Construction Equipment Market Research Report Information By Type (Excavator, Crawler Excavators, Mini Excavators, Loaders, Wheeled Loaders, Dozers, Skid Steer Loader/Compact Track Loader, Tractor Loader Backhoe, Graders, Compaction Equipment), By Fuel Type (Diesel, Gasoline, Others), By Application (Construction, Infrastructure, Oil & Gas, Mining, Irrigation/Channel Clearing, Industrial Application, Quarrying, Military, Agriculture, Rental) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World)–Market Forecast Till 2032

Construction Equipment Market Summary

As per Market Research Future Analysis, the Global Construction Equipment Market was valued at USD 162.50 billion in 2023 and is projected to reach USD 295.40 billion by 2032, growing at a CAGR of 6.76% from 2024 to 2032. Key drivers include the rise of electric and self-driving equipment and significant infrastructure development. The market is witnessing a shift towards advanced, fuel-efficient machinery that reduces labor and operational costs, with notable innovations like JCB's hydrogen-powered excavator enhancing sustainability in construction practices.

Key Market Trends & Highlights

The adoption of advanced construction equipment is significantly influencing market growth.

• Market Size in 2023: USD 162.50 billion.
• Projected Market Size by 2032: USD 295.40 billion.
• CAGR from 2024 to 2032: 6.76%.
• North America accounted for over 45.77% of revenue in 2022.

Market Size & Forecast

2023 Market Size: USD 162.50 billion

2024 Market Size: USD 175.09 billion

2032 Market Size: USD 295.40 billion

CAGR (2024-2032): 6.76%

Largest Regional Market Share in 2022: North America.

Major Players

Key players include Deere & Company, Caterpillar Inc., Komatsu Ltd., JCB, and Hyundai Heavy Industries.

Construction Equipment Market Size was valued at USD 162.50 billion in 2023. The Construction Equipment industry is projected to grow from USD 175.09 Billion in 2024 to USD 295.40 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.76% during the forecast period (2024 - 2032). Increase in Electric and self-driving construction equipment and infrastructure development are the key market drivers enhancing the market growth. Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Construction Equipment Market Trends

• Adoption of Advanced Construction Equipment Fuels Market Growth

The adoption of modern construction equipment is driving the market CAGR for Construction equipment. Consumers all across the world are demanding more fuel-efficient, technologically advanced equipment to supplement construction activities. Adoption of improved equipment decreases labour costs, allows for better tracking of work done at each level of the process, and lowers operational costs. Players are attempting to broaden their business domain by offering new products, services, or solutions, as well as new values that fully utilize ICT (Information and Communication Technology) and loT (Internet of Things) technology. Furthermore, they are working to introduce advanced equipment that can not only meet the needs of customers but also address social and environmental issues. As a result, end customers are more interested in these machines. Recently, Black Cat Civil, an Australian company, discovered that the Cat Next Gen excavators were a perfect fit for their technology-focused business model. ly, the government and private sectors are investing heavily in the construction of new residential and commercial structures, as well as public infrastructure, hence supporting the growth of the construction industry. The worldwide construction market is predicted to reach over USD 8 trillion by the end of 2032, led by infrastructure expansion in the United States, China, and India, according to the Institute of Civil Engineers.August 2023: JCB, a leading manufacturer of construction equipment, unveils the world's first hydrogen-powered excavator, the 220X H2. This innovative machine utilizes hydrogen fuel cells to generate electricity, eliminating diesel emissions entirely. The 220X H2 paves the way for cleaner and more sustainable construction practices. 

Construction Equipment Market Segment Insights

Construction Equipment Type Insights

The Construction Equipment Market segmentation, based on type includes excavator, crawler excavators, mini excavators, loaders, wheeled loaders, dozers, skid steer loader/compact track loader, tractor loader backhoe, graders, and compaction equipment. In 2022, crawler excavators dominated the market. Crawler excavator is a tracked machine used for digging, loading, earthmoving, grading, lifting, and carrying jobs. They are also known as hydraulic excavators and general purpose excavators. To the front of the machine, there is a boom, arm, and bucket. Crawler excavators' chain wheel technology allows them to slide down and scale slopes with less risk, making them ideal for grading mountainous areas and landscaping uneven terrain.

Construction Equipment Fuel Type Insights

The  Construction Equipment Market segmentation, based on fuel type includes diesel, gasoline and others. Diesel had a significant market share. The majority of construction equipment runs on diesel fuel. It contributes more than 35% of the operational costs of construction equipment, and fluctuations in the price of fuel and fuel consumption have a significant impact on the company's profitability. As a result, an efficient fuel management program must be implemented in order to reduce the running costs of construction equipment.  Figure1: Construction Equipment Market, by Fuel Type, 2022&2032(USD billion) Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Construction Equipment Application Insights

The Construction Equipment Market segmentation, based on application includes construction, infrastructure, oil & gas, mining, irrigation/channel clearing, industrial application, quarrying, military, agriculture, rental. Mining category revenue is predicted to expand at a significant rate over the projection period due to an increase in mining activity worldwide. The majority of economies rely significantly on mining for vital raw materials, minerals, and metals extraction. Furthermore, mining lays the groundwork for modern living, as mined materials are used to build hospitals, roads, and houses, as well as automobiles, power plants, computers, and satellites. The mining industry is largely reliant on technology and machinery for everything from mine construction to the safe and reliable extraction of raw minerals.

Construction Equipment Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America dominated the construction equipment market, accounting for over 45.77% of revenue in 2022, owing to an increase in commercial infrastructure construction and aging construction repair. The major construction equipment manufacturers focus on the North American market, owing to the region's high adoption rate of compact construction equipment. The increased usage of construction equipment has resulted in considerable research and development in construction machinery. Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil. Figure2:  CONSTRUCTION EQUIPMENT MARKET SHARE BY REGION 2022 (%) Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review Europe’s Construction Equipment Market accounts for the second-largest market share due to rising demand for additional housing units. Further, the German Construction Equipment Market held the largest market share, and the UK Construction Equipment Market was the fastest-growing market in the European region. The Asia-Pacific Construction Equipment Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing number of dam construction, real-estate business, commercial and residential complexes, and expansion of rail and road infrastructure.  Moreover, China’s Construction Equipment Market held the largest market share, and the Indian Construction Equipment Market was the fastest-growing market in the Asia-Pacific region.

Construction Equipment Key Market Players & Competitive Insights

Leading market players are extensively investing in research and development in order to extend their product lines, which will help the Construction Equipment Market grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the construction equipment industry must provide cost-effective products. Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the construction equipment industry to benefit clients and increase the market sector. In recent years, the construction equipment industry has offered some of the most significant advantages to medicine. Major players in the construction equipment Market, including Deere & Company., Kobelco Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr-International AG, Manitou BF, Hidromek, Sany Heavy Industry Co., Ltd, and others, are attempting to increase market demand by investing in R&D operations. Hyundai Heavy Industries Co., Ltd. is the world's largest shipbuilding enterprise as well as a major manufacturer of heavy equipment. The company's headquarters are in Ulsan, South Korea. HHI was created in 1972 as a branch of the Hyundai Group by Chung Ju-yung, and its first ships were completed in 1974. The company was spun out from its parent company in 2002. Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, and Engine & Machinery are HHI's four primary business divisions. Hyundai Electric & Energy Systems, Hyundai Construction Equipment, Hyundai Robotics, Hyundai Heavy Industries Green Energy, and Hyundai Service are all non-core subsidiaries of HHI. In December 2021, Hyundai Construction Equipment (HCE) is investing €150 million (US$170 million) in South Korea's Ulsan manufacturing factory, tripling capacity to more than 15,000 machines per year. Caterpillar Inc. is a producer of construction equipment in the United States. The firm is the largest maker of construction equipment in the world. Caterpillar was placed 65 on the Fortune 500 list[7] and 238 on the  Fortune 500 list in 2018. The Dow Jones Industrial Average includes Caterpillar stock. Caterpillar Inc. was founded in 1925 by the merging of the Holt Manufacturing Company and the C. L. Best Tractor Company, which resulted in the formation of the California-based Caterpillar Tractor Company.  Caterpillar Inc. was founded in 1986 after the firm reformed as a Delaware corporation. In January 2021, Caterpillar introduced three new large excavators and two ultra high definition demolition (UHD) machines for the European, Asian, and African markets. The huge excavators are the Cat 352, 374, and 395, which weigh 50, 72, and 94 metric tons, respectively.

Key Companies in the Construction Equipment market include

• AB Volvo,
• Caterpillar Inc.,
• Komatsu Ltd.
• CNH Industrial,
• Hitachi Construction Machinery Co. Ltd,
• J C. Bamford Crawled Excavators Limited
• Liebherr Group,
• XCMG,
• Terex Corporation,
• SANY Heavy Industry CO. LTD,
• Hyundai Heavy Industries Ltd,
• Sandvik Group,
• Riwal, Cramo PIc
• Atlas Copco AB

Construction Equipment Industry Developments

In February 2022, Flexcavo, a Berlin-based construction technology startup, raises USD 8 million in funding for its construction machinery fleet. Furthermore, planned capital will be used to acquire a newly constructed rental park in Maisach, Munich. Furthermore, manufacturers JCB and Wacker Neuson have already planned over 150 new construction machinery and equipment for the approximately 4,500 square metre site. In January 2022, CanLift Equipment Ltd. has increased its product line for construction machinery equipment as part of a strategic agreement with major construction manufacturer Xuzhou Construction Machinery Group Co., Ltd to increase earthmoving equipment sales in Ontario. Furthermore, this collaboration will pave the way for new relationships in the construction machinery industry. In January 2022, Hitachi, Japan's largest construction machinery manufacturer, said that it is selling its 50% ownership in a construction machinery fleet valued US$1.6 billion. Furthermore, Itochu will acquire Hitachi's stake in Japan Industrial Partners for 3,300 yen per share. Furthermore, Hitachi currently owns 51.5% of the construction machinery fleet.

Construction Equipment Market Segmentation

Construction Equipment Market By Type Outlook

• Excavator
• Crawler Excavators
• Mini Excavators
• Loaders
• Wheeled Loaders
• Dozers
• Skid Steer Loader/Compact Track Loader
• Tractor Loader Backhoe
• Graders
• Compaction Equipment

Construction Equipment Market By Fuel Type Outlook

• Diesel
• Gasoline
• Others

Construction Equipment Market By Application Outlook

• Construction
• Infrastructure
• Oil & Gas
• Mining
• Irrigation/Channel Clearing
• Industrial Application
• Quarrying
• Military
• Agriculture
• Rental

Construction Equipment Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
  • Middle East
  • Africa
  • Latin America

 

Attribute/Metric	Details
Market Size 2023	USD 162.50 billion
Market Size 2024	USD 175.09 billion
Market Size 2032	USD 295.40 billion
Compound Annual Growth Rate (CAGR)	6.76% (2024-2032)
Base Year	2023
Market Forecast Period	2024-2032
Historical Data	2018- 2022
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Fuel Type, Application, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	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, Hidromek, Sany Heavy Industry Co., Ltd., Sumitomo Heavy Industries, Ltd., Terex Corporation, Volvo AB, Zoomlion Heavy Industry Science and Technology Co., Ltd, and other.
Key Market Opportunities	The trend for autonomous construction equipment.
Key Market Dynamics	Growth in infrastructure developments to increase the sale of construction equipment.