The "UK Construction Equipment Market Strategic Assessment Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The UK construction equipment market is expected to grow at a CAGR of 4.41% during 2023-2029.
Rising government investment under UK's plan 'Build Back Greener' and 'Net Zero Strategy' is expected to prompt construction equipment sales in the UK during the forecast period.
The UK construction equipment market by volume is expected to reach 81.9 thousand units by 2029. The government's growth strategy, 'Build Back Better,' has supported economic growth through significant investment in infrastructure, skills, and innovation. The increase in UK construction equipment market sales can be attributed to some of the substantial infrastructure projects, such as HS2, where the government has invested USD 87 billion.
In 2020, the UK government announced an investment of USD 105.87 billion to boost growth and support the labor market. Over USD 61.40 billion of investment was confirmed for road and rail, USD 4.45 billion for the repair and maintenance of hospitals, and over billions of capital investment to provide 40 hospitals by 2030, upgrading 500 schools over the next ten years and delivering 18,000 novel prison places across England and Wales by 2025.
Additionally, the government invested USD 23.29 billion in High Speed 2, Europe's largest construction project. Approximately USD 21.17 billion investment was set aside for the Heathrow Airport Expansion would include the construction of a third runway (2,000 meters) to the northwest of the other two.
Market Trends and Drivers
UK Government's Ambition to Build 300,000 Houses Per Year
- With its Conservative manifesto (economic plan) of 2019, the UK government pledged to build over 3,00,000 houses annually. As a part of this pledge, the government has also aimed to lay out measures for effective planning systems and better use of land and vacant buildings to deliver the homes that communities need. 'Future Home Standard' published in 2021, focusing on energy efficiency, claimed that the houses built in 2022 will yield 31% fewer carbon emissions. Consequently, the homes built in 2025 will produce 75-80% fewer carbon emissions.
- The government's 'Help to Build' equity loan scheme, launched with 5% deposits and backed by USD 170.6 million of funding, has enabled people to outdo the extreme mortgage costs to build a home. This scheme is expected to boost the government's ambition to build 300,000 homes annually and boost the UK construction equipment market growth.
Investment in Public Infrastructure Through the National Infrastructure Strategy and National Infrastructure Construction Pipeline
- The NIS aimed to transform UK's infrastructure to achieve net zero emissions by 2050. Significant investment is planned in areas of the UK, which covers healthcare infrastructure, the transformation of bus and bicycle infrastructure, more robust flooding and coastal erosion protection, and better connectivity of the country via HS2 and an improved strategic road network.
- Additionally, the UK government announced its National Infrastructure and Construction Pipeline document in 2021, which laid out the plan with an approximate budget of USD 740 billion for infrastructure projects over the next ten years. The country's plans for the public infrastructure are anticipated to contribute to the UK construction equipment market. Further, the transport sector consumed the most significant part of the investment amount, receiving USD 81.46 billion between 2021-2025, and the energy sector received the second largest share.
Investment in Renewable Energy to Reach Net Zero Emissions
- British Petroleum Company (BP) has planned to invest USD 20.22 billion in the UK's energy system by the end of 2030. BP has committed to helping the country to achieve its ambition to boost energy security and reach net zero. It has also planned an investment of USD112.34 million to develop new ports, harbors, and shipyards, including the construction of four ships to aid the offshore wind projects across the UK.
- The UK government funded USD 9 million for 24 projects under the Longer Duration Energy Storage (LODES) competition. This funding is projected to support the development of new energy storage technologies and help the UK transition to renewable energy sources. Additionally, the government has invested USD 41.5 million in 2022 for renewable energy transformation across the UK. This investment intends to scale up domestic renewable energy and increase biomass production in the UK through the 'Biomass Feedstocks Innovation Program,' which received funding worth USD 40.44 million.
Key Questions Answered:
1. What is the growth rate of the UK construction equipment market?
2. What is the expected number of construction equipment units sold by 2029 in the UK construction equipment market?
3. How big will be the UK construction equipment market size by 2029?
4. Who are the key players in the UK construction equipment market?
5. What are the trends in the UK construction equipment market?
Market Segmentation
by Type
- Earthmoving Equipment:
- Excavator
- Backhoe Loaders
- Motor Graders
- Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
- Material Handling Equipment
- Crane
- Forklift Telescopic Handlers
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
- Road Construction Equipment
- Road Rollers
- Asphalt Pavers
- End Users
- Construction
- Manufacturing
- Mining
- Others
Key Vendors
- Caterpillar
- JCB
- Kubota
- Liebherr
- Takeuchi Manufacturing
- Komatsu
- Volvo
- Hyundai Construction Equipment
- Hitachi Construction Machinery
- CNH Industrial
Other Prominent Vendors
- Kobelco
- Hydrema
- Mecalac
Distributors Profiles
- GORDONS Construction Equipment
- MOLSON Equipment
- Dennis Barnfield Ltd Construction
- Warwick Ward
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230117005929/en/
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