Market Size of Turkey Construction Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.7 Billion |
| Market Size (2029) | USD 2.5 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Turkey Construction Equipment Market Analysis
The Turkey Construction Equipment Market size is estimated at USD 1.7 billion in 2024, and is expected to reach USD 2.5 billion by 2029, growing at a CAGR of greater than 6.5% during the forecast period (2024-2029).
Over the medium term, One of the major factors driving the growth of the market is the growing construction industry, owing to numerous growth opportunities in infrastructure, residential, and non-residential sectors.
The rise in the construction of multi-family houses (with the growing trend of nuclear families) and increasing investments in the construction of roads, highways, smart cities, metros, bridges, and expressways due to the growing population and urbanization. This is likely to enhance the demand for construction equipment during the forecast period.
By 2023, the Turkish government plans to construct 2,000 kilometers of high-speed rail lines from Kars in northeast Turkey to Edirne in western Turkey, with China funding a portion of the project. The government also wants to increase renewable energy's share of electricity generation to 38.8% by 2023, up from 32.5% in 2018. With the increase in construction investment across the country, the demand for construction equipment will be high in the coming years, which in turn is likely to witness major growth for the market during the forecast period.
Turkey Construction Equipment Industry Segmentation
Construction equipment is used for the execution, completion, erection, operation, or maintenance of any construction project or work. Construction equipment is also used in earthmoving works during the construction of roads, bridges, and dams. Some construction equipment, like excavators and wheel loaders, are also used in mining.
The Turkey construction equipment market is segmented by machine type and propulsion. By machinery type, the market is segmented into cranes, telescopic handlers, excavators, loaders, motor graders, and other equipment. Based on the propulsion, the market is segmented into internal combustion engine, electric, and hybrid.
For each segment, the market sizing and forecast have been done based on the value (USD).
| By Machinery Type | |
| Cranes | |
| Telescopic Handlers | |
| Excavators | |
| Loaders | |
| Motor Grader | |
| Other Equipment |
| By Propulsion | |
| Internal Combustion Engine | |
| Electric and Hybrid |
Turkey Construction Equipment Market Size Summary
The Turkey construction equipment market is poised for significant growth over the forecast period, driven by a robust expansion in the construction industry. This growth is largely attributed to increased activities in infrastructure, residential, and non-residential sectors, spurred by urbanization and population growth. The Turkish government's ambitious plans, such as the construction of high-speed rail lines and the development of smart cities, are expected to further boost the demand for construction equipment. Additionally, the focus on renewable energy projects is anticipated to contribute to the market's expansion. The sector's contribution to the national GDP underscores its importance, with ongoing infrastructure initiatives like megacities, railway projects, and new airports playing a pivotal role in driving market dynamics.
Technological advancements and digitalization are transforming the construction equipment landscape in Turkey, enhancing efficiency and reducing operational costs. The adoption of machinery telematics and other digital technologies is enabling better asset management and operational visibility, which are crucial for modern construction projects. Key industry players, including Caterpillar, Kobelco, and SANY Group, are actively introducing innovative solutions to meet the growing demand. The market's growth is further supported by substantial investments in infrastructure development, as evidenced by government commitments and international funding for major projects. These developments, coupled with the strategic introduction of advanced machinery, are set to propel the Turkish construction equipment market forward, ensuring its robust growth trajectory.
Turkey Construction Equipment Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Rise in Infrastructure Development
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1.2 Market Restraints
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1.2.1 Construction Equipment Rental Service May Affect the Growth
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 By Machinery Type
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2.1.1 Cranes
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2.1.2 Telescopic Handlers
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2.1.3 Excavators
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2.1.4 Loaders
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2.1.5 Motor Grader
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2.1.6 Other Equipment
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2.2 By Propulsion
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2.2.1 Internal Combustion Engine
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2.2.2 Electric and Hybrid
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Turkey Construction Equipment Market Size FAQs
How big is the Turkey Construction Equipment Market?
The Turkey Construction Equipment Market size is expected to reach USD 1.7 billion in 2024 and grow at a CAGR of greater than 6.5% to reach USD 2.5 billion by 2029.
What is the current Turkey Construction Equipment Market size?
In 2024, the Turkey Construction Equipment Market size is expected to reach USD 1.7 billion.
