Heavy Construction Equipment Market
The global heavy construction equipment market size reached US$ 132.0 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 177.7 Billion by 2030, exhibiting a CAGR of 5.08% during 2023-2030.
Rise in infrastructural development around the world is the key catalyst that will propel market growth over the forecast period. Infrastructural development results in increased construction activities, which eventually creates a demand for heavy duty construction equipment. Developed infrastructure boosts economic growth by assisting cross-border trade and industrial growth.
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Heavy construction equipment refers to large-scale machinery used for heavy operations and tasks, such as material handling, tunneling, excavation, recycling, waste management, and lifting. Tippers, dumpers, motor graders, dozers, loaders and excavators are commonly used heavy construction equipment. These machines assist in increasing the rate of output through work progress, reducing the need for manpower, enhancing efficiency, speed, and safety on a larger scale, and reducing the time limit of processes and overall construction costs. As a result, heavy construction equipment finds extensive application across the mining, manufacturing, infrastructure, construction, and oil and gas industries.
Heavy Construction Equipment Market Trends:
The significant growth in the construction industry across the globe is creating a positive outlook for the market. Heavy construction equipment is widely used for heavy lifting, demolition, river dredging, cutting trees, and moving aside or loading materials, such as asphalt, demolition debris, dirt, and snow. In line with this, the increasing adoption of cranes due to their power and precision to lift hefty materials with exactness, along with a superior level of safety, is favoring the market growth. Apart from this, various advancements in technology, such as the integration of machine learning (ML) and the Internet of Things (IoT) to optimize equipment utilization and improve operational efficiency, are providing an impetus to the market growth. Additionally, the introduction of driver assistance systems and real-time data tracking to streamline processes and monitor the location, fuel usage, operating hours and maintenance of the machinery is positively impacting the market growth. Other factors, including the increasing demand for advanced construction equipment and the implementation of various government initiatives promoting residential, commercial, and infrastructural developments, are anticipated to drive the market toward growth.
Region-specific government regulations are one of the major challenges that heavy construction equipment companies face. To begin heavy construction, a company must go through a lengthy and strict method of getting a permit after passing various required checkpoints. For instance, the construction industry makes use of diesel engines than any other industry and due to this factor proper benchmark information is collected to adequately characterize the environmental condition of the area to meet the EU emission regulations. This is expected to hamper the market growth in the forecast period.
Product Insights
Earthmoving machinery is likely to dominate the market over the forecast period. Product demand is largely catered to by developing countries such as India, Malaysia, and Indonesia. These countries have invested in the development of transport infrastructure, which majorly uses earthmoving machinery, to support economic growth. For instance, the East Coast Rail Link project to link Malaysia’s eastern and western region commenced in August 2017. This project is valued at nearly USD 13.0 billion and is a part of China’s ambitious “One Belt and One Road” infrastructure program.
Heavy Construction Equipment Market accounted for 29.0% of the heavy construction equipment market in terms of revenue in 2022. Construction of high-rise buildings is expected to generate steady demand for material handling machinery. Cranes, dumpers, forklifts, and telescopic handlers are a few examples of material handling machinery extensively used in the development of high-rise buildings.
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Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global heavy construction equipment market report, along with forecasts at the global, regional and country level from 2023-2030. Our report has categorized the market based on equipment type and end user.
Breakup by Equipment Type:
Earthmoving Equipment
Material Handling Equipment
Heavy Construction Vehicles
Others
Breakup by End User:
Infrastructure
Construction
Mining
Oil and Gas
Manufacturing
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.), Hyundai Doosan Infracore Co. Ltd., JCB Ltd., Komatsu Ltd., Liebherr AG, SANY Group Co. Ltd., Terex Corporation and XCMG Group.
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