Construction Equipment Market Size, Share, Growth Analysis, By Equipment Type(Articulated Dump Trucks, Asphalt Finishers, Backhoe Loaders, Crawler Dozers), By Equipment Category(Earthmoving Equipment, Material Handling Equipment, Heavy Construction Equipment, Others), By Propulsion Type(Diesel, CNG/LNG/RNG), By Power Output(<100HP, 101-200HP, 201-400HP, >400 HP), By Engine Capacity(<5L, 5-10L, >10L), By Application(Commercial, Residential, Infrastructure), By Region - Industry Forecast 2024-2031


Report ID: SQSG15F2012 | Region: Global | Published Date: June, 2024
Pages: 165 |Tables: 211 |Figures: 80

Construction Equipment Market Insights

Global Construction Equipment Market size was valued at USD 150.2 billion in 2022 and is poised to grow from USD 155.91 billion in 2023 to USD 210.11 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).

The factors influencing this growth include rapid urbanization in many parts of the developing world and increased focus by governments on improving existing structures. This surge is calling for the construction machinery referred to as excavators, loaders, and dump trucks among others. Therefore, it can be predicted that the global construction equipment market is going to grow much faster due to the increased development activities of infrastructure across the world which in turn would require earthmoving and material handling equipment. Higher expenditure by the government in improving current structures is fostering construction activities in emerging nations. For instance, India is currently pursuing an aggressive policy to improve its transport infrastructure to facilitate easy transportation of resources. In June 2022, the Indian Minister of Road Transport and Highways disclosed details of new national highway projects with strategic plans of 15 new projects which costs approximately USD 1.7 crore in Patna and Hajipur in Bihar. For instance, in March 2023, it was revealed that the government of Singapore has planned to start the construction of new Terminal 5 (T5) at Changi Airport from the year 2025. The integration of T5 is expected to help in eliminating the overcrowding of air passenger traffic at the airport. More construction projects especially roads have been undertaken to support the growing transport needs and therefore the increasing use of materials such as forklifts, pavers and dozers to support the construction process will help fuel the growth of the global construction equipment market. 

Technological integration with the construction equipment is anticipated to see significant growth during the forecasted period. OEMs are eyeing this opportunity to enter the market with new products by diversifying their customer base in the construction equipment market. For instance, in January 2023, John Deere declared its new power farming and building equipment that runs on batteries. The company indicated that these new technologies were developed taking factors such as population growth, reduction in available and fertile land, and greenhouse gas emissions into perspective. There are various factors that a buyer looks for before investing in some construction equipment such as price, product quality, available options, and the company. Normally, the buyers sign long-term agreements with suppliers when it comes to construction equipment.

US Construction Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 158.2 Billion

Largest Segment

Heavy Construction Equipment

Fastest Growth

Compact Construction Equipment

Growth Rate

4.6% CAGR

Global Construction Equipment Market ($ Bn)
Country Share for Asia Pacific Region (%)

To get more reports on the above market click here to Buy The Report

Construction Equipment Market Segmental Analysis

Global Construction Equipment Market is segmented by Equipment Type, Equipment Category, Propulsion Type, Power Output, Engine Capacity, Application, and region. Based on Equipment Type, the market can be segmented into Articulated Dump Trucks, Asphalt Finishers, Backhoe Loaders, Crawler Dozers, Crawler Excavators, Crawler Loaders, Mini Excavators, Motor Graders, Motor Scrapers, Rigid Dump Trucks, Road Rollers, Rough Terrain Lift Truck (RTLT) Masted, Rough Terrain Lift Truck (RTLT) Telescopic, Skid-Steer Loaders, Wheeled Excavators, Wheeled Loaders <80 HP, Wheeled Loaders >80 HP, Compactors, Pick and Carry Cranes. Based on Equipment Category, the market is segmented into Earthmoving Equipment, Material Handling Equipment, Heavy Construction Equipment, Others. Based on Propulsion Type, the market is segmented into Diesel, CNG/LNG/RNG. Based on power output, the market is segmented into <100HP, 101-200HP, 201-400HP,  >400 HP. Based on engine capacity, the market is segmented <5L, 5-10L, >10L. Based on application, the market is segmented Commercial, Residential, Infrastructure. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Product 

The material handling machinery segment was the largest for the market, holding a share of 38.5% in 2023. This growth is because of growth in industrialization and the growing need for automation in handling materials in industries. Thus, the implementation of fully automated industrial facilities in developed countries has increased since the general trend is the growth of the automation rate and the constant introduction of innovations. The market for material handling equipment is likely to grow in the future as there exists a continued trend of upgrading manufacturing and handling structures to increase production potential. 

The earthmoving machinery segment is anticipated to register robust growth over the forecast period. This has favored the earthmoving machinery market through the enhancement of construction industry for both developing and developed countries. There is increased demand and spending in construction and development of residential, commercial, and industrial building construction projects that demand use of heavy equipment. Construction equipment, especially for earthwork helps in efficient and fast completion of constructional work such as excavation and grading. 

Analysis by Power Output 

The <100 HP segment was the largest in the market in 2023. This segment is comprised of mini-excavators, compact wheeled loaders, skid steers, and compact track vehicles which are highly maneuverable machines. The growing popularity of compact construction equipment for infrastructure and construction projects in the Asia Pacific, Latin America, and African region will spur the market in the future period. Increase of infrastructure development, expansion of urban construction, and construction of small and medium-sized buildings have increased the demand for efficient, portable, and multifunctional equipment. Technology factors include: the increasing comfort of the operator, better power train technologies, and increasing automation which also increases the growth of the segment. 

The 101-200 HP segment is expected to hold the maximum growth rate during the forecast period. These are constructions that include but are not limited to excavators, bulldozers, loaders, and graders relevant to exercising hefty operations. In many cases, 101-200 HP machines are regarded as service-friendly, which means they are equipped with features that offer unrestricted access to various components for maintenance purposes. Organized maintenance procedures and spare parts are available to reduce time and loss which enhances productivity.

Global Construction Equipment Market Size By Power Output (%)

To get detailed analysis on other segments, Request For Free Sample Report

Construction Equipment Market Regional Insights

Asia Pacific is the largest market region for construction equipment, and its leaders are China, Japan, and India. The expansion of the Chinese market was mainly due to public expenditure in 2020, which led to the growth of more than 2 times in the next two years. In 2022 however, there is a sudden drop in the sales, probably due to the stabilization of the market towards the 2019 levels. Therefore, the market is expected to decline throughout the year and beyond and is expected to be at a 3.4% decline in 2023. A slow progressive improvement is expected in 2024, driven exclusively by the growth of demand for small-sized equipment and the enhancement of housing construction for residents. On the other hand, the demand for construction equipment in Japan is anticipated to rise because of increased infrastructural development resulting from government efforts in reconstructing buildings that were destroyed by natural disasters like earthquake and tsunamis. 

The North America construction equipment market is projected to grow at a CAGR of 3% during the forecast period. One of the defining factors for increasing demand of construction equipment in this region is the increasing development of smart cities. Current governmental schemes such as Smart Cities Project under the U. S. Economic Development Program have propelled the growth of the regional construction equipment market. As the construction of smart cities gains momentum in North America, the use of earthmoving, roadbuilding, as well as material-handling and other construction tools is crucial to the development of smart cities.

Global Construction Equipment Market Size By Geography
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Construction Equipment Market Dynamics

Construction Equipment Market Driver

Increasing demand for infrastructure facilities and need for small construction machines 

  • Increasing global infrastructure development and increasing demand for compact construction equipment are other growth factors. The construction industry is predicted to grow from USD 9 trillion in 2019 to USD 13 trillion by 2023, as estimated by Oxford Economics. 7 trillion in 2022 to USD 13 trillion in 2025 and USD 47 trillion in 2040 (Fig. New construction projects available in the market will reach $ 9 trillion by 2037 due to such countries as China, USA, India and others. This is due to factors such as new development projects in urban areas, growing population, new technologies, upgrading existing infrastructure and the emphasis of designers to create more environmentally friendly projects. The primary drivers of the growth in the construction equipment market include a growing new equipment sale, expanding construction projects, and planned investments in construction industries. 
  • Similarly, in June 2022, the European Union committed to investing approximately USD 4. 4 billion for the development of transport infrastructure; the potential projects for development are to be chosen with the estimate of about 135. Beijing in the People’s Republic of China had 102 mega projects that were unveiled in the development plan for 2021 to 2025. Also in December 2021, the finance ministry in China released around 1.39 trillion yuan of special-purpose bonds for local governments to fund infrastructural projects in 2022. By the construction leadership council of the United Kingdom, planned investment has been identified to comprise of 700 projects and over 645 million US dollars. 7 billion under the National Infrastructure Pipeline. The upcoming investments and the rising number of construction activities in infrastructural development are expected to boost the demand for construction equipment in the period under consideration. 

Increased demand for technologically advanced and fuel-efficient construction equipment 

  • Technological advancement in construction equipment as well as the preference for fuel-efficient equipment is a key driver to the market. Additional equipment does not only minimize the costs of labor and business operations but also helps to control the effectiveness of work at any stage. To cater for this demand, players in this industry have thus diversified their portfolios to embrace products, services and solutions based on ICTs and IoTs. Driven by the idea of providing innovative products that meet the requirements of customers and environmental impact, businesses are gaining increasingly many consumers. For example, Black Cat Civil, an Australia based firm has recently adopted Cat Next Gen excavator models that reflect the firm’s technology focused business strategy. 

Restraints 

Regulations and international trade policies  

  • Government policies and international trade laws have the most influence on the construction equipment market as the rules and restrictions in one country may differ from one another regarding the production, sale, and export of the products in other countries. In the process of trade protection, countries put different kinds of import taxes to guard and support their producers and avoid traders’ malpractice. Such treaties involve the removal or lowering of tariffs with the aim of establishing FTZs or SMs or single markets as the case maybe while beneficial, they also intensify global competition. International relations significantly impact trade as disputes can lead to suspension/ imposition of trade partnerships/ barriers that can almost entirely threaten trade. Therefore, trade barriers on an international scale and legislation in certain zones present significant hurdles to the development and sales of the construction equipment industry, thus making it one of the largest challenges in the market. 

Limited battery capacity in electric construction equipment 

  • A major problem that construction equipment owners experience is the possibility of limited battery capacity in electric equipment. Among the largest modules, battery mass and volume directly influence the mobility and productivity of the machine. Larger batteries provide a longer operating range, however, this also means the scooter has to carry them around, make turns and manoeuvre with more effort. Also, batteries are expensive, even though their cost continues to drop in recent years and is a critical factor that limits the adoption of renewable energy sources. Also, the charging duration may be quite long for electrical equipment, as it could take hours of charging to fully charge the battery depending on the battery capacity and charger output. This can be a limitation in the sense that it may lead to drawbacks when it comes to the use of electric construction equipment in construction sites, particularly when the construction takes long or is continuous.

Request Free Customization of this report to help us to meet your business objectives.

Construction Equipment Market Competitive Landscape

The global construction equipment market is experiencing significant growth driven by the increasing demand for technologically advanced, fuel-efficient machinery. The companies are focused on innovation and incorporating ICT and IoT technologies into their products to enhance efficiency and meet environmental standards. Additionally, regional players are emerging, particularly in Asia-Pacific and Europe, where infrastructure development is booming. Competitive strategies among these companies involve expanding product portfolios, forming strategic partnerships, and investing in R&D to cater to evolving consumer needs and regulatory requirements. The competitive landscape is characterized by a blend of global giants and regional contenders striving to capitalize on market opportunities and overcome trade barriers. 

Construction Equipment Market Top Player’s Company Profiles

  • Caterpillar Inc. (US) 
  • Komatsu Ltd. (Japan) 
  • Deere & Company (US) 
  • Hitachi Construction Machinery Co., Ltd. (Japan) 
  • xuzhou construction machinery group (China) 
  • SANY Group (China) 
  • AB Volvo (US) 
  • Zoomlion Heavy Industry Science &Technology Co., Ltd. (China) 
  • Wacker Neuson SE (Germany) 
  • Terex Corporation (US) 
  • MANITOU Group (France) 
  • Liebherr (Switzerland) 
  • KUBOTA Corporation (Japan) 
  • J C Bamford Excavators Ltd. (UK) 
  • Hyundai Construction Equipment Co., Ltd. (India) 
  • Escorts Limited (India) 
  • Doosan Corporation (south Korea) 
  • Deere & Company (US) 
  • CNH Industrial America LLC. (UK) 
  • Bell Equipment Limited (South Africa)  

Recent Developments 

  • In November 2023, Komatsu Ltd., through its subsidiary Komatsu America Corp., acquired American Battery Solutions, Inc., a U.S.-based battery manufacturer. This acquisition will enable Komatsu Ltd. to develop and manufacture its own battery-operated mining and construction equipment by integrating American Battery Solutions, Inc.'s advanced battery technology with Komatsu Ltd.'s extensive expertise in the industry. 
  • In October 2023, CASE Construction Equipment, a brand of CNH Industrial N.V., introduced a new lineup of small articulated loaders and mini track loaders. These machines offer small contractors’ construction-grade power, enabling them to complete more jobs with reduced manual labor. 
  • In May 2023, Hitachi Construction Machinery Co., Ltd. introduced the ZAXIS-7 compact excavators, aimed at improving task efficiency on urban work sites. Among the new models is the ZX75US-7, featuring an ultra-short-tail swing radius for easy access to confined spaces. Additionally, the ZX85USB-7 model, equipped with a swing boom and ultra-short-tail swing radius, allows for efficient excavation near walls and guardrails.

Construction Equipment Key Market Trends

  • Government mandates on telematics and e-call services: Government mandates on telematics and e-call services are driving technological advancements in the construction equipment market, leading to the development of more optimized and reliable products. The off-highway industry is increasingly adopting autonomous operating technologies, which are particularly suited for construction activities due to their repetitive, physical, precise, and time-sensitive nature. This has led to a rising demand for automation in construction equipment. Manufacturers are now developing wireless, autonomous machinery that uses radio waves from other devices to facilitate communication, receive instructions, and report conditions. This technology enhances productivity, reduces unplanned maintenance, and improves safety. As a result, the growing adoption of autonomous construction equipment represents a significant business opportunity for the industry.

Construction Equipment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, the Increasing Use of large cranes for construction dominated the global Construction Equipment Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, the Asia Pacific dominated the global Construction Equipment Market owing to the region's increase in online stores and government spending on construction.

Report Metric Details
Market size value in 2022 USD 150.2 billion
Market size value in 2031 USD 210.11 billion
Growth Rate 3.8%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Equipment Type
    • Articulated Dump Trucks, Asphalt Finishers, Backhoe Loaders, Crawler Dozers, Crawler Excavators, Crawler Loaders, Mini Excavators, Motor Graders, Motor Scrapers, Rigid Dump Trucks, Road Rollers, Rough Terrain Lift Truck (RTLT) Masted, Rough Terrain Lift Truck (RTLT) Telescopic, Skid-Steer Loaders, Wheeled Excavators, Wheeled Loaders <80 HP, Wheeled Loaders >80 HP, Compactors, Pick and Carry Cranes
  • Equipment Category
    • Earthmoving Equipment, Material Handling Equipment, Heavy Construction Equipment, Others
  • Propulsion Type
    • Diesel, CNG/LNG/RNG
  • Power Output
    • <100HP, 101-200HP, 201-400HP, >400 HP
  • Engine Capacity
    • <5L, 5-10L, >10L
  • Application
    • Commercial, Residential, Infrastructure
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Caterpillar Inc. (US) 
  • Komatsu Ltd. (Japan) 
  • Deere & Company (US) 
  • Hitachi Construction Machinery Co., Ltd. (Japan) 
  • xuzhou construction machinery group (China) 
  • SANY Group (China) 
  • AB Volvo (US) 
  • Zoomlion Heavy Industry Science &Technology Co., Ltd. (China) 
  • Wacker Neuson SE (Germany) 
  • Terex Corporation (US) 
  • MANITOU Group (France) 
  • Liebherr (Switzerland) 
  • KUBOTA Corporation (Japan) 
  • J C Bamford Excavators Ltd. (UK) 
  • Hyundai Construction Equipment Co., Ltd. (India) 
  • Escorts Limited (India) 
  • Doosan Corporation (south Korea) 
  • Deere & Company (US) 
  • CNH Industrial America LLC. (UK) 
  • Bell Equipment Limited (South Africa)  
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Construction Equipment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Construction Equipment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Construction Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Construction Equipment Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Construction Equipment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Construction Equipment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$5,300
BUY NOW

REQUEST FOR SAMPLE

Want to customize this report?
REQUEST FREE CUSTOMIZATION

FAQs

Global Construction Equipment Market size was valued at USD 150.2 billion in 2022 and is poised to grow from USD 155.91 billion in 2023 to USD 210.11 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).

The global construction equipment market is experiencing significant growth driven by the increasing demand for technologically advanced, fuel-efficient machinery. The companies are focused on innovation and incorporating ICT and IoT technologies into their products to enhance efficiency and meet environmental standards. Additionally, regional players are emerging, particularly in Asia-Pacific and Europe, where infrastructure development is booming. Competitive strategies among these companies involve expanding product portfolios, forming strategic partnerships, and investing in R&D to cater to evolving consumer needs and regulatory requirements. The competitive landscape is characterized by a blend of global giants and regional contenders striving to capitalize on market opportunities and overcome trade barriers.  'Caterpillar Inc. (US) ', 'Komatsu Ltd. (Japan) ', 'Deere & Company (US) ', 'Hitachi Construction Machinery Co., Ltd. (Japan) ', 'xuzhou construction machinery group (China) ', 'SANY Group (China) ', 'AB Volvo (US) ', 'Zoomlion Heavy Industry Science &Technology Co., Ltd. (China) ', 'Wacker Neuson SE (Germany) ', 'Terex Corporation (US) ', 'MANITOU Group (France) ', 'Liebherr (Switzerland) ', 'KUBOTA Corporation (Japan) ', 'J C Bamford Excavators Ltd. (UK) ', 'Hyundai Construction Equipment Co., Ltd. (India) ', 'Escorts Limited (India) ', 'Doosan Corporation (south Korea) ', 'Deere & Company (US) ', 'CNH Industrial America LLC. (UK) ', 'Bell Equipment Limited (South Africa)  '

Increasing global infrastructure development and increasing demand for compact construction equipment are other growth factors. The construction industry is predicted to grow from USD 9 trillion in 2019 to USD 13 trillion by 2023, as estimated by Oxford Economics. 7 trillion in 2022 to USD 13 trillion in 2025 and USD 47 trillion in 2040 (Fig. New construction projects available in the market will reach $ 9 trillion by 2037 due to such countries as China, USA, India and others. This is due to factors such as new development projects in urban areas, growing population, new technologies, upgrading existing infrastructure and the emphasis of designers to create more environmentally friendly projects. The primary drivers of the growth in the construction equipment market include a growing new equipment sale, expanding construction projects, and planned investments in construction industries. 

Government mandates on telematics and e-call services: Government mandates on telematics and e-call services are driving technological advancements in the construction equipment market, leading to the development of more optimized and reliable products. The off-highway industry is increasingly adopting autonomous operating technologies, which are particularly suited for construction activities due to their repetitive, physical, precise, and time-sensitive nature. This has led to a rising demand for automation in construction equipment. Manufacturers are now developing wireless, autonomous machinery that uses radio waves from other devices to facilitate communication, receive instructions, and report conditions. This technology enhances productivity, reduces unplanned maintenance, and improves safety. As a result, the growing adoption of autonomous construction equipment represents a significant business opportunity for the industry.

Asia Pacific is the largest market region for construction equipment, and its leaders are China, Japan, and India. The expansion of the Chinese market was mainly due to public expenditure in 2020, which led to the growth of more than 2 times in the next two years. In 2022 however, there is a sudden drop in the sales, probably due to the stabilization of the market towards the 2019 levels. Therefore, the market is expected to decline throughout the year and beyond and is expected to be at a 3.4% decline in 2023. A slow progressive improvement is expected in 2024, driven exclusively by the growth of demand for small-sized equipment and the enhancement of housing construction for residents. On the other hand, the demand for construction equipment in Japan is anticipated to rise because of increased infrastructural development resulting from government efforts in reconstructing buildings that were destroyed by natural disasters like earthquake and tsunamis. 

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Construction Equipment Market

Report ID: SQSG15F2012

sales@skyquestt.com
USA +1 351-333-4748

BUY NOW GET FREE SAMPLE