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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Compaction Equipment Market Outlook
The global compaction equipment market size stood at a value of around USD 5.33 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.30% to reach USD 7.79 billion by 2032.
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Increased Business Profitability Facilitated by Rammers to Augment the Global Compaction Equipment Industry
A rammer is built with an upright design which allows it to reach complex places where other compactors might struggle to reach. It works on a small footprint and high impact mechanism which increases its manoeuvrability. Rammer is fast and easy to use which decreases the labour costs, thereby, increasing the profit margin for businesses. This is a crucial driving factor of the segment.
Over the forecast period, the anticipated increase in the demand for rammers for road repair, shoulders, pavements, highways, and streets, among others, is likely to propel the segment’s growth. Furthermore, the rapid development of rammers with decreased weight and greater manoeuvrability is anticipated to provide impetus to the segment in the coming years.
North America Leads with a Substantial Share in the Market for Compaction Equipment
The compaction equipment market in the North America region is being driven by the rapid investments towards the development of smart cities owing to the bolstered economic growth of countries like India and China.
The rising demand for compaction equipment from residential and commercial construction projects is further propelling the demand for the product. During the forecast period, the increasing focus of key market players towards increasing investments and growth strategies is likely to lead to an increase in mergers and acquisitions.
Market Segmentation
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Compaction equipment is defined as a machine which is used to provide compaction to rock, waste material, soil, gravel, sand, and clay soil. It is widely applied in the construction industry to provide a solid foundation for a structure. Compaction equipment are strong and can be varied depending upon the requirement.
Based on type, the market can be segmented into:
- Smooth Wheeled Roller
- Rammers
- Vibratory Roller
- Sheepsfoot Roller
- Pneumatic Roller
- Vibratory Plate Compactor
- Others
By application, the compaction equipment market has been divided into:
- Soil Compaction
- Concrete Compaction
- Others
On the basis of end use, the market has been categorised into:
- Mining
- Engineering and construction
The regional markets for the product include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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Thriving Construction Sector Across the Emerging Economies to Boost the Growth of the Compaction Equipment Industry
The increasing construction activities across the emerging economies owing to the rapid urbanisation, increasing population, and rising disposable income is driving the demand for the compaction equipment market. In addition to this, the increasing investments by the government aimed towards improving infrastructure by repairing roads and increasing highway standards are further propelling the market growth. Moreover, the growing availability of these equipment on rental basis is increasing the affordability of the product which is a key driving factor.
Across the span of the forecast period, there is an anticipated increase in the demand for compaction equipment in mining industry owing to the rising demand for coal and precious metals. This is likely to lead to an increase in product sales. Furthermore, the growing research and development activities aimed towards achieving high business productivity while reducing the emission of greenhouse gases are anticipated to lead to progressive product innovations.
Key Players in the Global Market for Compaction Equipment
The report gives a detailed analysis of the following key players in the global compaction equipment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Caterpillar Inc.
- Atlas Copco AB
- BOMAG GmbH
- Hitachi Construction Machinery Co., Ltd.
- AB Volvo
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
|
| Breakup by End Use |
|
| Breakup by Region |
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| Market Dynamics |
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| Trade Data Analysis |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market attained a value of nearly USD 5.33 billion.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 7.79 billion by 2032.
The market is estimated to grow at a CAGR of 4.30% between 2024 and 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the increasing applications of the product in construction activities, rapid increase in urbanisation, and increasing mining activities.
The growing research and development activities aimed towards developing lightweight compaction equipment with lower rates of emissions are likely to be the key trends in the market.
Smooth wheeled roller, rammers, vibratory roller, sheepsfoot roller, pneumatic roller, and vibratory plate compactor, among others are the different segments based on type.
Soil compaction, and concrete compaction, among others is the segmentation of market based on application.
Mining and engineering and construction are the different end uses considered in the market report.
The major players in the industry are Caterpillar Inc., Atlas Copco AB, Hitachi Construction Machinery Co., Ltd., AB Volvo, and BOMAG GmbH, among others.
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