Construction Machinery Market – Growth, Trends, and Forecast (2019 – 2024)

The construction machinery market is segmented by Machinery Type (Cranes, Telescopic Handling, Excavator, Loaders and Backhoe, Motor Grader and Others), Drive Type (Hydraulic, and Electric & Hybrid), and Geography.

Market Snapshot

market snapsot - summary
Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The global construction machinery market is expected to register a CAGR of 7.58%, during the forecast period, 2019-2024.

  • The increasing focus on infrastructure and development of automation in the construction and manufacturing processes had a significant impact on the market growth
  • The road construction machinery market has witnessed significant growth in the recent past, owing to the increased road development programs undertaken by the central and state governments, especially in the Asia-Pacific countries.
  • The demand for machines that are cost-effective, along 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 also 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, along with the required professional machine operators and drivers, included in the rent.
  • For short-term construction application, renting a machinery has been more preferable than a purchase among construction contractors, as renting allows optimum utilization of the machinery.
  • The construction industry is getting smarter. Digitalization, connectivity, and automation are driving the development forward, leaving a substantial impact on construction projects. Additionally, the renting companies have also 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.

Scope of the Report

Construction machinery is also referred as heavy-duty vehicle, specially designed for executing construction tasks, such as construction of roads, buildings or any other infrastructures and excluding mining activities like surface mining and underground mining.

The construction machinery market study includes machinery, such as Cranes, Telescopic Handling, Excavator, Loaders and Backhoe, Motor Grader and Others, as well as drive type, such as Hydraulic, and Electric & Hybrid.

Machinery Type
Telescopic Handlers
Loader & Backhoe
Motor Grader
Drive Type
Electric & Hybrid
North America
United States
Rest of Europe
Rest of Asia-Pacific
South America
Rest of South America
Middle East & Africa
South Africa
Rest of Middle East & Africa

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Key Market Trends

Cranes - the Largest Segment by Vehicle Type

The market for cranes is expected to grow at a steady pace, witnessing a CAGR of 7.36%, during the forecast period.

  • The large construction projects, across the world, are expected to drive the crane and construction machinery market shortly. Europe is planning on various construction projects. Germany, France, and Italy have witnessed the highest growth rates, owing to the construction projects happening in the region. The projects include the port extension, underwater tunnel connecting major European countries, railway tunnels, among others, which include the use of many types of cranes, thus driving the entire crane market.
  • 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 has 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 of their 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 not merely holding steady, but prospering. It is anticipated that this growth will continue through 2019, as many cities in North America continue to add to their roster of proposed developments.
market trends

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Asia-Pacific is expected to dominate the Global Market

The Asia-Pacific construction machinery market is projected to register a CAGR of 7.84% during the forecast period. Asia-Pacific ranks first in the construction equipment market with major market share held by China, India, and Japan. The progress of South-North water transfer plant project in China, anticipated to complete by 2050, would deploy various construction machinery either by leasing or owning the machinery, thus growing the demand for construction machinery over 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 few drivers for the construction machinery market.


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Competitive Landscape

Some of the major companies that dominated the market studied are Caterpillar, Kobelco, CNH Industrial N.V, John Deere &Co., JCB, Komatsu, Liebherr, Volvo Construction Equipment, Doosan Infracore, and XCMG, capturing more than 40% of the market share in 2018.

The global construction machinery market is characterized by the presence of numerous international and regional players, resulting in a highly competitive market environment. Apart from the above top players, small-scale or domestic players have been accounted for a significant share of more than 50% of the market in 2018.

Major Players

  1. Caterpillar Inc
  2. Kobelco Construction Machinery Co., Ltd.
  3. CNH Industrial N.V.
  4. Deere & Company

* Complete list of players covered available in the table of contents below

Competitive landscape

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

    4. 4.4 Market Restraints

    5. 4.5 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry


    1. 5.1 Machinery Type

      1. 5.1.1 Crane

      2. 5.1.2 Telescopic Handlers

      3. 5.1.3 Excavator

      4. 5.1.4 Loader & Backhoe

      5. 5.1.5 Motor Grader

      6. 5.1.6 Others

    2. 5.2 Drive Type

      1. 5.2.1 Hydraulic

      2. 5.2.2 Electric & 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. UK

        3. France

        4. Spain

        5. Italy

        6. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. Australia

        5. Rest of Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East & Africa

        1. UAE

        2. South Africa

        3. Rest of Middle East & Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Caterpillar Inc.

      2. 6.2.2 J.C. Bamford Excavators Limited

      3. 6.2.3 CNH Industrial N.V

      4. 6.2.4 Hitachi Construction Machinery Co., Ltd.

      5. 6.2.5 Deere & Company

      6. 6.2.6 Kobelco Construction Machinery Co. Ltd

      7. 6.2.7 Komatsu Ltd

      8. 6.2.8 Liebherr Group

      9. 6.2.9 Manitou Group

      10. 6.2.10 Mitsubishi Heavy Industries, Ltd.

      11. 6.2.11 Volvo Construction Equipment

      12. 6.2.12 Zoomlion Heavy Industry Science & Technology Co., Ltd.

      13. 6.2.13 Terex Corporation

      14. 6.2.14 Sany Heavy Industry Co., Ltd.

      15. 6.2.15 XCMG Group

      16. 6.2.16 Doosan Infracore



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