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Europe Construction Equipment Market Size to Expand at Over 3% CAGR through 2026

Author : Ronak Bora | Published Date : 2020-11-18 

Current trends in Europe’s construction industry are being influenced by the evolving technology landscape and the proliferation of automation in construction. Most European countries are increasingly implementing technologically advanced and automated machinery and equipment in construction to speed up the processes and improve reliability and efficiency.

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The presence of a stringent regulatory scenario across the region is encouraging construction equipment manufacturers to develop enhanced machinery to minimize diesel engine exhaust emissions. Recently for instance, Volvo CE had unveiled ECR25, its new compact electric excavator and wheel loader, across key European markets including Germany, France, the Netherlands, and the U.K. in February 2020.

Reports estimate that Europe construction equipment market size will hit an annual valuation of more than US$38 billion by 2026, with ongoing technological innovations in the industry and upcoming smart city projects.

Consistent demand for material handling equipment

Different types of equipment used in modern construction include material handling equipment & cranes, concrete equipment, and earthmoving & roadbuilding equipment. The demand for materials handling equipment and cranes across Europe is expected to grow substantially in the coming years, with a strong need for goods movement machinery and an attractive economic landscape.

Majority of building and construction companies are utilizing bulk material handling machinery for faster completion of mega construction projects. The equipment helps move goods across different locations faster and more effectively while ensuring a safe working environment. The presence of strict workers safety regulations in the industry will certainly augment the adoption of cranes and other material handling equipment.

Wide use of earthmoving & road-building equipment

Meanwhile, earthmoving and roadbuilding equipment is expected to witness a notable demand over the next few years, with rapid infrastructure development activities in the region. Numerous European countries have been investing in improvement of road transport facilities and infrastructure for better accessibility to remote areas. The large-scale expansion of road networks in recent years has generated a massive demand for advanced construction equipment.

Russia and the U.K. are currently investing in development and automation of road transport and railways. Growing technological advances and the need for mechanization in construction are likely to provide regional manufacturers with ample opportunities. Local construction machinery suppliers are constantly focusing on design improvements to meet these needs and challenges.

Increasing R&D expenditure by leading manufacturers

Construction equipment manufacturers, suppliers, and rental service providers in Europe are expected to witness tremendous opportunities in the forthcoming years. In anticipation of a robust demand in the future, leading companies such as Thyssenkrupp AG, ZF, Wirtgen, Schwing Stetter, and Liebherr have been making extensive research and development efforts to develop advanced, more reliable heavy-duty machinery.

Citing an instance, in 2019, Thyssenkrupp AG had invested more than US$384.9 million in new research and development programs. Similar efforts by other players have led to the development of several new technologically innovative construction machinery equipment.     

The global COVID-19 pandemic had severely affected construction equipment market profitability during the first half of 2020 due to shortage of capital and labor, supply chain disruption, and subsequent halt in major construction projects. However, European government authorities are actively working on the implementation of new mega infrastructure projects in transportation, smart construction, and renewable energy.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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