According to a recent publication by Meticulous Research®, the construction equipment market is projected to surpass $236.9 billion by 2031, growing at a CAGR of 5.3% from 2024 to 2031. This growth is primarily driven by increased government investments in infrastructure development and the growing need for enhanced efficiency, productivity, and safety across construction projects. Additionally, the automation of construction equipment is expected to create further market opportunities, while trends like the rising demand for compact and electric construction equipment are shaping the industry. However, market growth may be hindered by stringent international trade policies, the high cost of equipment, and a shortage of skilled operators. The market is segmented by type, propulsion type, and end user, with material handling equipment anticipated to hold the largest share (40.0%) in 2024, supported by rapid industrialization, modernization of industrial infrastructures, and a growing need to streamline material movement. Companies like Hyundai Construction Equipment India are contributing to this segment’s growth by launching new products, such as excavators, forklifts, and wheel loaders, to meet evolving industry demands.