Market Size of Road Construction Machinery Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Road Construction Machinery Market Analysis
The Road Construction Machinery Market was valued at USD 167.44 Billion in 2021 and is expected to reach USD 211.83 Billion by 2027, registering a CAGR of 4.05% during the forecast period , 2022-2027.
Road Manufacturing Machinery was affected very negatively during the COVID-19 pandemic because of subsequent market shutdowns, lockdowns, stoppage of construction activities, and trade restrictions during the COVID-19 in the year 2020. Furthermore, the fall in the announcement of new road projects and the lack of labor significantly impacted the market.
As road construction machinery manufacturers have resumed operations due to steadily rising road construction activities in countries with a limited number of COVID-19 cases in 2021, the market is likely to recover during the forecast market. The manufacturers are implementing contingency plans to mitigate future business uncertainties to retain continuity with clients in the critical sectors of the construction equipment industry.
Over the long term, increasing investments in road projects, the launch of electric road construction machinery and replacement of older fleets by newer machines are creating demand in the construction equipmnet industry with a surge in sales of road construction machinery.
Key players in the market are new products to cater to the increased demand for road construction machinery. For instance, In September 2022, Dynapac, a Fayat Group company launched SD1800We, a fully electric paver designed to reduce emissions while working on projects located in inner areas of the cities. In August 2022, Vogele, a Wirtgen Group brand which is a subsidiary of John Deere announced to launch new Dash 5 generation of pavers and screeds at BAUMA 2022.
Asia-Pacific region expected to stand as significant region due to massive spending on road construction projects by the governments. Europe and North America likely to emerge as attractive destinations owing to better infrastructure such as houses, schools, hospitals, stadiums, government buildings, and airports. Additionally, an increase in the number of favorable government policies aimed to encourage the Public-Private Partnership (PPP) model is also expected to bode well for the growth of the construction equipment market over the forecast period.
