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

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).

Rising construction process in developing countries globally is mainly responsible for the market growth. In addition, the growing trend of urbanization and rising infrastructure investment are likely to drive market growth.

Additionally, it is expected that the market will develop in the upcoming years due to a rise in government initiatives to upgrade facilities all over the globe. Additionally, it is anticipated that increasing private non-residential construction spending will promote market expansion. However, issues including a faltering economy and strict government restrictions on the usage of the equipment are expected to have an effect on the market's profitability.

It is considered to have an important role in decreasing construction cost of the project by increasing output and guaranteeing on-time project completion, particularly for large contracts. Additionally, renting heavy construction equipment has increased in popularity because renting such equipment is cheaper than buying it. Where there is a lack of skilled personnel, these devices are crucial to maintaining production levels.

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