According to the analysis by Maximize Market Research, the Construction Equipment Industry growth is supported by sustained demand for advanced machinery and technological innovations. This growth is boosted by strong infrastructure development, increased urbanization and rising investments in construction projects.
PUNE, India, Sept. 3, 2024 /PRNewswire/ — The global construction equipment industry is set to grow intensely, with a projected growth of USD 263.80 billion over the next decade, reaching USD 194.10 billion by 2030. According to the MMR analysis, China, India, the US, and Indonesia are expected to contribute to 60% of the market’s growth over the forecast period. This surge in construction activity is anticipated to drive substantial growth in the construction equipment market.
Massive government investments in large public infrastructure projects, such as roads, highways, schools, and hospitals across North America, Europe, and Asia Pacific, are significantly boosting the Construction Equipment Market. Also, ongoing and planned smart city initiatives are driving spending on construction activities, increasing demand for advanced machinery and equipment to support these expansive projects.
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Market Size in 2023 |
USD 194.10 Billion |
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Market Size in 2030 |
USD 263.80 Billion |
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CAGR |
4.48 % |
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Forecast Period |
2024-2030 |
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Base Year |
2023 |
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Segment Covered |
by Type by Power Output by Industries by Application by Region |
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Key Market Drivers |
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Key Market Restrain |
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Key Market Opportunities |
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Report Coverage |
Market Share, Size, and Forecast by Revenue | 2024−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
“Emerging Trends in the Global Construction Equipment Market: Growing Demand for Technologically Advanced Equipment”
The global Construction Equipment Market is experiencing strong demand for technologically advanced machinery, driven by digitization, automation, safety, and sustainability. Digitization, through innovations such as telematics, provides actionable insights that enhance equipment efficiency and reduce energy consumption. Automation and operator assistance are paving the way toward fully autonomous machinery, improving productivity, and addressing complex tasks. Safety advancements, such as remote operation and advanced vision systems, are mitigating job site risks. Also, the surge in market demand for sustainable power solutions, including battery-electric, hydrogen, and alternative fuels, is supporting the industry’s transition to greener practices. This growing focus on sustainable technology, coupled with increased government investments and a booming construction industry projected to grow by USD 263.80 billion by 2030 is influencing market supply dynamics. These trends are driving the construction equipment market towards smarter, safer, and more sustainable solutions.
Construction Equipment Market: Segment Analysis
The Construction Equipment Market is segmented by Type, Power Output, Industries and Application. The Industry segment includes Oil & Gas Infrastructure, Forestry & Agricultural, Manufacturing, Military and Mining. The Infrastructure segment dominated the Industries segment of the Construction Equipment Market in the year 2023 due to increased investments in public works, urban development, and transportation projects. These large-scale projects drive high demand for heavy machinery and advanced equipment, surpassing other sectors in terms of expenditure and growth, reflecting the sector’s critical role in economic development.
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Asia Pacific Construction Boom Drives Growth in the Equipment Market
The Asia Pacific construction industry is driving the growth in the region’s construction equipment market, with an estimated USD 263.80 billion of output in 2030, accounting for 45% of the global sector. This trend is expected to continue, with the region projected to contribute nearly half of the global construction industry by the end of the decade.
Major infrastructure projects across the Asia Pacific are key contributors to this growth. Landmark developments such as Singapore’s Gaia Timber Building, China’s Suzhou Zhongnan Centre, and India’s Navi Mumbai International Airport are leading the charge. These projects, along with sustainable initiatives such as Vietnam’s Hanoi Pilot Metro Line and China’s UHV Transmission Channel, demonstrate the region’s commitment to advanced and eco-friendly construction practices. The emphasis on renewable energy, highlighted by Kazakhstan’s 1GW wind energy project, and expansive urban developments including Tokyo’s Azabudai Hills, bolster the demand for construction equipment. As urbanization and infrastructure investment intensify, the Asia Pacific region continues a crucial market for construction equipment, reinforcing its position as a global leader in the industry.
Construction Equipment Market: Segmentation
By Type
- Loader
- Crane
- Forklift
- Excavator
- Dozer
- Others
By Power Output
- <100 HP
- 101–200 HP
- 201–400 HP
- >400 HP
By Industries
- Oil & Gas
- Infrastructure
- Forestry & Agricultural
- Manufacturing
- Military
- Mining
By Application
- Transportation
- Excavation & Demolition
- Heavy Lifting
- Tunneling
- Material Handling
- Recycling & Waste Management
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Construction Equipment Market: Top key players
- Caterpillar Inc. (USA)
- Komatsu Ltd. (Japan)
- Volvo Construction Equipment (Sweden)
- Hitachi Construction Machinery Co., Ltd. (Japan)
- Deere & Company (John Deere) (USA)
- Sany Heavy Industry Co., Ltd (China)
- Liebherr Group (Switzerland)
- CNH Industrial N.V. (United Kingdom)
- XCMG Group (China)
- Doosan Infracore Co., Ltd. (South Korea)
- Terex Corporation (USA)
- JCB (J.C. Bamford Excavators Ltd.) (United Kingdom)
- Hyundai Construction Equipment Co., Ltd. (South Korea)
- Zoomlion Heavy Industry Science & Technology Co., Ltd. (China)
- Manitou Group (France)
Maximize Market Research is leading Engineering Equipment, has also published the following reports:
Modular Construction Materials Market: Modular Construction Materials Market size was valued at USD 111.70 Billion in 2023 and is expected to grow at a CAGR of 5.9% from 2024 to 2030 to reach USD 166.85 Billion. There is a rising adoption of eco-friendly construction methods, which is expected to significantly enhance the market for modular construction materials.
Precast Construction Market: Precast Construction Market size was valued at USD 156.81 Bn. in 2023 and the total Precast Construction revenue is expected to grow by 5.6% from 2024 to 2030, reaching nearly USD 229.63 Bn. the Need for Reducing Construction and Cost-effective Products Boost the Market.
Global Vertical Garden Construction Market: Vertical Garden Construction Market was valued at USD 0.74 Billion in 2023, and it is expected to reach USD 1.30 Billion by 2030, exhibiting a CAGR of 8.2% during the forecast period (2024-2030). There is an increasing emphasis on sustainable design and construction practices boost the market growth.
Global Smart Building Market: Smart Building Market was valued at USD 89.73 Bn. in 2023. Global Smart Building Market size is estimated to grow at a CAGR of 10.89 %. The growing use of Internet of Things (IoT) devices, sensors, artificial intelligence (AI), and machine learning in smart buildings enables data collection, real-time adjustments, and automation for improved building operations. This is a major driver for market growth.
Excavator Attachments Market: The Excavator Attachments Market size was valued at US $ 6.96 Billion in 2023 and is expected to grow at a CAGR of 5.37% from 2024 to 2030, reaching nearly US $ 10.04 Billion. The Excavator Attachments Market is driven, increasing infrastructure development activities, growing urbanization, and rising construction activities worldwide.
Ceramic Tiles Market size was valued at USD 326.8 Bn. in 2022 and the total Ceramic Tiles revenue is expected to grow by 7.6 % from 2023 to 2029, reaching nearly USD 545.72 Bn.
Precast Construction Market size was valued at USD 156.81 Bn. in 2023 and the total Precast Construction revenue is expected to grow by 5.6% from 2024 to 2030, reaching nearly USD 229.63 Bn.
Key Benefits for Stakeholders:
- This report offers a comprehensive analysis of the Construction Equipment market, combining both quantitative and qualitative insights. It covers segment analysis, current trends, market dynamics, challenges, and forecasts for the industry from 2024 to 2030.
- Utilizing Porter’s Five Forces framework, the report examines the power of buyers and suppliers, supporting stakeholders in making informed decisions and strengthening supplier-buyer relationships.
- A detailed look at market segmentation covers key opportunities within the Construction Equipment sector.
- Major countries within each region are mapped according to their revenue contributions, highlighting their impact on the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
About Maximize Market Research:
Maximize Market Research is a multifaceted Market Research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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