Construction Equipment Market Size

Construction Equipment Market size was valued at USD 155.91 Billion in 2023 and is poised to grow from USD 161.83 Billion in 2024 to USD 218.09 Billion by 2032, growing at a CAGR of 3.8% during the forecast period (2025-2032).

The factors influencing this growth include rapid urbanization in many parts of the developing world and increased focus by governments on improving existing structures. This surge is calling for the construction machinery referred to as excavators, loaders, and dump trucks among others. Therefore, it can be predicted that the global construction equipment market is going to grow much faster due to the increased development activities of infrastructure across the world which in turn would require earthmoving and material handling equipment. Higher expenditure by the government in improving current structures is fostering construction activities in emerging nations.

Recent instances clarify the demand for construction equipment will rise in the coming years. Instances like, In May 2024, Ferrovial, a global infrastructure company, announced, through its construction subsidiary Webber, that it has been granted nine new contracts totaling USD 1.2 billion. This construction contract includes bridge construction, expansion of water treatment plants, and road maintenance in the US and Canada. Such instances are coming from different parts of the world which shows how government awarded projects can enhance the demand for construction equipment demand across the world.

Technological integration with the construction equipment market is anticipated to see significant growth during the forecasted period. OEMs are eyeing this opportunity to enter the market with new products by diversifying their customer base in the construction equipment market. For instance, Caterpillar launched a new Cat® 789D Autonomous Water Truck (AWT) In March 2025 and a fully autonomous Cat® 777 off-highway truck. Such steps toward the autonomous construction and mining economy significantly boost the demand for autonomous construction equipment which creates opportunities for the manufacturers of construction equipment.

How Could Autonomous Construction Equipment Benefit Manufacturers in gaining a Larger Market Share?

There are many aspects that propel the demand for the autonomous construction equipment across the construction projects as they provide manufacturers with several competitive advantages. Some of these advantages are it can increase operational efficiency, reduce the dependency on labor, ensuring the safer work progress. Through the capabilities of AI and IoT, these machines provide higher precision and 24/7 productivity, directly addressing contractors looking for cost-effective, scalable solutions. With several real-world instances, manufacturers who are using autonomous technology can differentiate their portfolios and secure major deals. In addition, early adoption allows access to untapped markets and strategic partnerships with technology providers.