The European construction & material handling machinery market was sized at $48,411.6 million in 2021. Additionally, it is expected to propel at a CAGR of 5.1% in the forecast duration of 2021-2030 and reach $75,436.3 million. The increasing cost of labor, rising demand for modular buildings, and rapid development of smart cities are some of the important factors responsible for the growth of the industry. This is itself due to the rising population of the continent, which is pushing up the demand for residential, commercial, and industrial spaces.
The revenue share of the earthmoving machinery category was the largest in the European construction & material handling machinery market in 2021, under the type segment. There is rapid infrastructure growth in the developing countries of the continent, which is being seen in the construction of roads, railways, highways, and dams. As a result, there is a growth in the demand for earthmoving equipment, such as loaders and excavators. Earthmoving machinery is required in an array of projects, such as mining and ground excavation for construction work.
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Thus, the European construction & material handling machinery market is being driven by the increase in construction activities. Residential and commercial construction will continue to grow with the low interest rates offered by the governments in regional countries. Moreover, governments are investing in the development of road and railway infrastructure for ensuring better connectivity. In all, the European Commission has sanctioned $340 billion for the advancement of infrastructure and other aspects of the regional economy by 2027.
The largest European construction & material handling machinery market share was held by the residential housing sector in 2021 due to the constant rise in the demand for affordable housing in Europe. The implementation of reduced VAT rates is a common phenomenon exercised by the European Union for its members, for purchasing or constructing a house. For example, first-time buyers in the U.K. are able to purchase homes at a discount on the market price. Such measures have led to the increase in the construction of houses and commercial spaces, thus propelling the demand for the associated machinery.
The demand for construction and material handling equipment from rental companies will grow at the higher CAGR in the coming years. This is because customers now understand the perks of using rental equipment. A lot of money can be saved, and there is no need to stick with obsolete equipment. An important trend in the European construction & material handling machinery market is that manufacturers rent out construction equipment or invest in rental companies. For example, under the Hitachi Premium Rental initiative, the OEM’s excavators and wheel loaders are available for rent.
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The demand for electric construction equipment is growing at a brisk pace in the market. The French Ministry of Ecological and Inclusive Transition stated that the construction industry accounts for approximately 44% of the energy consumption in France and 25% of the nation’s CO2 emissions. Electric construction equipment is also much more economical than its traditional counterparts, which is the main reason for the increase in the demand for the same. This is because of the fewer moving and vibrating parts in electric machines, which reduces the long-term maintenance expenses.
Hence, there is a rapid increase in the market value due to infra development growth and rising number of smart cities coming into existence.
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