The global construction equipment market worldwide size is valued at USD 149.7 billion in 2023 and is expected to reach USD 194.7 billion by 2030, at a CAGR of 3.8%. Construction equipment refers to heavy machinery that performs specific construction or demolition functions. This equipment is transportable, semi-permanent, or permanent and is primarily used for earthmoving, lifting containers or materials, drilling holes in the earth or rock, and concrete and paving applications. It is also used in other applications such as infrastructure, residential, commercial, and industrial buildings. Asia remains the key market for construction equipment, though the demand is also substantial in North America and Europe.
“Crawler excavator is estimated to account for the largest market in 2023.”
Crawler excavators accounted for the maximum share in all construction equipment types as it is an all-around excavator used for demolishing surfaces and structures, digging sites, trenching, and lifting heavy objects. With rising urban infrastructure development (roads, metros, airports, etc.), real estate business, and other commercial buildings (malls, shopping centers), the crawler excavators would be the most preferred equipment due to their versatile work nature in confined spaces. Further, crawler excavators find applications for quarrying and aggregates in the agriculture, landscaping, and forestry industries. Additionally, key OEMs offer advanced-designed crawler excavators like CASE excavators, which deliver up to 17% more horsepower, faster cycle times, and lower fuel costs. Also, in 2023, Develon, formerly Doosan Construction Equipment, launched its new DX140LC-7K (14.6 tonne) crawler excavator. These excavators are designed for high performance and durability. These products are versatile; they can be equipped with various attachments such as buckets, hydraulic hammers, grapples, and drills. This makes them suitable for multiple applications – from digging and grading to demolition and material handling. Thus, owing to its ability to navigate challenging rough or muddy terrains with a high range of versatility and adaptability, crawler excavators are expected to dominate the construction equipment market over the forecast period.
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“Infrastructure segment is anticipated to be the fastest-growing segment for construction equipment market, by application.”
The infrastructure segment is expected to grow at the highest CAGR from 2023 to 2030, owing to massive changes in infrastructural developments such as mega corridor projects and dams in developing and developed countries. Developmental activities in commercial and residential applications like the construction of commercial complexes, corporate offices, residential societies and buildings, construction of airports and ports, expansion of roads, and other activities are a significant part of the infrastructure development plans globally. Further, rapid urbanization has increased government infrastructure spending and increased construction activities for dams, roads, bridges, metro stations and railway tracks, airports, hydroelectric projects, and other activities. Infrastructural activities are projected to grow in the coming years as they are critical in improving connectivity and promoting sustainable growth. Heavy equipment and compact construction equipment, including small excavators and compact wheel loaders, have significant demand as they offer several advantages while operating on a range of tasks. Mini excavators are often lightweight, portable, easy to use, excellent for limited spaces, and may be used for interior demolition or construction projects. In Europe, 70% of mini excavators sold are below 3 tonnes. Likewise, compact wheel loaders are easy to operate and maneuver in small spaces. They can also be driven on public roads in some countries, subject to legislation, road homologation, and registration. Thus, with rising capital-intensive infrastructure projects, the demand for construction equipment is speculated to grow in the coming years.
Asia is projected to be the largest regional market.
Asia holds the largest share of the Construction Equipment market, which China dominates, followed by Japan and India. The growth of the Chinese market is mainly supported by stimulus spending provided by the government in 2020, which resulted in tremendous growth in the next two years. However, there was a sharp decline noticed in 2022 with a significant margin as the market started to fall to get normal to reach before 2020 sales. Due to this, the market is expected to remain downward in 2023. It will slowly recover in 2024, mainly due to the anticipated growing demand for compact equipment and the gradual increase in residential housing projects. Alternatively, demand for construction equipment in Japan is expected to grow because the government is heavily investing in reconstructing properties destroyed by natural disasters such as earthquakes and tsunamis.
Key Market Players
The construction equipment market is dominated by players such as Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and Deere & Company (US).
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