Australian construction equipment market growing

In a recent forecast, analysts predict that Australia’s construction equipment market is poised to achieve a significant milestone, projecting it to reach 33,077 units by 2029. This growth represents a compound annual growth rate  of 4.62% during the forecast period.

The analysis indicates that earthmoving equipment dominates the construction equipment market, holding the largest market share. Within the earthmoving segment, excavators emerged as the primary driver, capturing the largest share in 2023.

The surge in demand for excavators is attributed to increased investments in various sectors, including housing, warehouse expansion, and public infrastructure projects.

One project contributing to the construction sector’s momentum is the Nowra Bridge , slated for completion by 2024. Valued at approximately $370m, this project entails  a new four-lane bridge across the Shoalhaven River and a portion of roadway between Bolong Road and Moss Street, transforming it into three northbound and southbound lanes.

Another initiative is the Swam River Crossing that was approved in 2022. This project sees the removal of the signalised intersection at Canning Highway and Queen Victoria Street, along with the realignment of the Canning Highway. It includes the construction of a standard pedestrian and cyclist path, four metres wide.

In 2022, the Australian government unveiled a substantial investment in  clean energy initiatives, aligning with its commitment to achieving net zero emissions by 2050. The Powering Australia plan underscores a focus on  reducing emissions through the promotion of renewable energy sources.

These developments point towards a robust trajectory for Australia’s construction equipment market, underpinned by strategic investments and infrastructure endeavors, bolstering the nation’s economic growth prospects.