Global Construction Equipment Market

Global Construction Equipment Market Size, Share, Growth Analysis, By Equipment type(Earthmoving Equipment, Cranes), By Application(Residential, Commercial) - Industry Forecast 2023-2030


Report ID: SQSG15F2012 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 68 | Figures: 75

Global Construction Equipment Market Insights

Global Construction Equipment Market size was valued at USD 103.93 billion in 2021 and is poised to grow from USD 108.4 billion in 2022 to USD 158.34 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

The demand for these items is predicted to be driven by the increase in construction activity around the world. Favorable government programmes like stimulus packages and lower housing costs that encouraged people to buy new homes will likely be major drivers of market growth during the projection period. Over the coming years, market development is projected to be hampered by supply chain and inventory issues as well as a lack of semiconductors.

Over the next few years, it's anticipated that the growing demand for electric construction equipment will open up new income opportunities for the OEMs. These machines run on batteries and provide a number of benefits, including less maintenance requirements, less noise, less vibration, and higher field worker comfort. They are only starting off, but throughout the course of the projected time, they should take off. Compact electric excavators and wheel loaders have previously been commercialised by OEMs such AB Volvo, Caterpillar, and Komastu. However, one of the barriers to its adoption throughout the projection period is anticipated to be the high initial upfront cost.

One of the long-term drivers anticipated to propel sales in the market over the forecast period is an increase in construction investment globally. Over the past few years, building investment has increased significantly in the U.S. The market growth is also anticipated to be fueled by upcoming multi-family housing construction projects in Europe, including the Milanosesto Mixed-Use Complex (Italy), ZAC Campus Grand Parc Mixed-Use Development (France), Viadux Mixed-Use Community (U.K.), Camden Goods Yard Mixed-Use Community (U.K.), and Sackville Road Residential Community (U.K.). Government efforts to upgrade outdated public infrastructure, such as port extensions, an undersea tunnel linking major European nations, and railway tunnels, are also anticipated to propel market expansion.

Better infrastructure, including homes, schools, clinics, stadiums, office buildings, and airports, is required throughout Asia Pacific nations, particularly in China, India, and South Asian nations.

Additionally, because housing costs are falling and cities in China and India are urbanising quickly, there is a growing demand for construction equipment in the residential construction sector.

The development of the public-private partnership (PPP) model is anticipated to benefit from an increase in the number of supportive government policies over the course of the forecast period, which is also projected to be positive for the market for construction equipment.

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

Market snapshot

Global Market Size

USD 103.93 billion

Largest Segment

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Fastest Growth

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Growth Rate

4.3% CAGR

Global Construction Equipment Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Construction Equipment Market Size by Product, 2021-2028 ($ Bn)
Global Construction Equipment Market Size by Product, 2021-2028 (%)

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Global Construction Equipment Market Segmental Analysis

The global construction equipment market is segmented based on Equipment Type, Application, and region. Based on Equipment type the construction equipment market is further sub-segmented into earthmoving equipment, cranes, material handling equipment, concrete equipment, road building equipment, civil engineering equipment, crushing, and screening equipment. According to the Application, the construction equipment market is segregated into Residential, Commercial, and Industrial.

Construction Equipment Market Analysis By Equipment Type

Due to the increasing demand for cranes and other gear across many industries for handling heavy construction materials and goods, the market for material handling equipment is expected to grow exponentially and significantly. The standard material handling cranes used in construction and warehouse applications are AGV, forklift trucks, and telescopic handlers. Furthermore, as investments in industrial and commercial development projects are increasing in developing nations like China and India, it is expected that the need for road building and earthmoving equipment will increase over time. Since the demand for this equipment depends on the volume of active infrastructure and civil engineering projects, the civil engineering and concrete equipment segments are predicted to see stable growth. Due to the low demand for mining applications, the crushing and screening equipment industry is predicted to develop significantly. The remaining machinery is made up of tippers, trailers, and tankers, all of which are projected to have stagnating demand across the board.

Construction Equipment Market Analysis By Application

Due to growing industrialization and foreign direct investments (FDI) for various global manufacturing facilities in developing countries, the industrial application segment is predicted to experience steady expansion in the near future. Commercial infrastructure development in both developed and emerging nations is probably going to show a sizable global market. The market is expected to increase steadily for applications in the residential sector due to the rapid population growth in Asian and African nations.

Global Construction Equipment Market Share By Product, 2021 (%)

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Global Construction Equipment Market Regional Insights

During the forecast period, Asia Pacific is expected to gain market dominance and hold the greatest share. The advent of online retail stores, the availability of machines for rent, increased government spending on infrastructure development, and an increase in capital investments are all expected to contribute to the region's growth. The Chinese government is also investing in renewable energy, public infrastructure, and residential development projects, which is driving up the demand for construction equipment.

Due to the large number of growing market competitors producing technologically advanced construction equipment, China is predicted to have the largest market share. With increasing public-private partnerships, the Chinese government has been heavily investing in rural construction operations for rapid urbanization, which is likely to increase the demand for construction equipment. The One Belt One Road project and the 21st century Maritime Silk Road, which would cost about US$ 4 trillion, were the Chinese government's goals in order to increase land and waterway connectivity. Due to factors including rising demand for new housing units, rising employment levels, etc., Europe generated significant revenue and is predicted to continue growing. Additionally, due to Germany being the location of Europe's best-performing machine and equipment sector, Europe is expected to have a sizable possibility to grow during the projected period. Additionally, because of the sudden spread and persistent effects of COVID-19 across these nations, European nations like Italy and Spain are predicted to experience poor growth in 2021.

The expansion of this market in North America is being aided by the notable businesses Caterpillar and Sany America. Additionally, it is expected that these businesses' overt activities in the areas of technological advancements, strategic alliances, acquisitions, and aftermarket services will have an impact on the market potential in North America. In addition, the Gulf Council Corporation has the largest market share in the Middle East and Africa as a result of the growth of significant infrastructure projects throughout the GCC nations. However, the COVID-19 pandemic has had a significant impact on these nations, which has resulted in fewer building projects being undertaken. As a result, the Saudi Vision 2028 initiative is expected to go more slowly in these nations. Similar to this, Latin America's construction industry has experienced consistent growth over the past few years as a result of modest infrastructure spending. However, the COVID-19 pandemic has forced the equipment producers in Brazil and Colombia to halt operations. Due to the coronavirus, more than 1,900 housing projects in Colombia have been shut down, slowing down the pace of new buildings.

Global Construction Equipment Market By Geography, 2021 - 2028
  • Largest
  • Fastest

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Global Construction Equipment Market Dynamics

Construction Equipment Market Driver

  • Use of Modern Construction Equipment Will Promote Growth

Globally, consumers are calling for more technologically advanced, fuel-efficient machinery to support construction activities. Adopting new technology lowers operating expenses and lowers labor costs by tracking the work done at every level of the process. By offering goods, services, or solutions that fully utilize ICT (Information and Communication Technology) and IoT (Internet of Things) technology, players are aiming to expand their business domains. They are also working to introduce cutting-edge equipment that can solve social and environmental issues in addition to meeting customer needs. As a result, these machines are more appealing to end consumers. Recently, the Cat Next Gen excavators were discovered to be the ideal fit for the technology-focused business strategy of an Australian company called Black Cat Civil.

  • Increasing Infrastructure and Construction Investments to Increase Equipment Demand

The development of the construction industry is being aided by significant investments being made by the public and private sectors around the world in the building of new homes, businesses, and public infrastructure. The Institute of Civil Engineers predicts that the growth of infrastructure in the United States, China, and India would propel the global construction market to approximately US$ 8 trillion by the end of 2028. Growing urbanization demand for residential infrastructure, especially in Asia and Latin America, is boosting the market for construction equipment. Governments in European nations are investing in new initiatives to construct smart cities. By 2021, it's expected that there will be over 300 smart cities in the European Union, which will accelerate the use of cutting-edge construction equipment.

Construction Equipment Market Restraint

  • Use of Construction Equipment Results in Environmental Imbalance and Hampers the Growth of market.

The main source of ozone emissions is this large machinery, which worsens the air quality. The nitrogen oxides (NOx), volatile organic compounds (VOC), and carbon monoxide (CO) emissions produced by this equipment have a negative impact on the environment and create an imbalance between rural and urban areas. Additionally, large ozone emissions are also produced by mining machinery in use at the mining sites. However, in order to get these emissions under control, utility companies, government organizations, and private businesses are working together to gather information on the locations of building sites and the number of pieces of equipment they use. To calculate and monitor the geo-code construction emission substrates, building permits for residential, commercial, and demolition projects are gathered using a variety of software technologies. In addition, industrialized nations are actively working to tighten regulations governing exhaust emissions from construction equipment and to increase energy efficiency, which will help to reduce the consequences of global warming.

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Global Construction Equipment Market Competitive Landscape

The top market participants have a wide geographic reach and a wide range of products to meet a variety of consumer wants. Industry players are spending a lot of money on R&D in order to introduce new equipment and increase their profitability in this potential market. For example, Caterpillar introduced the New CAT 816 Soil Compactor in April 2021 with enhanced airflow technology to minimize cleaning and maintenance. This model's radial air filter has a four-times longer lifespan than the earlier ones. This element helps the business keep a solid grip on the market.

Construction Equipment Market Top Player’s Company Profiles

  • Caterpillar Inc.
  • Komatsu Ltd.
  • Hitachi Construction Machinery Co., Ltd.
  • Liebherr Group
  • Volvo Construction Equipment
  • Terex Corporation
  • Doosan Infracore Co., Ltd.
  • CNH Industrial N.V.
  • JCB Ltd.
  • Sany Heavy Industry Co., Ltd.
  • Hyundai Construction Equipment Co., Ltd.
  • Zoomlion Heavy Industry Science and Technology Co., Ltd.
  • XCMG Group
  • Kobelco Construction Machinery Co., Ltd.
  • Wacker Neuson SE
  • Manitou Group
  • BOMAG GmbH
  • Atlas Copco AB
  • Bell Equipment Limited
  • Deere & Company

Construction Equipment Market Recent Development

  • In May 2021, Liebherr expanded its line of T 274 haul trucks by releasing a new model weighing 305 t (336 tonnes), which fills the space between the T 284 (363 t/400 tonnes) and the updated T 264 (240 t/265 tonnes).
  • In October 2021, Volvo introduced its first emission-free and simple-to-maintain wheel loaders for a variety of tasks, including pallet handling and material loading, grading, and sweeping. The wheel loaders were designed for German tree farming

Global Construction Equipment Key Market Trends

On the international market, rental services are currently gaining more traction. The most populous and rising economies, including China and India, are expected to experience a surge in demand for rental service businesses throughout the projection period, according to the Construction Equipment Rental Association (CERA). The local and regional newcomers are likely to make a name for themselves in the rental service industry and generate significant profits from their local clientele. Large construction companies work mostly in the following industries to increase their profits: general infrastructure, oil and gas, utility and electrical, and commercial and residential development. In addition, since governmental projects demonstrate a larger preference for the rental usage of equipment, the growth of the construction equipment rental industry would be steadily increasing with enhanced budgetary allocations for infrastructure initiatives in emerging countries. Additionally, working with rental businesses is safer, more convenient, and more cost-effective for governments than purchasing their fleet of construction equipment.

Global Construction Equipment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, the Increasing Use of large cranes for construction dominated the global Construction Equipment Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, the Asia Pacific dominated the global Construction Equipment Market owing to the region's increase in online stores and government spending on construction.

Report Metric Details
Market size value in 2021 USD 103.93 billion
Market size value in 2030 USD 108.4 billion
Growth Rate 4.3%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Equipment type
    • Earthmoving Equipment, Cranes, Material Handling Equipment, Concrete Equipment, Road Building Equipment, Civil Engineering Equipment, Crushing, Screening Equipment
  • Application
    • Residential, Commercial, Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Caterpillar Inc.
  • Komatsu Ltd.
  • Hitachi Construction Machinery Co., Ltd.
  • Liebherr Group
  • Volvo Construction Equipment
  • Terex Corporation
  • Doosan Infracore Co., Ltd.
  • CNH Industrial N.V.
  • JCB Ltd.
  • Sany Heavy Industry Co., Ltd.
  • Hyundai Construction Equipment Co., Ltd.
  • Zoomlion Heavy Industry Science and Technology Co., Ltd.
  • XCMG Group
  • Kobelco Construction Machinery Co., Ltd.
  • Wacker Neuson SE
  • Manitou Group
  • BOMAG GmbH
  • Atlas Copco AB
  • Bell Equipment Limited
  • Deere & Company
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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Construction Equipment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Construction Equipment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Construction Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Construction Equipment Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Construction Equipment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Construction Equipment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Construction Equipment Market size was valued at USD 103.93 billion in 2021 and is poised to grow from USD 108.4 billion in 2022 to USD 158.34 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

The top market participants have a wide geographic reach and a wide range of products to meet a variety of consumer wants. Industry players are spending a lot of money on R&D in order to introduce new equipment and increase their profitability in this potential market. For example, Caterpillar introduced the New CAT 816 Soil Compactor in April 2021 with enhanced airflow technology to minimize cleaning and maintenance. This model's radial air filter has a four-times longer lifespan than the earlier ones. This element helps the business keep a solid grip on the market. 'Caterpillar Inc.', 'Komatsu Ltd.', 'Hitachi Construction Machinery Co., Ltd.', 'Liebherr Group', 'Volvo Construction Equipment', 'Terex Corporation', 'Doosan Infracore Co., Ltd.', 'CNH Industrial N.V.', 'JCB Ltd.', 'Sany Heavy Industry Co., Ltd.', 'Hyundai Construction Equipment Co., Ltd.', 'Zoomlion Heavy Industry Science and Technology Co., Ltd.', 'XCMG Group', 'Kobelco Construction Machinery Co., Ltd.', 'Wacker Neuson SE', 'Manitou Group', 'BOMAG GmbH', 'Atlas Copco AB', 'Bell Equipment Limited', 'Deere & Company'

Use of Modern Construction Equipment Will Promote Growth

During the forecast period, Asia Pacific is expected to gain market dominance and hold the greatest share. The advent of online retail stores, the availability of machines for rent, increased government spending on infrastructure development, and an increase in capital investments are all expected to contribute to the region's growth. The Chinese government is also investing in renewable energy, public infrastructure, and residential development projects, which is driving up the demand for construction equipment.

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Global Construction Equipment Market

Product ID: SQSG15F2012

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