Construction Equipment Market To Reach $363.23 Billion By 2030

Construction Equipment Market Growth & Trends

The global construction equipment market is expected to reach USD 363.23 billion by 2030 and is anticipated to grow at a CAGR of 8.4% during the forecast period, according to a new report by Grand View Research, Inc. The increasing investments made by governments across the globe in the development of public infrastructure is one of the major factors expected to fuel the market growth. Additionally, the demand for construction equipment is predicted to rise owing to the increased residential and commercial construction activity caused by the growing population in emerging countries.

Due to stricter emissions rules and expensive fuel prices, the construction industry is rapidly shifting to electric solutions. International legislative challenges, the exponential growth of suppliers and services catering to the rising demand for electric construction equipment, and the emergence of new technologies such as advances in battery technology have reduced the price of manufacturing electric construction equipment, making it more affordable for OEMs of all sizes. For instance, the European (EU) Stage V Emission Regulations and the China VI Emission Standard serve as illustrations of the effort to reduce exhaust emissions from mobile equipment used off-road.

The introduction of advanced telematics systems represents a significant breakthrough for the construction industry. The latest telematics systems facilitate seamless remote monitoring and control of construction equipment. For instance, in April 2023, Bobcat Company announced the launch of its latest innovation, the Machine IQ telematics system, which allows users to access the information of their machines anytime, anywhere, and using any device. By leveraging Bobcat Company’s Machine IQ telematics system, users can remotely monitor the health of their machines; track vital data; and optimize maintenance, security, and performance to maximize productivity while safeguarding their valuable investment.

Manufacturers are focusing on enhancing operator comfort, productivity, safety, and visibility by integrating innovative technologies in wheel loaders. For instance, in June 2023, DEVELON, a brand of HD Hyundai Infracore, introduced 7 Series wheel loaders in North America at CONEXPO-CON/AGG 2023. The loader provide enhanced operator productivity, safety, and visibility. The loader is equipped with technologies such as object detection Around View Monitor (AVM) camera system and transparent bucket.

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Construction Equipment Market Report Highlights

• The material handling machinery segment dominated the market in 2023 and is expected to register a highest over the forecast period. The growth can be attributed to the rise of e-commerce which has led to surge in warehousing and logistics operations.

• Electric construction equipment is anticipated to register the highest growth rate from 2024-2030. Governments across the globe are implementing regulations and providing incentives to promote the widespread adoption of electric construction equipment.

• <100 HP led the market in 2023 owing to the rising use of compact construction equipment in emerging economies like Asia Pacific, Latin America, and Africa.

• Asia Pacific dominated the market in 2023. The governments in the region are concentrating on enhancing their transportation and construction infrastructures. To speed up their economic growth, these governments are significantly funding numerous infrastructural projects which is expected to drive the demand for construction equipment in Asia Pacific.

• In October 2023, Liebherr-International AG presented battery-electric wheel loader at trade fair – Ecomondo, held in Rimini, Italy. The L 507 E battery-electric wheel loader provides similar performance as a standard wheel loader. It is ideal for use in areas where exhaust and low noise values are particularly important, such as in the city, on roads, or in production facilities.

Construction Equipment Market Segmentation

Grand View Research has segmented the global construction equipment market on the basis of product, equipment type, propulsion type, power output, engine capacity, and region:

Construction Equipment Product Outlook (Revenue, USD Million; Volume, Units; 2018 - 2030)

• Earth Moving Machinery

  • Excavators

    • Wheel

    • Crawler

  • Loaders

    • Backhoe Loaders

    • Skid Steer Loaders

    • Crawler/Track Loaders

    • Wheeled Loaders

  • Dump Trucks

  • Moto Graders

  • Dozers

    • Wheel

    • Crawler

• Material Handling Machinery

  • Crawler Cranes

  • Trailer Mounted Cranes

  • Truck Mounted Cranes

  • Forklift

• Concrete and Road Construction Machinery

  • Concrete Mixer & Pavers

  • Construction Pumps

  • Others

Construction Equipment Equipment Type Outlook (Revenue, USD Million, 2018 - 2030)

• Heavy Construction Equipment

• Compact Construction Equipment

Construction Equipment Propulsion Type Outlook (Revenue, USD Million, 2018 - 2030)

• ICE

• Electric

• CNG/LNG

Construction Equipment Engine Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Up to 250 HP

• 250-500 HP

• More than 500 HP

Construction Equipment Power Output Outlook (Revenue, USD Million, 2018 - 2030)

• <100 HP

• 101-200 HP

• 201-400 HP

• >401 HP

Construction Equipment Region Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa (MEA)

  • Saudi Arabia

  • U.A.E.

  • South Africa

List of Key Players in the Construction Equipment Market

• Caterpillar, Inc

• CNH Industrial America LLC.

• Deere & Company

• Doosan Corporation

• Escorts Limited

• Hitachi Construction Machinery Co., Ltd.

• Hyundai Construction Equipment Co., Ltd.

• J C Bamford Excavators Ltd.

• Komatsu Ltd.

• KUBOTA Corporation

• LIEBHERR

• MANITOU Group

• SANY Group

• Terex Corporation

• AB Volvo

• Wacker Neuson SE

• XCMG Group

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