEVELOPMENT
The firm raise Rs 730 cr through its IPO
FINALLY! TWO ADDITIONAL RAILWAY LINES
With an estimated cost of Rs 2,184.02 crore
TWIN TOWERS COMING UP IN NOIDA SOON
The two towers will be juxtaposed In cosmic precision
RUSTOMJEE INTRODUCES 'VERDANT VISTAS' IN THANE
Expansive residences with uninterrupted creek views
A MEAN MACHINE
Backhoe loaders are one of the most versatile equipment, and why