Growing at a 5.1% CAGR, the European construction and material handling machinery market revenue will rise to $75,436.3 million by 2030 from an estimated $48,411.6 million in 2021. Currently, such equipment is being utilized the most for building residential units, because of Europe’s growing population, which is increasingly moving to the cities.
In this regard, the rapid construction of smart cities is driving the demand for machinery for construction and material handling. As human activities, such as electricity generation and transportation, contribute to the degradation of the environment, cities of the future are being designed to curb environmental degradation by reducing the consumption of electricity.
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Key Findings of Europe Construction and Material Handling Machinery Market Report
- Infrastructure development activities have especially picked up since the lifting of the COVID-19 lockdowns in the continent, as the long-delayed projects now need to be completed at a much-higher pace.
- For instance, five of the largest construction projects in Europe in recent times began in 2021, and the EU aims to triple its high-speed rail traffic by 2050.
- In this regard, a key trend in the European construction and material handling machinery market is modular and offsite construction, wherein the major components of buildings are prefabricated, thus saving time at the actual site of construction.
- Among all types of machines, those used for moving earth are in the highest demand in the continent. This is attributed to the construction of civic infrastructure, wherein transporting earth to and away from the site is a key process.
- The rental companies bifurcation will witness the higher European construction and material handling machinery market CAGR in the coming years, as renting the equipment can save costs for the entity actually involved in the construction project.
- Moreover, machinery with electric propulsion is rising rapidly in demand as it emits extremely low or no carbon emissions, thus helping in the achievement of the overall climate targets.
Moreover, the total cost of ownership of EVs is lower than those running on diesel and gasoline, as electric variants do not have many of the mechanical parts common in conventional powertrains. This makes the maintenance of electric construction and material handling machinery cost-effective. Moreover, electricity is cheaper than diesel, which further reduces the total cost of ownership of EVs.
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This is why major European construction and material handling machinery market players are launching electric variants of such machines. For instance, Cargotec Corporation launched eight electric lifting equipment models under the Kalmar Electric Reachstacker brand in December 2021. Other key companies offering such equipment are LIEBHERR-International Deutschland GmbH, AB Volvo, Caterpillar Inc., Sany Heavy Equipment International Holdings Company Limited, Hitachi Ltd., Komatsu Ltd., J.C. Bamford Excavators Limited, The Manitowoc Company Inc., Xuzhou Construction Machinery Group Co. Ltd., KION Group AG, and CNH Industrial N.V.
Europe Construction and Material Handling Machinery Market Segmentation Analysis
- Earthmoving Machinery
- Dump trucks/tippers
- Material Handling Machinery
- Fixed cranes
- Mobile cranes
- Concrete and Road Construction Machinery
- Mixing plants
- Mixer trucks
- Tunneling Machinery
By End Use
- Residential Housing
- Transport, Energy, and Water Infrastructure
- Institutional and Commercial Buildings
- Industrial Sites
- Rental Companies
By Propulsion Type
- Belgium and Luxembourg