According to a report from Credence Research, the construction equipment market is expected to reach $230.5 billion by 2022. The expected growth in the market is based on rising investment in construction sectors supported by improving economic conditions across the world.

In addition, flexible credit policies to purchase construction equipment also are expected to fuel the demand for construction equipment. Growing construction rental sector represents a positive outlook for the construction equipment industry.

Earth moving equipment accounted for the largest revenue share compared to other type of construction equipment in 2014. The earth moving equipment segment includes loaders, excavators, bulldozers and other equipment used for trench digging, foundation building, loading and other earth moving applications. The demand for earth moving equipment is expected to grow with increasing urbanization across the world.

Material handling equipment segment is expected to see the fastest growth through the forecast period. Rising investment in energy sector and construction of bridges to improve transportation network is expected to fuel the demand for material handling equipment.

Asia Pacific is the largest regional market for construction equipment and accounted for more than half revenue share in the global construction equipment market. Rising investment in construction sector in India and China to support economic development is the primary factor expected to influence the demand for construction equipment. In North America and Europe demand for construction equipment is expected to increase steadily as old equipment is replaced. China is the largest individual market for construction followed by the U.S. The significant demand for construction equipment is also expected from emerging economies such as Brazil, South Africa and Russia.