Heavy Construction Equipment Market Size, Share, Growth Analysis, By Product(Earth Moving Machinery, Material Handling Machinery, Concrete & Road Machinery, and Others.), By Application(Infrastructure, Real Estate, Commercial Buildings, Residential Buildings), By End User(Oil & Gas Industry, Construction Industry, Military and Mining.), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20C2032 | Region: Global | Published Date: February, 2024
Pages: 242 |Tables: 93 |Figures: 76

Heavy Construction Equipment Market Insights

Heavy Construction Equipment Market size was valued at USD 185.63 billion in 2019 and is poised to grow from USD 273.5 billion in 2023 to USD 193.8 billion by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).

Rising construction process in developing countries globally is mainly responsible for the market growth. In addition, the growing trend of urbanization and rising infrastructure investment are likely to drive market growth.

Additionally, it is expected that the market will develop in the upcoming years due to a rise in government initiatives to upgrade facilities all over the globe. Additionally, it is anticipated that increasing private non-residential construction spending will promote market expansion. However, issues including a faltering economy and strict government restrictions on the usage of the equipment are expected to have an effect on the market's profitability.

It is considered to have an important role in decreasing construction cost of the project by increasing output and guaranteeing on-time project completion, particularly for large contracts. Additionally, renting heavy construction equipment has increased in popularity because renting such equipment is cheaper than buying it. Where there is a lack of skilled personnel, these devices are crucial to maintaining production levels.

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

Market Snapshot - 2024-2031

Global Market Size

USD 185.63 billion

Largest Segment

Earth Moving Machinery

Fastest Growth

Earth Moving Machinery

Growth Rate

4.4% CAGR

Global Heavy Construction Equipment Market ($ Bn)
Country Share for North America Region (%)

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Heavy Construction Equipment Market Segmental Analysis

Global Heavy Construction Equipment market is segmented on the basis of Product, Application, End Use, and region. By Product, the market is segmented into Earth Moving Machinery, Material Handling Machinery, Concrete & Road Machinery, and Others. By Application, the market is segmented into Infrastructure, Real Estate, Commercial Buildings, Residential Buildings, Others. By End user, the market is segmented into Oil & Gas Industry, Construction Industry, Military and Mining. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America as according region.

Heavy Construction Equipment Market Analysis by Product

Over the forecast period, earthmoving machinery is most likely to dominate the market. The demand for merchandise is largely supplied by developing countries such as India, Malaysia, and Indonesia. To promote economic growth, these nations have made investments in the construction of transportation infrastructure, which mostly makes use of earthmoving equipment. Material handling equipment is expected to be in continuous demand as a consequence of the construction of high-rise buildings. High-rise building development frequently makes use of material handling such cranes, dumpers, forklifts, and telescopic handlers. Asphalt pavers, rollers, and transit mixers are few samples of the machinery used in the transport and handling of concrete as well as the construction of roads. The development of this product line is expected to be substantially driven by infrastructure projects.

Heavy Construction Equipment Market Analysis by Application

Infrastructure, commercial structures, and residential buildings are all included in the market segmentation for heavy construction equipment based on application. During the forecast period, the infrastructure segment, which dominated the market in 2021, is expected to develop at a higher rate. This is a result of the desire for better transportation networks that increased due to worldwide population. The demand for infrastructure is anticipated to increase rapidly and over course of the projection period as countries grow strategies to meet it. The majority of this demand is anticipated to come from nations such as China and India, that will have an impact on the market's growth.

Global Heavy Construction Equipment Market By Product

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Heavy Construction Equipment Market Regional Insights

The market in North America is expected to grow rapidly during the forecast period as a result of the substantial presence of very well companies including Caterpillar Inc. and Sany Group. Furthermore, it is expected that these companies' overt efforts to improve technology and provide efficient aftermarket services will have an effect on the market's growth in North America.

As according regional analysis, the largest revenue share is accounted by the heavy equipment and heavy machinery market in Asia Pacific. The growth of online retail stores, the availability of heavy machinery for rent, the rapid growth of technologies, and an increase in capital investments by significant market players are the main factors driving the growth of the region. In addition, the Chinese government is investing heavily in public infrastructure and residential construction projects as a result of the government's expanding urban population, which is increasing the demand for building equipment and heavy equipment.

Global Heavy Construction Equipment Market By Region
  • Largest
  • Fastest

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Heavy Construction Equipment Market Dynamics

Heavy Construction Equipment Market Drivers

An increasing need for construction techniques equipment

  • More technologically advanced and fuel-efficient construction equipment is in high demand with customers all over the world. Advanced and modern machinery reduces labor costs, enhances tracking of tasks accomplished at each stage of the process, and lowers operational costs. By providing new products, services, and solutions that utilize information and communication technology (ICT) and the internet of things (IoT) technologies, market participants want to expand the reach of their companies.

Steady investment in the infrastructure sector

  • Over the forecast period, growth is expected to be driven by higher infrastructure investment. A rise in construction activities will likely lead to a significant demand for heavy-duty construction equipment from the infrastructure sector.

Heavy Construction Equipment Market Restraints

Negative impact on the environment

  • Poor air quality is a result of heavy equipment becoming a major source of ozone emissions. The emissions from this equipment, which also include nitrogen oxides, volatile organic compounds, and carbon monoxide, have a negative impact on the environment and create an environmental imbalance among urban and rural areas. Additionally, a large source of ozone emissions comes from mining equipment running at mining sites.

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Heavy Construction Equipment Market Competitive Landscape

The global market for heavy machinery and construction equipment has a fragmented competitive landscape, with many important firms active on both a global and regional scale. To expand their individual product portfolios and establish a solid position in the global market, key players are focusing on product development and strategic alliances.

Heavy Construction Equipment Market Top Player’s Company Profiles

  • Komatsu Ltd.

  • Hitachi Construction Machinery Co. Ltd.

  • Volvo Construction Equipment AB

  • Liebherr Group

  • Terex Corporation

  • Doosan Group

  • JCB Limited

  • SANY Group Co. Ltd.

  • Zoomlion Heavy Industry Science & Technology Co., Ltd.

  • XCMG Group

  • Manitowoc Company, Inc.

  • KOBELCO Construction Machinery Co., Ltd.

  • Wacker Neuson SE

  • John Deere & Company

  • Atlas Copco AB

  • Tadano Ltd.

  • Yanmar Holdings Co., Ltd.

Heavy Construction Equipment Market Recent Developments

  • In May 2022, the next generation of rallycross tracks will be developed by World RX and Volvo Construction Equipment. Following its appointment as the Official Construction Equipment Supplier to WORLD RX, Volvo CE announced that it will be expanding its commitment by becoming the Series' Official Track Build Partner.
  • In March 2022, A partnership between Komatsu and Anglo-American Minas-Rio was established for a comprehensive ICT mining bulldozer remote control in Brazil. A memorandum of agreement between Komatsu and Anglo-American Minas-Rio has been signed for the aim of carrying out a trial involving a sizable ICT mining bulldozer with remote control functionality through Komatsu Brazil International Ltd. Through this trial, the companies involved want to develop a novel solution that enhances the efficiency and safety of mine sites.

Heavy Construction Equipment Key Market Trends

  • The global construction industry has had massive growth, which is supporting the market. Heavy lifting, demolition, river dredging, tree cutting, and moving or loading commodities like asphalt, demolition waste, mud, and snow all need the usage of heavy construction equipment. Accordingly, the market growth is being aided by the growing use of cranes, which have the strength and accuracy to precisely lift heavy materials while also provide a high level of safety. In addition, a number of technological developments, such as the fusion of machine learning (ML) and the Internet of Things (IoT) to improve equipment use and improve operational efficiency, are driving market growth. The development of driver assistance systems and real-time data tracking to speed up procedures and track the location, fuel consumption, working hours, and maintenance of the equipment is also having a favorable impact on market expansion. The market is expected to rise as a result of a number of other reasons, such as the rising demand for high-tech construction equipment and the adoption of numerous government initiatives boosting the infrastructure development.

Heavy Construction Equipment Market SkyQuest Analysis

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

According to our global heavy construction equipment market analysis, material handling, excavation, lifting, and other heavy operations are carried out with heavy construction machinery or equipment. The need for this equipment is being driven by the commercial, residential, and industrial sectors, expanded public-private partnerships, and expansion of the world economy. Although the market is filled with a wide variety of heavy construction equipment, choosing the right tool for the job is crucial. Companies take material, quality, project complexity, and safety into account when selecting heavy construction equipment. The market for is driven by rising private sector investment, real estate sector expansion, better economic conditions, and the creation of infrastructure for homes and corporations in developing countries. Additionally, the increase of public-private partnerships and government infrastructure development initiatives for the development of public infrastructure systems in nations like the U.S., India, and China has aided market expansion.

Report Metric Details
Market size value in 2019 USD 185.63 billion
Market size value in 2031 USD 193.8 billion
Growth Rate 4.4%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Earth Moving Machinery, Material Handling Machinery, Concrete & Road Machinery, and Others.
  • Application
    • Infrastructure, Real Estate, Commercial Buildings, Residential Buildings, Others.
  • End User
    • Oil & Gas Industry, Construction Industry, Military and Mining.
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
  • Komatsu Ltd.

  • Hitachi Construction Machinery Co. Ltd.

  • Volvo Construction Equipment AB

  • Liebherr Group

  • Terex Corporation

  • Doosan Group

  • JCB Limited

  • SANY Group Co. Ltd.

  • Zoomlion Heavy Industry Science & Technology Co., Ltd.

  • XCMG Group

  • Manitowoc Company, Inc.

  • KOBELCO Construction Machinery Co., Ltd.

  • Wacker Neuson SE

  • John Deere & Company

  • Atlas Copco AB

  • Tadano Ltd.

  • Yanmar Holdings Co., Ltd.

Customization scope

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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 Heavy 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 Heavy 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 Heavy 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 Heavy 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 Heavy Construction Equipment Market:

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

Regional Analysis: Further analysis of the Heavy 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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FAQs

Heavy Construction Equipment Market size was valued at USD 185.63 billion in 2019 and is poised to grow from USD 273.5 billion in 2023 to USD 193.8 billion by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).

The global market for heavy machinery and construction equipment has a fragmented competitive landscape, with many important firms active on both a global and regional scale. To expand their individual product portfolios and establish a solid position in the global market, key players are focusing on product development and strategic alliances. 'CNH', 'Caterpillar Inc', 'Hyundai Heavy Industries', ' Komatsu Ltd. ', ' Hitachi Construction Machinery Co. Ltd. ', ' Volvo Construction Equipment AB ', ' Liebherr Group ', ' Terex Corporation ', ' Doosan Group ', ' JCB Limited ', ' SANY Group Co. Ltd. ', ' Zoomlion Heavy Industry Science & Technology Co., Ltd. ', ' XCMG Group ', ' Manitowoc Company, Inc. ', ' KOBELCO Construction Machinery Co., Ltd. ', ' Wacker Neuson SE ', ' John Deere & Company ', ' Atlas Copco AB ', ' Tadano Ltd. ', ' Yanmar Holdings Co., Ltd. '

More technologically advanced and fuel-efficient construction equipment is in high demand with customers all over the world. Advanced and modern machinery reduces labor costs, enhances tracking of tasks accomplished at each stage of the process, and lowers operational costs. By providing new products, services, and solutions that utilize information and communication technology (ICT) and the internet of things (IoT) technologies, market participants want to expand the reach of their companies.

The global construction industry has had massive growth, which is supporting the market. Heavy lifting, demolition, river dredging, tree cutting, and moving or loading commodities like asphalt, demolition waste, mud, and snow all need the usage of heavy construction equipment. Accordingly, the market growth is being aided by the growing use of cranes, which have the strength and accuracy to precisely lift heavy materials while also provide a high level of safety. In addition, a number of technological developments, such as the fusion of machine learning (ML) and the Internet of Things (IoT) to improve equipment use and improve operational efficiency, are driving market growth. The development of driver assistance systems and real-time data tracking to speed up procedures and track the location, fuel consumption, working hours, and maintenance of the equipment is also having a favorable impact on market expansion. The market is expected to rise as a result of a number of other reasons, such as the rising demand for high-tech construction equipment and the adoption of numerous government initiatives boosting the infrastructure development.

The market in North America is expected to grow rapidly during the forecast period as a result of the substantial presence of very well companies including Caterpillar Inc. and Sany Group. Furthermore, it is expected that these companies' overt efforts to improve technology and provide efficient aftermarket services will have an effect on the market's growth in North America.

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