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Construction Equipment Market Analysis by Equipment Type (Earthmoving, Material Handling, Concrete, Road Building, Civil Engineering, Crushing & Screening, and Others), By Application (Commercial, Residential, and Industrial) and by Region: Global Forecast, 2024 - 2034

  • PUBLISHED ON
  • 2024-04-18
  • NO OF PAGES
  • 278
  • CATEGORY
  • Machinery & Heavy Industry

Market Overview

The Construction Equipment market is predicted to develop at a compound annual growth rate (CAGR) of 6.3%from 2024 to 2034, when it is projected to reach USD 319.1 Billion, based on an average growth pattern. The market is estimated to reach a value of USD 188.42 Billion in 2024.


SOURCE: We Market Research

The Construction Equipment Market refers to the industry that manufactures, distributes, and rents machinery and equipment for construction activities. Excavators, loaders, bulldozers, cranes, concrete mixers, and other types of equipment are available in this sector. The demand for these equipment is driven by growth in the residential and commercial construction sectors. Infrastructure growth, urbanization, and technical improvements such as telematics and automation all have an impact on the market. Emerging trends emphasize sustainability, such as the use of electric and hybrid construction equipment. The market is competitive, with leading competitors continually innovating to suit changing customer and regulatory requirements.

There are multiple factors that propel the construction equipment market are, there is a greater requirement for large machinery during the building of roads, bridges, and railroads. Urbanization drives the building of residential and commercial buildings, which increases equipment sales. Government public works initiatives and international investments in smart city initiatives both aid in the growth of the sector. Customers are drawn to technological advancements like telematics and IoT integration that improve equipment efficiency and maintenance. Additionally, the shift to ecologically friendly equipment—such as hybrid and electric models—is motivated by worries about the environment and is consistent with sustainability goals. All things considered, these pressures, along with shifting customer needs and regulatory restrictions, form the dynamic environment of the construction equipment company.

Market Scope

Report Attributes

Description

Market Size in 2024

USD 188.42 Billion

Market Forecast in 2034

USD 319.1Billion

CAGR % 2024-2034

6.3%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2034

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Equipment Type, By Application and By Region

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

 

Construction Equipment Industry: Dynamics & Restrains


                
Market opportunity:


 

We Market Research: Construction Equipment Dashboard

Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.


Construction Equipment Segmentation

Market- By Equipment Type Analysis

By Equipment Type, the Construction Equipment Market is Categories into Earthmoving, Material Handling, Concrete, Road Building, Civil Engineering, Crushing & Screening, and Others. The Earthmoving segment accounts for the largest share of around 52% in 2024.


The Earthmoving equipment subsegment is driven by increased construction activities, especially in infrastructure and urban development projects. Demand is fueled by the need for excavation, grading, and land clearing. Technological advancements, such as GPS integration and automated features, further enhance efficiency, productivity, and safety in earthmoving operations.

The following segments are part of an in-depth analysis of the global Construction Equipment market:

Market Segments

 

By  Application

·         Commercial

·         Residential

·         Industrial

Construction Equipment Industry: Regional Analysis

Asia Pacific Market Forecast

Asia Pacific dominate the Construction Equipment Market with the highest revenue generating market with share of more than 46%. The Asia Pacific region is expected to have the highest growth rate and largest market share over the course of the projection period. This is the outcome of countries like China, India, and Southeast Asia's rapid economic growth and urbanization. These countries' large investments in infrastructure development are driving up demand for construction equipment.


North America Market Statistics

North America Construction Equipment market is second largest market during the forecasted period.  The market is expected to grow steadily due to the aging infrastructure in the region and the increasing focus on repair and replacement projects.

Europe Market Forecasts

Europe is expected to be the fastest-growing regional segment of the Construction Equipment market during the forecast period. However, the market is expected to see some growth due to the increasing demand for rental equipment and the growing adoption of new technologies such as electric and autonomous construction equipment.

Key Market Players

The Construction Equipment Market is dominated by a few large companies, such as

·         Caterpillar Inc.

·         Komatsu

·         Hitachi Construction Machinery

·         Liebherr

·         Volvo Construction Equipment

·         Doosan Infracore Co. Ltd.

·         J.C. Bamford Excavators Ltd.

·         CNH Industrial NV

·         SANY Group

·         Hyundai Construction Equipment Co.

·         Other

1.      Global Construction Equipment Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Construction Equipment Market Scope and Market Estimation

1.2.1. Global Construction Equipment Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2034)

1.2.2. Global Construction Equipment Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034

1.3.    Market Segmentation

1.3.1. Component of Global Construction Equipment Market

1.3.2. Technology of Global Construction Equipment Market

1.3.3. Application of Global Construction Equipment Market

1.3.4. Region of Global Construction Equipment Market

2.      Executive Summary

2.1.    Global Construction Equipment Market Industry Trends under COVID-19 Outbreak

2.1.1. Global COVID-19 Status Overview

2.1.2. Influence of COVID-19 Outbreak on Global Construction Equipment Market Industry Development

2.2.    Market Dynamics

2.2.1. Drivers

2.2.2. Limitations

2.2.3. Opportunities

2.2.4. Impact Analysis of Drivers and Restraints

2.3.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.4.    Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.5.    Porter’s Five Forces Analysis

2.5.1. Bargaining Power of Suppliers

2.5.2. Bargaining Power of Buyers

2.5.3. Threat of Substitutes

2.5.4. Threat of New Entrants

2.5.5. Competitive Rivalry

2.6.    Value Chain / Ecosystem Analysis

2.7.    Russia-Ukraine War Impacts Analysis

2.8.    Economic Downturn Analysis

2.9.      Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.      Global Construction Equipment Market Estimates & Historical Trend Analysis (2019 - 2023)

4.      Global Construction Equipment Market Estimates & Forecast Trend Analysis, by EQUIPMENT TYPE

4.1.    Global Construction Equipment Market Revenue (US$ Mn) Estimates and Forecasts, by EQUIPMENT TYPE, 2019 to 2034

4.1.1. Earthmoving

4.1.2. Material Handling

4.1.3. Concrete

4.1.4. Road Building

4.1.5. Civil Engineering

4.1.6. Crushing & Screening

4.1.7. Others

5.      Global Construction Equipment Market Estimates & Forecast Trend Analysis, by Application

5.1.    Global Construction Equipment Market Revenue (US$ Mn) Estimates and Forecasts, by Application, 2019 to 2034

5.1.1. Commercial

5.1.2. Residential

5.1.3. Industrial

6.      Global Construction Equipment Market Estimates & Forecast Trend Analysis, by Region

6.1.    Global Construction Equipment Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2034

6.1.1. North America

6.1.2. Europe

6.1.3. Asia Pacific

6.1.4. Middle East & Africa

6.1.5. South America

7.      North America Construction Equipment Market: Estimates & Forecast Trend Analysis

7.1.    North America Construction Equipment Market Assessments & Key Findings

7.1.1. North America Construction Equipment Market Introduction

7.1.2. North America Construction Equipment Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

7.1.2.1.   By EQUIPMENT TYPE

7.1.2.2.   By Application

7.1.2.3.   By Country

7.1.2.3.1.     The U.S.

7.1.2.3.2.     Canada

7.1.2.3.3.     Mexico

8.      Europe Construction Equipment Market: Estimates & Forecast Trend Analysis

8.1.    Europe Construction Equipment Market Assessments & Key Findings

8.1.1. Europe Construction Equipment Market Introduction

8.1.2. Europe Construction Equipment Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

8.1.2.1.   By EQUIPMENT TYPE

8.1.2.2.   By Application

8.1.2.3.        By Country

8.1.2.3.1.     Germany

8.1.2.3.2.     U.K.

8.1.2.3.3.     France

8.1.2.3.4.     Italy

8.1.2.3.5.     Spain

8.1.2.3.6.     Russia

8.1.2.3.7.     Rest of Europe

9.      Asia Pacific Construction Equipment Market: Estimates & Forecast Trend Analysis

9.1.    Asia Pacific Market Assessments & Key Findings

9.1.1. Asia Pacific Construction Equipment Market Introduction

9.1.2. Asia Pacific Construction Equipment Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

9.1.2.1.   By EQUIPMENT TYPE

9.1.2.2.   By Application

9.1.2.3.        By Country

9.1.2.3.1.     China

9.1.2.3.2.     Japan

9.1.2.3.3.     India

9.1.2.3.4.     Australia

9.1.2.3.5.     South Korea

9.1.2.3.6.     ASEAN

9.1.2.3.7.     Rest of Asia Pacific

10.  Middle East & Africa Construction Equipment Market: Estimates & Forecast Trend Analysis

10.1.  Middle East & Africa Market Assessments & Key Findings

10.1.1.   Middle East & Africa Construction Equipment Market Introduction

10.1.2.   Middle East & Africa Construction Equipment Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

10.1.2.1.    By EQUIPMENT TYPE

10.1.2.2.    By Application

10.1.2.3.    By Country

10.1.2.3.1. U.A.E.

10.1.2.3.2. Saudi Arabia

10.1.2.3.3. Egypt

10.1.2.3.4. South Africa

10.1.2.3.5. Rest of Middle East & Africa

11.  South America Construction Equipment Market: Estimates & Forecast Trend Analysis

11.1.  South America Market Assessments & Key Findings

11.1.1.   South America Construction Equipment Market Introduction

11.1.2.   South America Construction Equipment Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

11.1.2.1.    By EQUIPMENT TYPE

11.1.2.2.    By Application

11.1.2.3.    By Country

11.1.2.3.1. Brazil

11.1.2.3.2. Argentina

11.1.2.3.3. Colombia

11.1.2.3.4. Rest of South America

12.  Competition Landscape

12.1.  Global Construction Equipment Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

12.2.  Global Construction Equipment Market Competition White Space Analysis, By Application

12.3.  Global Construction Equipment Market Competition Heat Map Analysis, By Application

12.4.  Global Construction Equipment Market Concentration & Company Market Shares (%) Analysis, 2022

13.  Company Profiles

13.1.                     Caterpillar Inc.

13.1.1.   Company Overview & Key Stats

13.1.2.   Financial Performance & KPIs

13.1.3.   Product Portfolio

13.1.4.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

13.2.      Komatsu

13.3.      Hitachi Construction Machinery

13.4.      Liebherr

13.5.      Volvo Construction Equipment

13.6.      Doosan Infracore Co. Ltd.

13.7.      J.C. Bamford Excavators Ltd.

13.8.      CNH Industrial NV

13.9.      SANY Group

13.10.  Hyundai Construction Equipment Co.

13.11.  Others

14.  Research Methodology

14.1.  External Transportations / Databases

14.2.  Internal Proprietary Database

14.3.  Primary Research

14.4.  Secondary Research

14.5.  Assumptions

14.6.  Limitations

14.7.  Report FAQs

15.  Research Findings & Conclusion

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Construction Equipment Market in 2024?

Construction Equipment Market was valued at USD 188.42 Billion in 2024.

What is the growth rate for the Construction Equipment Market?

Construction Equipment Market size will increase at approximate CAGR of 6.3% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating with in the Construction Equipment Market are Caterpillar Inc., Komatsu, Hitachi Construction Machinery, Liebherr, Volvo Construction Equipment, Doosan Infracore Co. Ltd., J.C. Bamford Excavators Ltd., CNH Industrial NV, SANY Group, Hyundai Construction Equipment Co.

Which region dominates the Construction Equipment Market?

Asia Pacific dominates the market with an active share of 46%.

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