Global Heavy Construction Equipment Market

Heavy Construction Equipment Market Size, Share, Growth Analysis, By Product(Earth Moving Machinery, Material Handling Machinery, Concrete & Road Machinery, and Others.), By Application(Infrastructure, Real Estate, Commercial Buildings, Residential Buildings), By End User(Oil & Gas Industry, Construction Industry, Military and Mining.), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20C2032 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 93 | Figures: 76

Heavy Construction Equipment Market News

In May 2022, the next generation of rallycross tracks will be developed by World RX and Volvo Construction Equipment. Following its appointment as the Official Construction Equipment Supplier to WORLD RX, Volvo CE announced that it will be expanding its commitment by becoming the Series' Official Track Build Partner.

In March 2022, A partnership between Komatsu and Anglo-American Minas-Rio was established for a comprehensive ICT mining bulldozer remote control in Brazil. A memorandum of agreement between Komatsu and Anglo-American Minas-Rio has been signed for the aim of carrying out a trial involving a sizable ICT mining bulldozer with remote control functionality through Komatsu Brazil International Ltd. Through this trial, the companies involved want to develop a novel solution that enhances the efficiency and safety of mine sites.

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Heavy Construction Equipment Market size was valued at USD 185.63 billion in 2019 and is poised to grow from USD 273.5 billion in 2023 to USD 193.8 billion by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).

The global market for heavy machinery and construction equipment has a fragmented competitive landscape, with many important firms active on both a global and regional scale. To expand their individual product portfolios and establish a solid position in the global market, key players are focusing on product development and strategic alliances. 'CNH', 'Caterpillar Inc', 'Hyundai Heavy Industries', ' Komatsu Ltd. ', ' Hitachi Construction Machinery Co. Ltd. ', ' Volvo Construction Equipment AB ', ' Liebherr Group ', ' Terex Corporation ', ' Doosan Group ', ' JCB Limited ', ' SANY Group Co. Ltd. ', ' Zoomlion Heavy Industry Science & Technology Co., Ltd. ', ' XCMG Group ', ' Manitowoc Company, Inc. ', ' KOBELCO Construction Machinery Co., Ltd. ', ' Wacker Neuson SE ', ' John Deere & Company ', ' Atlas Copco AB ', ' Tadano Ltd. ', ' Yanmar Holdings Co., Ltd. '

More technologically advanced and fuel-efficient construction equipment is in high demand with customers all over the world. Advanced and modern machinery reduces labor costs, enhances tracking of tasks accomplished at each stage of the process, and lowers operational costs. By providing new products, services, and solutions that utilize information and communication technology (ICT) and the internet of things (IoT) technologies, market participants want to expand the reach of their companies.

The global construction industry has had massive growth, which is supporting the market. Heavy lifting, demolition, river dredging, tree cutting, and moving or loading commodities like asphalt, demolition waste, mud, and snow all need the usage of heavy construction equipment. Accordingly, the market growth is being aided by the growing use of cranes, which have the strength and accuracy to precisely lift heavy materials while also provide a high level of safety. In addition, a number of technological developments, such as the fusion of machine learning (ML) and the Internet of Things (IoT) to improve equipment use and improve operational efficiency, are driving market growth. The development of driver assistance systems and real-time data tracking to speed up procedures and track the location, fuel consumption, working hours, and maintenance of the equipment is also having a favorable impact on market expansion. The market is expected to rise as a result of a number of other reasons, such as the rising demand for high-tech construction equipment and the adoption of numerous government initiatives boosting the infrastructure development.

The market in North America is expected to grow rapidly during the forecast period as a result of the substantial presence of very well companies including Caterpillar Inc. and Sany Group. Furthermore, it is expected that these companies' overt efforts to improve technology and provide efficient aftermarket services will have an effect on the market's growth in North America.

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