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Construction Equipment Engines Market Trends

Report ID: GMI7601
Published Date: Dec 2023
Report Format: PDF

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Construction Equipment Engines Market Trends

Electrification of construction equipment could be an emerging trend in the global market. As a result, electric construction equipment, including engines and power systems, is anticipated to become more prevalent. This shift is driven by the industry's growing emphasis on sustainability, lower operating costs, and increased interest in reducing carbon emissions.

Against this backdrop, in a proactive move to assist clients in navigating the shift towards a more sustainable, lower-carbon future, Caterpillar showcased four electric machine prototypes featuring battery technology at the Bauma exhibition in October 2022 in Munich, Germany. Among these prototypes are the 301.9 mini excavator, 320 medium excavator, 950 GC medium wheel loader, and 906 compact wheel loader. These machines utilize Caterpillar's battery prototypes and are equipped with an onboard AC charger, with plans to provide an offboard DC fast charging alternative.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of construction equipment engines was worth USD 25.5 billion in 2022 and is expected to register over 5% CAGR through 2032, due to the increasing stringent environmental regulations and emission standards imposed by government and regulatory bodies worldwide.

The diesel engines type segment held over 75% share of the construction equipment engines industry in 2023 and is expected to register appreciable CAGR from 2024 to 2032, owing to their robust power output, fuel efficiency, and durability.

Asia Pacific held over 40% share of the construction equipment engines market in 2023 and is expected to register commendable CAGR from 2024-2032, due to rapid urbanization and infrastructure development projects in the region.

Caterpillar, DEUTZ, MAN, Honda, John Deere, Kubota, Volvo Penta, Weichai, Yanmar, and Yuchai are some of the major construction equipment engines companies worldwide.