Construction Equipment Market worth $194.76 billion by 2030 | MarketsandMarkets
DELRAY BEACH, Fla., Jan. 20, 2025 /PRNewswire/ -- Construction Equipment Market is projected to grow from USD 149.78 billion in 2024 to USD 194.76 billion by 2030, with a CAGR of 3.8%, according to a new report by MarketsandMarkets. The construction equipment industry is expanding in the Asia Pacific due to growing urbanization, increased infrastructure development in Asia's emerging economies, population expansion, and rising disposable income. Technological advancements in construction equipment, such as automation, telematics integration, and the adoption of AI and 5G connectivity, will increase productivity, safety, and fuel efficiency, propelling the demand for new and advanced construction equipment.
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Crawler excavator is estimated to account for the largest market in 2025.
Crawler excavators are estimated to have the largest market share in the global construction equipment market in terms of value. Crawler excavators are preferred for their ability to operate in diverse terrains and handle heavy loads, making them ideal for excavation, grading, and demolition tasks. Moreover, technological advancements, including GPS and telematics, have enhanced their productivity, further propelling their demand in the construction sector. The key players in the construction equipment market offering crawler excavators are Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Deere & Company (US), and Ab Volvo (Sweden). The recent developments in this equipment include Komatsu Co., Ltd. upgrading its PC130LC-11 excavator with an extended undercarriage design, which has increased its lifting capacity by up to 20%, AB Volvo launching a prototype of its new EC500 crawler excavator, and SANY Group showcasing its newest electric-powered excavator.
'>10L engine capacity construction equipment to register the fastest growth during the forecast period.'
Diesel engines with capacities >10L are estimated to experience the fastest growth rate, as they are preferred in heavy construction equipment due to their ability to meet high torque and power demands. Equipment such as excavators, loaders, and articulated dump trucks typically use these large engines. The demand for this type of equipment is particularly strong in Asian countries, driven by large-scale infrastructural and development projects. Developing nations like China and India have seen increased demand for heavy-duty equipment with engine capacities over 10 liters, mainly due to road tunnel construction and smart city initiatives. Majority the >10L engines are used in heavy construction equipment's like Excavators, Dump trucks, Loaders and Motor Graders. This equipment is majorly used for construction of mega projects like roads, commercial complexes, and industrial facilities. The ongoing infrastructural development projects are a major contributor to the market of these equipment, the rise in such projects will propel the demand for >10L engine equipment's during the forecast period.
Asia Pacific is estimated to be the dominant regional market.
Asia Pacific is estimated to be the largest market for construction equipment during the forecast period, primarily driven by the region's growing population and rising infrastructural demands. The increasing demand for new housing units, resulting from population saturation, is a key factor fuelling the growth of the construction equipment market in the region. China, Japan, and India lead the region's market. The construction equipment market in the region has seen expansion in areas such as dams, airports, and hydroelectric projects. As a result, numerous international companies have established manufacturing plants in Asia. Major large-scale projects in the region include the Beijing New International Airport, the South to North Water Transfer Project in China, the Songdo International Business District in South Korea, and the China-Pakistan Economic Corridor. These mega-projects have led to increased investments and construction activities, driving demand for construction equipment.
Key Market Players Construction Equipment Industry:
Prominent players in the Construction Equipment Companies include as Komatsu (Japan), Doosan Enerbility (South Korea), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Kobelco Construction Machinery Co., Ltd. (Japan), HD Hyundai Construction Equipment Co., Ltd. (South Korea), Kubota Corporation (Japan), YANMAR HOLDINGS CO., LTD. (Japan), Sumitomo Construction Machinery Co., Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), and SANY Group (China).
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This report provides insights on:
- Analysis of Key drivers (Growth in infrastructure development projects, and Increasing demand for sustainable construction solutions), Restraint (Stringent international trade policies and mandates), opportunities (Ongoing development in lithium battery chemistry, Advancements in autonomous construction equipment and Rapid digitalization of services) and challenges (Limited battery capacity in electric equipment and Susceptibility to cyber-attacks) influencing the growth of construction equipment market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research development activities, and new products & services of the Construction equipment market
- Market Development: Comprehensive information about the lucrative market – the report analyzes the construction equipment market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the construction equipment market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and Deere & Company (US). among others in the construction equipment market.
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