Construction Machinery Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

The Construction Machinery Market is Segmented by Machinery Type (Cranes, Telescopic Handling, Excavator, Loaders and Backhoe, Motor Grader, and Other Machinery Types), Drive Type (Hydraulic, and Electric and Hybrid), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Report Offers Market Size and Forecast for the Naval Vessels Market in Value (USD billion) for the Above-mentioned Segments.

Market Snapshot

Construction Machinery Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >6 %

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Market Overview

The construction machinery market was valued at USD 161 billion in 2020, and it is anticipated to reach USD 228 billion by 2026, registering a CAGR of over 6% during the forecast period (2021 -2026).

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.

Scope of the Report

Construction machinery is also referred to as heavy-duty vehicles, specially designed for executing construction tasks, such as the construction of roads, buildings, or any other infrastructures, 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, and motor graders, and drive type, such as hydraulic, electric, and hybrid. The drive type includes hydraulic, electric, and hybrid. The report provides the market size and forecast for all the major countries in North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. The profiles of major players in the market are also covered, with their market shares. The market size and forecast are provided by value (USD billion).

Machinery Type
Crane
Telescopic Handler
Excavator
Loader and Backhoe
Motor Grader
Other Machinery Types
Drive Type
Hydraulic
Electric and Hybrid
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
United Arab Emirates
South Africa
Rest of Middle-East and Africa

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Key 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 Key Trends

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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 Share

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Competitive Landscape

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 machinery 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.

Recent Developments

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.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    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

  5. 5. MARKET SEGMENTATION

    1. 5.1 Machinery Type

      1. 5.1.1 Crane

      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 Machinery 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. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    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

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Construction Machinery Market market is studied from 2018 - 2026.

The Construction Machinery Market is growing at a CAGR of >6% over the next 5 years.

The Construction Machinery Market is valued at 161 Billion USD in 2018.

The Construction Machinery Market is valued at 228 Billion USD in 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Caterpillar Inc., Kobelco Construction Machinery Co., Ltd, CNH Industrial NV, Liebherr-International Deutschland GmbH, Komatsu Ltd are the major companies operating in Construction Machinery Market.

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