Construction Equipment Market Size, Share & Trends Analysis Report By Product (Earth Moving Machinery, Machine Handling Machinery, Concrete And Road Construction Machinery), By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global construction equipment market size was exhibited at USD 183.55 billion in 2022 and is projected to hit around USD 411.19 billion by 2032, growing at a CAGR of 8.4% during the forecast period 2023 to 2032.

Key Pointers:

  • Asia Pacific dominated the construction equipment market and accounted for the largest revenue share of over 46.17% in 2022 and is expected to register a CAGR of over 9.3% from 2023 to 2032.
  • The earthmoving machinery segment dominated the market and accounted for the largest revenue share of over 48% in 2022. 
  • The material handling machinery is anticipated to grow at a CAGR of 12.2% throughout the forecast period. 

Construction Equipment Market Report Scope

Report Coverage Details
Market Size in 2023 USD 198.97 Billion
Market Size by 2032 USD 411.19 Billion
Growth Rate From 2023 to 2032 CAGR of 8.4%
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Product
Market Analysis (Terms Used) Value (US$ Million/Billion) or (Volume/Units)
Regional Scope North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa
Key Companies Profiled Caterpillar; CNH Industrial N.V.; Doosan Corporation; Escorts Limited; Hitachi Construction Machinery Co., Ltd.; Hyundai Construction Equipment Co., Ltd.; J C Bamford Excavators Ltd.; Deere & Company.; Kobelco Construction Machinery Co., Ltd.; Komatsu Ltd.; Liebherr-International AG; Manitou BF; HÄ°DROMEK; Sany Heavy Industry Co., Ltd.; Sumitomo Heavy Industries, Ltd.; Terex Corporation; Volvo AB; Zoomlion Heavy Industry Science; Technology Co., Ltd

 

The rising investments made by governments around the world in the development of public infrastructure is one of the key factors anticipated to fuel the construction equipment market growth over the projected period. Additionally, the demand for construction equipment is predicted to rise as a result of the increased residential and commercial construction activity caused by the growing population in emerging nations like India. Thus, it is projected that the construction equipment market will expand steadily over the forecast period.

In the upcoming years, the industry is predicted to grow due to favorable government efforts. For instance, the U.S. federal government's announcement of stimulus packages in August 2021, which included USD 550 billion in new federal investment for infrastructure modernization, is anticipated to spur building spending in the nation. Similarly, the Government of India announced in 2019 that it will invest USD 1.4 trillion in infrastructure projects from 2019 to 2023; this represents the country's anticipated demand for construction equipment throughout the forecast period.

The COVID-19 epidemic hindered market expansion due to supply chain interruptions and the temporary closure of dealer locations. The resumption of building for ongoing and new projects, however, resulted in a significant rise in demand for construction equipment in 2021. The market's expansion is anticipated to be hampered over the forecast period by an abrupt demand for infrastructure and development, which will lead to a lack of inventories and an increase in the price of base materials.

High ownership costs are one of the key factors limiting the expansion of the construction equipment business. These machines need frequent maintenance, such as oil and other lubricant changes, engine, and hydraulic motor service, filter replacement, and tire-related work, which has a significant impact on market data. Additionally, industry players are concentrating on providing intelligent construction equipment, which needs skilled operators for safe and secure utilization. The adoption of construction equipment is being hampered by a lack of qualified and professional operators in the market.

Some of the prominent players in the Construction Equipment Market include:

  • Caterpillar
  • CNH Industrial N.V.
  • Doosan Corporation
  • Escorts Limited
  • Hitachi Construction Machinery Co., Ltd.
  • Hyundai Construction Equipment Co., Ltd.
  • J C Bamford Excavators Ltd.
  • Deere & Company.
  • Kobelco Construction Machinery Co., Ltd.
  • Komatsu Ltd.
  • Liebherr-International AG
  • Manitou BF
  • HÄ°DROMEK
  • Sany Heavy Industry Co., Ltd.
  • Sumitomo Heavy Industries, Ltd.
  • Terex Corporation
  • Volvo AB
  • Zoomlion Heavy Industry Science and Technology Co., Ltd

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Construction Equipment market.

By Product Type 

  • Earth Moving Machinery
    • Excavator
    • Loader
    • Others
  • Material Handling Machinery
    • Crawler Cranes
    • Trailer Mounted Cranes
    • Truck Mounted Cranes
    • Forklift
  • Concrete and Road Construction Machinery
    • Concrete Mixer & Pavers
    • Construction Pumps
    • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Frequently Asked Questions

The global construction equipment market size was exhibited at USD 183.55 billion in 2022 and is projected to hit around USD 411.19 billion by 2032

The global construction equipment market is expected to grow at a compound annual growth rate of 8.4% from 2023 to 2032

Some key players operating in the construction equipment market include Caterpillar, Komastu, Deere and Company, Sany Heavy Industries, Volvo AB, and Hitachi Construction Ltd.

The construction equipment sales witnessed strong demand in 2022, owing to increased construction spending worldwide and order backlog that stalled in 2020 due to temporary lockdown imposed by various economies.

Report Detail

  • Report Code:7941
  • No. of Pages:250+
  • Format:PDF/PPT/Excel

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