Construction Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Heavy Construction Equipment Market is Segmented by Equipment Type (Cranes, Telescopic Handler, Excavator, Loaders and Backhoe, Motor Grader, and Other Machinery Types), by Drive Type (Hydraulic and 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.

Construction Equipment Market Size

Construction Equipment Market Summary
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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

Construction Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order


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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 Market Trends

Crane is Expected to be the Largest Segment

The large construction projects worldwide are expected to drive the crane and construction machinery market shortly. Europe is planning on various construction projects. Germany, France, and Italy witnessed the highest growth rates due to the region's construction projects. The projects include the port extension, underwater tunnel connecting major European countries, and railway tunnels, including the use of many types of cranes, driving the entire crane market.

For instance, in March 2021, Rothmund GmbH Kran und Montage purchased its second LTM 1230-5.1 from Liebherr after buying the first six months ago. In the same month, Schussmann Kranservice GmbH also received the new LTM 1230-5.1.

Africa and Latin America are expected to emerge as good markets post 2021, improving the economy, and overseas investments are expected to encourage more infrastructural development and construction activity.

The North American crane count reached a new peak. Approximately 40% of the total crane count in North America is working for the residential market. Toronto is leading this market, with 70 cranes dedicated to high-rise cooperative projects. Mixed-use development is the second-largest market, making up nearly 25% of all cranes in North America.

The increase in net crane count indicates that the construction market is holding steady and prospering. This growth will continue as many cities in North America continue to add to their roster of proposed developments.

Construction Machinery Market - Revenue Share (%), by Equipment Type, 2020

Asia-Pacific is Expected to Dominate the Global Market

Asia-Pacific ranks first in the construction equipment market, with a major market share held by China, India, and Japan. The progress of the South-North water transfer plant project in China, anticipated to complete by 2050, will deploy various construction machinery either by leasing or owning the machinery, thereby increasing the demand for construction machinery over the next three decades.

The increasing number of dam construction, real-estate business, commercial and residential complexes, and expansion of rail and road infrastructure in the APAC region are a few drivers for the construction machinery market.

Companies are introducing dedicated products for the region. For instance, in December 2020, Komatsu announced that it would roll out affordable excavators in Southeast Asia. A midsize, 20-ton-class excavator for residential land development and road construction will be marketed in Thailand and Indonesia starting in April 2021.

Manufacturers of construction equipment are trying to reduce their dependence on gasoline and diesel, as regulators in Asia set ambitious goals to become carbon neutral by 2040. For instance, in January 2021, Komatsu announced partnering with Proterra to use battery packs in Komatsu's electric hydraulic excavators. The company will use Proterra's battery systems to develop a proof-of-concept electric excavator by the end of 2021.

Construction Machinery Market - Growth Rate by Region (2021 - 2026)

Construction Equipment Industry Overview

Some of the major companies that dominated the market studied are Caterpillar Inc., Kobelco Construction Machinery Co., Ltd, CNH Industrial NV, Deere & Company, Komatsu Ltd, JCB India Limited, Volvo Group, Doosan Infracore, and XCMG, which captured a major share of the market.

The construction equipment market is characterized by numerous international and regional players, resulting in a highly competitive market environment. Apart from the top players, small-scale or domestic players account for a significant share of the market.

Construction Equipment Market Leaders

  1. Caterpillar Inc.

  2. Kobelco Construction Machinery Co., Ltd

  3. CNH Industrial NV

  4. Liebherr-International Deutschland GmbH

  5. Komatsu Ltd

*Disclaimer: Major Players sorted in no particular order

Construction Equipment Market Concentration
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Construction Equipment Market News

In February 2022, Berlin based construction technology company Flexcavo increases its capital by USD 8 million for its construction machinery fleet. In addition, planned capital will initially go for procuring newly constructed rental park in Maisach, Munich. Furthermore, with over 150 new construction machinery and equipment has already been planned by manufacturers JCB and Wacker Neuson for approximately 4,500 square metre site.

In january 2022, CanLift Equipment Ltd. has expanded its product line for construction machinery equpement under a stratgeic partnership with leading construction manufacturer Xuzhou Construction Machinery Group Co., Ltd to elevate the sales right of earthmoving equipement in Ontario. Further, this partnership shall open avenues for new relationships within the construction machinery industry.

In january 2022, Japan's largest construction machinery company Hitachi announced that it is seeling its 50% stakes of construction machinery fleet worth US$ 1.6 billion. In addition, Itochu will buy Hitachi's stake for 3,300 yen a share with Japan Industrial Partners. Furthermore, Hitachi currently owns a 51.5% stake in the construction machinery fleet.

In March 2021, Hitachi introduced the ZW220-7, Stage V-compliant wheel loader. With an operating weight of 18,190-19,450kg and a net power of 157kW (210hp), the ZW220-7 has a heaped bucket capacity (ISO) of 2.8-10.0 cubic meters.

In February 2021, Manitex Vall launched the all-new V 110 R Electric Mobile Crane. It is battery-operated and remote-controlled, with a capacity of up to 11,000 kg and a lifting height of up to 10.4 meters.

In January 2021, Caterpillar launched three new large excavators for the European, Asian, and African markets, with two ultra high definition demolition (UHD) machines. The large excavators are the Cat 352, 374, and 395, weighing in at 50 metric ton, 72 metric ton, and 94 metric ton, respectively.

Construction Equipment Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 EquipmentType

      1. 5.1.1 Cranes

      2. 5.1.2 Telescopic Handler

      3. 5.1.3 Excavator

      4. 5.1.4 Loader and Backhoe

      5. 5.1.5 Motor Grader

      6. 5.1.6 Other Equipment Types

    2. 5.2 Drive Type

      1. 5.2.1 Hydraulic

      2. 5.2.2 Electric and Hybrid

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. South America

        2. Middle-East and Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Caterpillar Inc.

      2. 6.2.2 CNH Industrial NV

      3. 6.2.3 Hitachi Construction Machinery Co. Ltd

      4. 6.2.4 Deere & Company

      5. 6.2.5 Kobelco Construction Machinery Co. Ltd

      6. 6.2.6 Komatsu Ltd

      7. 6.2.7 Liebherr-International Deutschland GmbH

      8. 6.2.8 Volvo Group

      9. 6.2.9 Zoomlion Heavy Industry Sci & Tch Co. Ltd

      10. 6.2.10 Terex Corporation

      11. 6.2.11 Sany Heavy Industry Co. Ltd

      12. 6.2.12 XCMG Construction Machinery Co. Ltd


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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. 

Telescopic Handler
Loader and Backhoe
Motor Grader
Other Equipment Types
Drive Type
Electric and Hybrid
North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
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Construction Equipment Market Research FAQs

The Construction Equipment Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

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.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Europe accounts for the largest market share in Construction Equipment Market.

The report covers the Construction Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Construction Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The increasing focus on infrastructure development and the development of automation in the construction and manufacturing processes had a significant impact on the market growth.

Construction Equipment Industry Report

The global construction equipment market is experiencing robust growth, propelled by a worldwide surge in infrastructure development and a growing demand for compact construction equipment. This expansion is supported by substantial investments in various sectors, including infrastructure, residential, commercial, and industrial buildings, coupled with a drive towards sustainable green projects. Despite challenges such as regulations and international trade policies, the market is flourishing with opportunities, notably through the increasing adoption of telematics, e-call services, and a shift towards automation and electrification in construction equipment. The electric and hybrid segments, particularly electric dump trucks, are becoming increasingly popular for their environmental benefits and efficiency. The Asia-Pacific region stands out as the largest market, fueled by urbanization and government investments in infrastructure, with notable contributions from China, Japan, and India. The competitive market landscape sees key players focusing on technological innovations and expanding their portfolios to cater to the evolving demands of the construction industry. According to Mordor Intelligence™ Industry Reports, the Construction Equipment Market is anticipated to see significant growth in market share, size, and revenue, with a detailed forecast outlook. Get a sample of this industry analysis as a free report PDF download.

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Construction Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)