The Latin America construction equipment market is expected to grow from US$ 8,676.6 Mn in 2022 to US$ 13,586.7 Mn by 2032, with overall sales exhibiting a CAGR of 4.6% throughout the forecast period.
Rising investments by government in developing and expanding public infrastructure is a key factor expected to drive the demand for construction equipment across Latin America during the forecast period.
Similarly, progress in the logistics and transportation industries, as well as the presence of supportive government initiatives for infrastructure development, are expected to drive the Latin American construction equipment market during the forecast period.
Furthermore, rapid growth of the residential sector due to growing population and rapid urbanization across Latin American countries like 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 Mn 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 Mn.
- 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
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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.
Key Segments Covered in Latin America Mining Equipment Market Analysis
Equipment Type:
- Mining Loaders
- Mining Trucks
- Mining Dozers
- Mining Excavators and Shovels
- Mining Drills
- Mining Bolters
- Shearers
- Continuous Miners
- Other Equipment
Mining Type:
- Surface Mining
- Underground Mining
End User:
- Rental Service Operations
- Mining Operations
Sales Channel:
- New
- Used
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