According to Future Market Insights, the Latin America construction equipment market will grow from US$ 8,676.6 Million in 2022 to US$ 13,586.7 Million by 2032, with overall sales increasing at a CAGR of 4.6% during the forecast period.
Government investments in developing and expanding public infrastructure are expected to drive demand for construction equipment in Latin America during the forecast period.
Similarly, advancements in the logistics and transportation industries, as well as the presence of supportive government infrastructure development initiatives, are expected to propel the Latin American construction equipment market during the forecast period.
Furthermore, the rapid growth of the residential sector in Latin American countries such as Brazil, Mexico, and Chile will boost sales of construction equipment over the next ten years.
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Manufacturers are continuously innovating to develop energy-efficient and low-emission construction equipment to expand their customer base as well as to increase their revenue share. This will bode well for the Latin America construction equipment.
Key Takeaways of Construction Equipment Market Study
- Based on equipment type, earth moving machinery segment is projected to increase at a value CAGR of 4.8% to reach around US$ 8,962.2 Million by the end of 2032.
- In terms of end use, the industrial & institutional segment is anticipated to create an absolute dollar opportunity worth US$ 1,886.7 Million.
- By drive type, hydraulic segment is projected to account for around 65% share by the end of the forecast period.
- Mexico is anticipated to account for 30% market share of the global Latin America construction equipment market by the end of 2032.
- Demand for construction equipment in Brazil is likely to surge at 5.4% CAGR during the forecast period.
- The overall construction equipment market in Chile is expected to grow at 5.1% CAGR through 2032.
“The development of low-cost machines with better efficiency and low emissions is expected to accelerate the growth of the Latin American construction equipment market in the upcoming years,” says Future Market Insights analyst
Competitive Landscape
The Latin American construction equipment market is consolidated owing to the presence of global players across the region. Manufacturers are mainly engaged in the research and development, manufacturing, sales, and services of high-tech equipment, such as construction machinery, as well as the provision of financial services such as finance leasing. They aim to build a high-end equipment manufacturing enterprise that integrates engineering machinery, equipment, and financial services.
Some of the market’s leading players include Caterpillar Inc., Komatsu Ltd., Deere & Company, CNH Industrial N.V., Sany Heavy Industry Co., Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., Liebherr-International AG, and KOBELCO Construction Machinery Co., Ltd.
More Insights into the Construction Equipment Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the Latin America Construction Equipment market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the Latin America market potential, growth, and scope, the market is segmented based on equipment type, drive type, power output, sales channel, end use, and country.
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Key Segments Covered in Latin America Construction Equipment Industry Analysis
By Equipment Type:
- Earth Moving Machinery
- Excavator
- Loader
- Others
- Construction Material Handling Machinery
- Crawler Cranes
- Trailer Mounted Cranes
- Truck Mounted Cranes
- Concrete and Road Construction Machinery
- Concrete Mixer & Pavers
- Construction Pumps
- Articulated Dump Truck
- Asphalt Finisher
- Backhoe Loader
- Road Roller
- Others
By Drive Type:
- Hydraulic
- Electric and Hybrid
By Power Output:
- <100 HP
- 101–200 HP
- 201–400 HP
- >400 HP
By Sales Channel:
- New
- Used
By End Use:
- Residential
- Commercial
- Industrial and Institutional
By Country:
- Brazil
- Mexico
- Argentina
- Peru
- Chile
- Rest of Latin America
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