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

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.