The global compaction machines market is predicted to exhibit a healthy CAGR of 6.4% between 2022 and 2032 with an expected valuation of US$ 5.2 Bn in 2022 and totaling revenue of around US$ 9.7 Bn by 2032. The market was valued at US$ 4.9 Bn in 2021.
According to the historical forecast, the global compaction machines market grew at a value of 5.2% between 2017 and 2021. However, the surging investments in building and construction projects along with the rising prevalence of modern machinery to improve productivity and reduce labor costs are expected to elevate the demand for compact machines in the future.
Owing to the rapid expansion of the building and construction industry along with accelerated demand for advanced machinery, the overall sales of compaction machines are predicted to grow at a phenomenal pace across the forecast period.
- Compaction machines are strong equipment utilized for compaction purposes throughout construction and building activities. Such powerful machines are used to reduce the size of the soil, concrete, gravel, or asphalt used in the construction of roads, dams, airports, and other structures. They help users to increase overall productivity and reduce labor costs.
- The advancements in compaction equipment and the emergence of staunch government regulations are all expected to positively influence the growth of the compaction machine market over the coming years.
- A significant surge in the compaction equipment market has been witnessed due to the emergence of compact paving materials such as asphalt mixes and roller-compacted concrete is expected to push demand in the global market.
- Since there is a surge in construction activities all over the world, many new construction projects require advanced and compact construction equipment such as tandem rollers and pneumatic rollers, which can work efficiently in less time.
- Governments in several countries are launching various construction projects due to the rising population and strengthening commercial infrastructure in their respective regions. This in turn is expected to bolster the sales of machines like compaction equipment.
- Strict environmental regulations across the globe are rising environmental concerns along with growing infrastructures are predicted to propel the demand for electrically operated compaction machines in the global market during the forecast period.
- To reduce pollution levels, small businesses are opting for electric machines that save costs and improve overall productivity. Therefore, the rising demand for electric compaction machinery is projected to support market growth during the next ten years.
- The global construction market is predicted to exhibit a phenomenal growth rate by gathering a revenue of about US$4.0 trillion throughout the forecast period and is further anticipated to reach US$16 trillion with more than US$8.0 trillion in emerging economies by 2032.
There is high competition witnessed in the global compaction machines market owing to the presence of several dominant regional as well as domestic players. Key compaction machine manufacturers are launching new products, collaborating, and partnering with vehicle manufacturers for better market opportunities.
More Insights into the Compaction Machines Market
- The U.S. is expected to dominate the North American compaction machines market by accounting for about 76.7% of the total revenue. Owing to the rising need for smart cities and increasing government investments in the latest construction projects, the market is predicted to reach US$ 621.5 Mn in 2022.
- According to the FMI analysis, China is estimated to show lucrative growth opportunities over the projection period. The market is expected to accelerate at a flawless CAGR of 8.1% in 2022. Despite the supply chain issues, China’s commercial construction industry is anticipated to maintain expansion over the assessment period.
- The ever-rising need for residential and commercial development in the nation is expected to continue owing to the increase in household income and more people moving from rural to urban regions.
- The expansion of the residential and commercial construction industry was bolstered due to affordable housing opportunities in both the public and private sectors. It has also been predicted that in the upcoming years, non-residential infrastructure would boom massively. Resulting in progressive sales of the compaction machines market.