Global Heavy Construction Equipment Market Size

Global Heavy Construction Equipment Market Overview

Heavy Construction Equipment Market Size was valued at USD 197618.9 million in 2023. The Heavy Construction Equipment industry is projected to grow from USD 206708.4 million in 2024 to USD 298201.2 million by 2032, exhibiting a compound annual growth rate (CAGR) of 4.7% during the forecast period (2024 - 2032). Global heavy construction equipment plays a vital role in shaping modern industrial environments, facilitating the design of complex infrastructure and important transport routes worldwide These equipment ranges from excavators and bulldozers to cranes and loaders Urbanization, increasing population, more efficient and faster infrastructure Its necessity is imposed. As emerging countries invest in large-scale construction projects, the global market for heavy construction equipment continues to grow Technological advances such as the integration of telematics and automation make these machines efficiency, safety and accuracy. Furthermore, sustainability considerations influence the development of environmentally friendly equipment, contributing to a more environmentally conscious construction industry. With the diversification of applications and continuous push for innovation, the global heavy equipment industry is poised to be an important driver of economic growth and industry expansion the whole world.

Figure 1: Heavy Construction Equipment Market Value (USD Million)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Heavy Construction Equipment Market Trends

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  Increasing Demand For Advanced Construction Equipment

  
  

Globally, consumers are calling for more technologically advanced, fuel-efficient machinery to support construction activities. Adopting new technology lowers operating expenses and lowers labor costs by tracking the work done at every level of the process. By offering goods, services, or solutions that fully utilize ICT (Information and Communication Technology) and IoT (Internet of Things) technology, players are aiming to expand their business domains. They are also working to introduce cutting-edge equipment that can solve social and environmental issues in addition to meeting customer needs. As a result, these machines are more appealing to end consumers. Recently, the Cat Next Gen excavators were discovered to be the ideal complement for the business strategy of an Australian company called Black Cat Civil.

Latham Australia on January 10th, 2021, which is one among many manufacturers & suppliers such as material handling & power transmission companies, pointed out the global construction industry is rapidly changing because of fast infrastructure project developments worldwide. Istanbul New Airport is a $5.6 billion ongoing construction project which is an expanding hub for international transit. In fact currently, two airport terminals in the city move up to eighty million passengers each year across the city every year. When this new facility comes online, it will be able to handle 150 million passengers per annum spread out over three terminals.

Heavy Construction Equipment Market Segment Insights

Heavy Construction Equipment Based on Type Segment Insights

Based on type, the global Heavy Construction Equipment is segmented into earthmoving equipment, material handling, heavy vehicle, crushers, and others.  Earthmoving equipment is further segmented into Articulated Wheels, Backhoe Loaders, Skid Steer Loaders, Excavators, Dozers, Graders, Wheeled, Scraper, Compactors, Other Earthmoving Equipment. Furthermore, the material handling segment is further segmented into Rough Terrain Forklift, Telehandler Forklift, Tower Cranes and Other Material Handling Equipment. Additionally, heavy Vehicle is further segmented into Articulated Dump Trucks (ADT), Dumper Truck (Straight), Mixer, Site Dumpers, and  Haul Truck. Furthermore, the crusher segment is segmented into Cone Crushers, High-Pressure Grinding Rolls, Impact Crushers and Jaw Crushers. In this type of segment earthmoving equipment is dominating the market with a share of 44.0% in the year 2022 and is expected to grow at a CAGR value of 4.86% by 2032. The reason being that the need for earthmoving machinery products is mostly met by developing nations like India, Malaysia, and Indonesia. To encourage economic growth, these nations have made investments in the construction of transportation infrastructure, which mostly makes use of earthmoving equipment.

Heavy Construction Equipment, Application Insights

Based on application, the global Heavy Construction Equipment is segmented into excavation & demolition, material handling, heavy lifting, recycling & waste management, and tunneling. Excavation & demolition dominated the market with a share of 29.9% in the year 2022 and is expected to grow at a CAGR market value of 4.9% by the end of 2032. Excavation and demolition activities have emerged as major drivers, dominating the heavy construction equipment market. This trend is symptomatic of the dynamic terrain in the construction industry, where the need for efficient and robust excavation and demolition machinery has increased dramatically Heavy excavators, bulldozers and hydraulic fracturing is a must for reconstructing landscapes, cleaning areas, and preparing foundations for new structures Specialized equipment capable of handling complex construction projects and dominating the heavy construction equipment market. Technologically improvements such as precision monitoring systems and new attachments have enabled mining and other attachments to further enhance the excavation and protection process and are expected as security, thus giving them an important role dominating in the strategic heavy construction equipment market.

May 13th, 2020, The Marek Group, a US-based large field sales network group, tied up with the Association of Equipment Manufacturers (AEM), a US-based trade association company, to provide COVID-19 essentials like personal protective equipment and face shields. Additionally, Shandong Lingong Construction Machinery Co., Ltd., one of China’s renowned construction machinery manufacturing companies used four excavators in order to construct two hospitals in Wuhan city which is where coronavirus disease pandemic began.

Figure 2: Heavy Construction Equipment Market, by Application, 2024 & 2032 (USD Million)

Heavy Construction Equipment by End Use Industry Insights

The end use industry segment of the Heavy Construction Equipment Market size includes metal, mineral, coal, aggregate, infrastructure, real estate, oil & gas, mining, forestry & agriculture, and others. Real Estate dominates the market with a share of 29.6% in the year 2022 and expected to grow at a CAGR value of 4.99%. The real estate sector has emerged as a major driving force for the heavy construction equipment market. As urbanization and infrastructure boom across the globe, the demand for heavy machinery in the real estate industry has risen. Excavators, cranes, bulldozers and concrete mixers have become essential equipment in the residential, commercial and industrial sectors. These heavy-duty construction equipment not only speeds up the construction process but also ensures accuracy and safety during construction activities. Complex requirements in real estate projects from foundation to standing require specialized equipment. Besides strengthening the facility’s dominance in heavy construction machinery, advanced technologies such as Building Information Modeling (BIM) and the integration of telescience has further enhanced heavy machinery performance and productivity continuing growth and hence its depth in size of Heavy Construction Equipment markets the impact is undeniable.

Heavy Construction Equipment Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific Heavy Construction Equipment market accounted for largest market share in 2022 and is expected to exhibit a significant CAGR growth during the study period. The growth of the Asia-Pacific Heavy Construction Equipment industry with the growth of population and the rising per capita disposal income is anticipated to drive the Asia-Pacific Heavy Construction Equipment market in this region during the forecast period. In addition, Asia Pacific countries exhibit the fastest economic growth rates worldwide. Therefore, the Asia-Pacific region is expected to be a significant market propelling the global construction industry, with augmented construction activities in China, India, and ASEAN countries.

Figure 3: Heavy Construction Equipment Market, by Region, 2024 & 2032 (USD Million)

The North America region includes major markets such as the US, Canada, and Mexico. The United States is the major driver for North American market. The U.S. home market is expanding as disposable income rises quickly in the country. The U.S. Bureau of Economic Analysis, a U.S. government organization, estimates that with a CAGR of 2.71% from 2010 to 2020, the disposable income of Americans increased from US$ 11,608 billion in January 2010 to US$ 15,174 billion in January 2020.  The average household income in some areas like Silicon Valley, home to major tech businesses like Google Inc., Facebook Inc., and others, was US$ 125,987 in 2018, almost twice as much as the national average of US$ 61,937, according to the United States Census Bureau.  The US has pushed to be a growing market because of the enormous investment in the real estate sector. Since last ten years, there has been a massive demand arising from residential as well as commercial segment. Focusing the commercial purpose, the US government has taken up to increase the construction of airports dams, bridges, roads and which has turn out to be a key revenue generation for the construction industries. The markets for heavy construction equipment in Canada and the US are relatively comparable. Construction, forestry, mining, oil and energy production are the main industries that import U.S. construction equipment for. Many American manufacturers of construction equipment run manufacturing, sales, and service operations in Canada. To support these end users, domestic Canadian manufacturers also create mining, forestry, and construction equipment as well as ancillary service and repair parts.

Heavy Construction Equipment Key Market Players & Competitive Insights

With a strong presence across different verticals and geographies, the Heavy Construction Equipment Market is highly competitive and dominated by established, pure-play vendors. Many vendors cater to this market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting innovative technologies and innovations to make rapid lubrication filters more effective. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Heavy Construction Equipment Market is highly competitive, with many vendors offering similar products and services. The major players in the market include Volvo Group, Sany Heavy Industry Co., Ltd., Liebherr AG, JCB, CNH Industrial N.V, Caterpillar Inc, Xuzhou Construction Machinery Group Co., Ltd., Terex Corporation, Wacker Neuson SE, Hitachi Construction Machinery Co., Ltd., Deere & Company, Doosan Bobcat, Komatsu Ltd. The Heavy Construction Equipment Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.

Key Companies in the Heavy Construction Equipment Market include.

• Volvo Group


• Sany Heavy Industry Co., Ltd.


• Liebherr AG


• JCB


• CNH Industrial N.V


• Caterpillar Inc


• Xuzhou Construction Machinery Group Co., Ltd.


• Terex Corporation


• Wacker Neuson SE


• Hitachi Construction Machinery Co., Ltd.


• Deere & Company


• Doosan Bobcat


• Komatsu Ltd

Heavy Construction Equipment Industry Developments

November 2023- Komatsu Ltd. announced the introduction of their new electric dump HD1500-8 EQ truck. A highly effective and reliable machine, this pioneering tipper is designed to minimize carbon emissions and operational costs. Compared to conventional diesel-powered dump trucks, the HD1500-8 EQ promises a great deal of fuel economy and environmental considerations due to its electric drive system as well as regenerative braking technology.

March 2023- Volvo AB has entered into a strategic partnership with Nvidia Corporation for the development of AI-driven autonomous construction equipment. This cooperation seeks to incorporate Nvidia’s AI technology into Volvo’s heavy machinery, thereby making it operate on an autonomous basis thus boosting efficiency and safety in construction sites. Through this partnership, Volvo demonstrates its dedication to innovation and technological progress within the sector of construction equipment; thus positioning itself as a thought leader in terms of self-driving solutions for building purposes.

March 2023 – Teleo, an organization that develops autonomous technologies for heavy construction equipment, signed agreements with John Aarts Group, Teichert, and Tomahawk Construction today, respectively, for remote-operated wheel loaders, bulldozers, and dump trucks.

March 2023 – Manitex International Inc., a globally recognized provider of truck cranes, specialized industrial equipment as well as infrastructure & construction markets rental solutions, announced the official launch of the ECSY-Electric Crane System together with opening day at CONEXPO-Las Vegas.

Heavy Construction Equipment Market Segmentation

Heavy Construction Equipment Market Type Outlook (USD Million, 2018-2023)

• Earthmoving Equipment
  
  
  
  • Articulated Wheels
  
  
  • Backhoe Loaders
  
  
  • Skid Steer Loaders
  
  
  • Excavators
  
  
  • Dozers
  
  
  • Graders
  
  
  • Wheeled Scraper
  
  
  • Compactors
    
    
    
    • Landfill Compactors
    
    
    • Trash Compactors
    
    
    • Vibratory Plate Compactors
    
    
    • Soil Compactors
    
    
    • Others
    
    
    
    
  
  
  • Other Earthmoving Equipment
  
  
  
  


• Material Handling
  
  
  
  • Rough Terrain Forklift
  
  
  • Telehandler Forklift
  
  
  • Tower Cranes
  
  
  • Other Material Handling Equipment
  
  
  
  


• Heavy Vehicles
  
  
  
  • Articulated Dump Trucks (ADT)
  
  
  • Dumper Truck (Straight)
  
  
  • Mixer
  
  
  • Site Dumpers
  
  
  • Haul Truck
  
  
  
  


• Crushers
  
  
  
  • Cone Crushers
  
  
  • High-Pressure Grinding Rolls
  
  
  • Impact Crushers
  
  
  • Jaw Crushers
  
  
  • Others
  
  
  • Drum Rollers
  
  
  • Trenchers
  
  
  • Asphalt Pavers
  
  
  • Concrete Pavers
  
  
  • Generator
  
  
  • Light Tower
  
  
  • Welders
  
  
  • Air Compressor
  
  
  • Skidders
  
  
  • Bunchers
  
  
  • Chippers
  
  
  
  

Heavy Construction Equipment Market Application Outlook (USD Million, 2018-2023)

• Excavation & Demolition


• Material Handling


• Heavy Lifting


• Recycling & Waste Management


• Tunneling

Heavy Construction Equipment Market End-Use Outlook (USD Million, 2018-2023)

• Metals


• Minerals


• Coal


• Aggregates


• Infrastructure


• Real Estate


• Oil & Gas


• Mining


• Forestry & Agriculture


• Others

Global Heavy Construction Equipment Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • Italy
  
  
  • UK
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East and Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of Middle East and Africa
  
  
  
  


• South America
  
  
  
  • Argentina
  
  
  • Brazil
  
  
  • Rest of South America