![Construction Equipment Market Size – By Product (Earth Moving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), & Forecast, 2025 – 2035 ( USD 245.34 billion by 2035)](https://amnews.live/wp-content/uploads/2025/02/Construction-Equipment-Market.jpg)
Construction Equipment Market was worth USD 179.45 billion in 2024 and is forecasted to witness 8.9% CAGR between 2024 and 2035 ( USD 245.34 billion by 2035) thanks to the ongoing technological developments made by prominent firms. Such advancements in technology are transforming the construction sector, boosting efficiency, productivity, and safety in different types of construction activities. Firms are spending big on research and development to launch state-of-the-art equipment with advanced features like GPS tracking, telematics, and autonomous features. These technologies make construction processes more efficient while providing cost savings and environmental advantages.
| Report Attribute | Details |
|---|---|
| Base Year | 2024 |
| Construction Equipment Market Size in 2023 | USD 179.45 Billion |
| Forecast Period | 2024 – 2035 |
| Forecast Period 2024 – 2032 CAGR | 8.9% |
| 2035 Value Projection | USD 245.34 Billion |
| Historical Data for | 2021 – 2023 |
| No. of Pages | 345 |
| Tables, Charts & Figures | 350 |
| Segments covered | Product |
| Growth Drivers |
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| Pitfalls & Challenges |
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Find out more about the most important segments driving this market
The earthmoving and roadbuilding equipment industry was a whopping 90 billion-dollar deal in 2023. And guess how? It was courtesy of earthmoving and roadbuilding equipment itself! Let’s begin with earthmoving equipment. Consider excavators, bulldozers, and loaders. These monsters are like the rock stars of construction, doing heavy-duty work such as digging, leveling, and clearing land. They’re critical to constructing everything from roads and bridges to skyscrapers. Roadbuilding machinery is another big contributor. Asphalt pavers and rollers, anyone? These are the behind-the-scenes heroes, laying down smooth roads and rolling them like a pro. They’re what keep our transportation systems in top condition. As our cities expand and populations swell, we require more infrastructure than ever. And that’s where earthmoving and roadbuilding machinery comes in. They’re the workhorse of construction, assisting contractors and construction firms in completing the job quickly. So the next time you glance at a giant excavator or a road paving vehicle, take a nod of respect for helping our world go round!
Technological integration with construction machines is poised to support market growth during the forecast period. OEMs have utilized this as a platform to introduce new offerings and increase their customer base in the construction equipment market. For example, in January 2023, John Deere released the introduction of farming and construction equipment based on batteries. The firm says that when John Deere introduced new agriculture and construction technologies, among the considerations were an increasing population, decreasing quantities of land suitable for cultivation, and increasing greenhouse gas emissions.
The premium price of product and contractor preference for taking on rental equipment are some key factors likely to impede the growth of the global construction equipment market. Contractors prefer renting the construction equipment for the duration of the given project timeline over being responsible for vehicle ownership. Ownership of construction equipment keeps a large amount of capital tied up, affecting other business operations.
Construction Equipment Market Companies
Leading companies in the construction equipment sector are
Caterpillar, Inc.
CNH Industrial
Deere & Co.
Doosan Group
Hitachi Construction Machinery
Komatsu, Ltd.
Liebherr Group
Sany Group
Terex Corporation
Volvo CE
XCMG
Construction Equipment Industry News
In March 2024, Hitachi Construction Machinery (Europe) NV (HCME), a global leader in construction equipment manufacturing, partnered with ShareMat, a specialist in delivering professional software and Fleet Management Systems (FMS) for construction equipment, to create a strategic partnership in France.
In February 2024, CNH brand CASE Construction Equipment extended its presence in Rajasthan with the addition of a new dealer, RDR Techsol, based in Jaipur. This dealership will promote CASE’s range of products in India and provide wide-ranging support for post-sales support and spare parts.
In December 2023, Volvo CE and Ammann Group completed a deal under which the Ammann Group will purchase Volvo CE’s worldwide ABG Paver Business, including ABG, based in Germany. This win-win deal strengthened the businesses of both firms.
Market, By Product
- Earthmoving & roadbuilding equipment
- Backhoe
- Excavator
- Loader
- Compaction equipment
- Others
- Material handling and cranes
- Storage and handling equipment
- Engineered systems
- Industrial trucks
- Bulk material handling equipment
- Concrete equipment
- Concrete pumps
- Crusher
- Transit mixers
- Asphalt pavers
- Batching plants
Product Insights
Material handling machinery segment was the market leader and held 38.5% in 2023. The growth in the material handling machinery segment can be credited to the increased demand for automation in material handling machinery due to fast industrialization, among other factors. In developed nations, totally automated industrial buildings have been constructed due to the increased adoption of automation and the continuous evolution in the market. It is anticipated that the market for material handling equipment will expand as a result of the continuous upgrading of industrial infrastructures and facilities in order to raise their capacity for production.
Power Output Insights
<100 HP segment held the highest market share in 2023. <100 HP construction machines, such as mini-excavators, compact wheel loaders, skid steer loaders, and compact track loaders, provide outstanding versatility and maneuverability. Increased application of compact construction machines in developing nations like Asia Pacific, Latin America, and Africa is also expected to boost the demand for the market during the forecast period. Development of infrastructure, urbanization, and small-scale construction activities have boosted the demand for affordable, compact, and multi-purpose machinery. Technological advancements, such as operator comfort, enhanced powertrain efficiency, and automation, are also driving the segment.
Regional Insights
The North America construction equipment market was worth USD 40.61 billion in 2023. Smart city development in North America at a fast pace is one of the major factors driving the increasing demand for construction equipment. Government initiatives like the Smart Cities Project under the U.S. Economic Development Program aid the regional construction equipment development. Advanced construction equipment, including earthmoving, roadbuilding, and material-handling machines, is increasingly employed in the region to build smart cities cost-effectively
The Canada construction equipment market is expected to increase as a result of massive investment in smart grids and smart meters, combined with the increasing consciousness towards greenhouse emissions. The government has initiated a program for smart grids that meets the significant infrastructure development attaining its objectives for an energy system based on clean energy growth.
Asia Pacific Construction Equipment Market Trends
The Asia Pacific construction equipment industry commanded a market share of 43.8% of the overall revenue in 2023. The manufacturers of the Asia Pacific construction equipment market is retaliating by providing diverse models of construction equipment according to the various requirements of the region. The high focus placed on infrastructure growth and the demand for effective and flexible construction machinery are some of the other important drivers propelling the growth of the Asia Pacific construction equipment market.
The Chinese construction equipment market is estimated to register a CAGR of 10.9% during the forecast period of 2024-2030. Moreover, the new Regional Comprehensive Economic Partnership (RCEP) free trade agreement of China with the countries of the Asia Pacific region, including Japan, South Korea, Australia, and other minor Southeast Asian nations, is likely to foster advanced transport infrastructure activities in the region, thus boosting the demand for construction equipment.
India construction equipment market has recorded a 12.5% revenue share of the Asia Pacific market in 2023. The growth in equipment is due to the reasons such as the enhanced economic conditions, increased private sector investment, and the construction of residential and commercial infrastructure in the nation. Road construction, rail line construction, airport construction, and other forms of infrastructure construction have been adequately funded by the U.S. government, prompting the need to utilize loaders, excavators, and other heavy equipment.
Major Construction Equipment Firm Insights
Some of the prominent companies in the market are Caterpillar, Inc., Deere & Company, Sany Heavy Industry Co., Ltd., Komatsu Ltd., and Volvo Construction Equipment AB.
Caterpillar, Inc. provides a broad portfolio of construction equipment, such as dozers, loaders, and excavators, to name a few. The machines of the company are synonymous with performance, reliability, and innovative technologies.
Deere & Companyinvests heavily in research & development, launching new technologies and innovative features in its construction equipment. The technology advancements enable the company to remain competitive in the market.
Hyundai Construction Equipment Co., Ltd., HİDROMEK, and Kobelco Construction Machinery Co. Ltd. are some of the new market entrants in the construction equipment market.
Hyundai Construction Equipment Co., Ltd. is involved in construction equipment manufacturer encompassing material handling and construction equipment like excavators, backhoe loaders, wheel loaders, forklifts, and skid loaders. It is also involved in the manufacture of construction equipment and heavy machinery, including concrete mixers, bulldozers, cranes, pavers, dredging machinery, and power shovels, utilized by the construction sector.
Recent Developments
Komatsu Ltd. and its subsidiary, Komatsu America Corp., entered into an agreement in November 2023 to acquire American Battery Solutions, Inc., a U.S.-based battery manufacturer. The acquisition of American Battery Solutions, Inc. would enable Komatsu Ltd. to produce and develop its own battery-powered mining and construction machinery by combining the battery technology of American Battery Solutions, Inc. with the technological expertise of Komatsu Ltd.
CASE Construction Equipment, a CNH Industrial N.V. brand, introduced a line of small articulated loaders and mini track loaders in October 2023, offering small contractors construction-graded power to handle more work with fewer laborers.
