NEW research has revealed that the UK construction equipment sector has shown ‘strong resilience’ despite the challenges of Brexit, Covid and supply chain issues.
The Construction Equipment Association (CEA) has released the fourth edition of its UK Construction Equipment Sector report for 2023, which has highlighted ‘record’ revenues, production volumes, and employment figures.
The report found that the sector has seen a ‘substantial’ growth in total revenue, which has increased to over £15 billion in 2021/2022 from £13 billion in 2018. Employment in the sector has increased by 10% from 40,000 to over 44,000 during the same period.
Annual investment in research and development now amounts to £250 million and the UK construction equipment sector ranks 5th globally and 1st in Europe by unit sales.
The sector report is the first presented by the CEA since 2019, a period marked by significant changes such as the UK’s departure from the EU and the impacts of the pandemic.
CEA chief executive Suneeta Johal said, “Our industry has demonstrated remarkable resilience and adaptability in navigating these challenges, while concurrently grappling with energy, labour, and supply chain related issues. Amid these hurdles, the industry has managed to maintain robust growth throughout the last reporting period in 2021 and into 2022.”
The report was authored by Knibb Gormezano and partners, and contains additional information from Off Highway Research.
