According to a new report published by Allied Market Research, the world construction equipment market is expected to generate $288.8 billion by 2022, growing at a CAGR of 9.2% from 2016 to 2022.

Asia-Pacific is the largest market for construction equipment on account of substantial investments by the government in the manufacturing and infrastructure sector, followed by North America.

In terms of market by product type, the loader segment accounted for the largest market share of around 45% in 2015, due to the widespread adoption of loaders in construction, mining and public works industries. The segment is projected to remain dominant throughout the forecast period.

Collectively, cranes and excavators accounted for a market share of 35% in 2015, and are expected to witness notable growth during the forecast period, owing to the increasing usage of these types of equipment for lifting heavy loads, material handling, mines and other purposes.

In terms of market by industries, public works and railroad industry accounted for the largest share in 2015, as the equipment are extensively used for construction of roads, highways, airports, dams and other such activities. The segment is anticipated to grow at the fastest rate during 2016 to 2022 on account of an increasing number of infrastructure projects globally.

Oil, gas and mining industries together accounted for 28% of market revenue in 2015 and are expected to grow at a notable pace during the forecast period. The growth is primarily attributed to the increasing demand for earthmoving, drilling, trenching and other such equipment in the industry.

Earthmoving application segment held the largest market share in 2015, on account of relatively higher demand for equipment such as loaders and excavators. The lifting and material handling application segment is expected to witness the fastest growth, with increasing usage in commercial construction activities.