Market Size of Construction Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Construction Equipment Market Analysis
The Construction Equipment Market is expected to register a CAGR of greater than 6% during the forecast period.
The outbreak of COVID-19 and the subsequent shutdowns affected the construction industry in several countries. The negative impacts of the pandemic are visible in various major project timelines.
The increasing focus on infrastructure and the development of automation in the construction and manufacturing processes had a significant impact on the market growth. The road construction machinery market witnessed significant growth in the recent past, owing to the increased road development programs undertaken by the central and state governments, especially in Asia-Pacific.
The demand for machines that are cost-effective, with regulatory pressures for lower emissions, is pressurizing construction equipment manufacturers to opt for electric and hybrid vehicles over the traditional hydraulic and mechanical ones.
The renting or leasing of construction equipment has been on the rise, owing to the equipment cost and the cost of the maintenance process. Apart from the cost, there are also other benefits associated with renting the construction equipment. Rental companies provide the machinery, with the required professional machine operators and drivers included in the rent.
The construction industry is getting smarter. Digitalization, connectivity, and automation are driving the development forward, leaving a substantial impact on construction projects. Moreover, renting companies geared up in investing in new technologies to cope with the growing demand for advanced construction machinery and replace the older ones with new or upgraded machinery fleet.
Construction Equipment Industry Segmentation
The Construction Equipment Market is Segmented by Machinery Type (Cranes, Telescopic Handling, Excavator, Loaders and Backhoe, Motor Grader, and Other Machinery Types), by Drive Type (Hydraulic, Electric, and Hybrid), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecasts for Construction Equipment in value (USD Billion) for all the above segments.
| EquipmentType | |
| Cranes | |
| Telescopic Handler | |
| Excavator | |
| Loader and Backhoe | |
| Motor Grader | |
| Other Equipment Types |
| Drive Type | |
| Hydraulic | |
| Electric and Hybrid |
| Geography | |||||||
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Construction Equipment Market Size Summary
The construction equipment market is poised for significant growth, driven by an increasing focus on infrastructure development and advancements in automation within the construction and manufacturing sectors. The market has shown resilience despite challenges posed by the COVID-19 pandemic, which disrupted project timelines globally. The Asia-Pacific region, particularly countries like China, India, and Japan, holds a substantial share of the market, fueled by extensive infrastructure projects such as road and rail expansions. The demand for cost-effective and environmentally friendly machinery is pushing manufacturers towards electric and hybrid solutions, aligning with regulatory pressures for reduced emissions. The trend of renting or leasing construction equipment is also on the rise, offering cost savings and access to advanced machinery without the burden of ownership.
The competitive landscape of the construction equipment market is characterized by the presence of numerous international and regional players, with major companies like Caterpillar Inc., Komatsu Ltd, and Volvo Group dominating the scene. These companies are actively investing in new technologies and expanding their product offerings to meet the evolving demands of the market. The North American market is witnessing a surge in crane usage, particularly for residential and mixed-use developments, indicating a robust construction activity. Meanwhile, Europe is experiencing growth through large-scale projects such as port extensions and railway tunnels. The market is also seeing strategic partnerships and investments aimed at enhancing rental fleets and introducing innovative machinery, further driving the industry's expansion.
Construction Equipment Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 EquipmentType
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2.1.1 Cranes
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2.1.2 Telescopic Handler
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2.1.3 Excavator
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2.1.4 Loader and Backhoe
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2.1.5 Motor Grader
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2.1.6 Other Equipment Types
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2.2 Drive Type
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2.2.1 Hydraulic
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2.2.2 Electric and Hybrid
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 South America
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2.3.4.2 Middle-East and Africa
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Construction Equipment Market Size FAQs
What is the current Construction Equipment Market size?
The Construction Equipment Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Construction Equipment Market?
Caterpillar Inc., Kobelco Construction Machinery Co., Ltd, CNH Industrial NV, Liebherr-International Deutschland GmbH and Komatsu Ltd are the major companies operating in the Construction Equipment Market.
