The global Construction Equipment Market is estimated to reach USD 186.62 billion by 2030 from USD 148.02 billion in 2024, registering a CAGR of 3.9%. The growth of the construction equipment market is related to the growth of the construction industry. Government investment to boost infrastructure projects, rental/leasing trends, public-private partnerships, and rising disposable incomes will likely create lucrative opportunities for the construction industry. This, in turn, would increase the demand for construction equipment during the forecast period.
Asia will dominate the global construction equipment market and is estimated to have a share of 43.5% of the overall market in terms of value. The Asia market is anticipated to grow from USD 64.42 billion in 2024 to USD 83.51 Billion in 2030 at a CAGR of 4.4%. This dominance is attributed to the rising population in the region. The demand for new housing units fueled by a saturated population primarily drives the Asian construction equipment market. China, Japan, and India lead the regional market. The construction equipment market in the region has experienced growth in terms of dam, airport, and hydroelectric projects. Consequently, many international companies have started their manufacturing plants in Asia. Large-scale construction projects, such as the Beijing New International Airport (China) and the South to North Water Transfer Project (China), are set up in the region. Other Asian projects include the Songdo International Business District in South Korea and the China-Pakistan Economic Corridor. These mega projects have increased investments and construction activities, driving the construction equipment market. The region has the presence of major construction equipment manufacturers like 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), Hitachi Construction Machinery Co., Ltd. (Japan), Sumitomo Construction Machinery Co., Ltd. (Japan), and SANY Group (China).
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These companies are focusing on research and development activities to develop new and innovative solutions for construction equipment. These companies are also conducting expansion activities to meet the region’s equipment demand. For instance, SANY India lined up an investment of USD 117 million to enhance its manufacturing capacity in its Pune plant. The company increased its annual production capacity to 12,000 machines (2024) from around 6,000 machines (2023). The company also doubled its shed area through this expansion. In December 2024, XCMG Group (China) launched a series of diesel, electric, and hybrid excavators including XE19EV, XE27EV, XE35E, XE55E, XE80E, XE125F, XE800WDM at Bauma, China, 2024. In September 2024, Hitachi Construction Machinery Co., Ltd. (Japan) launched EH4000AC-5 Rigid Dump Truck. The company implemented a full-model change of the EH4000AC-3 rigid dump truck to develop the EH4000AC-5. The capacity of the newly launched dump truck is 242 tons.
Construction equipment OEMs have started researching and developing more sustainable solutions along with electric-propelled equipment. Hydrogen is at the forefront of the research. Major OEMs working in this space include JCB (UK), Liebherr (Switzerland), and HD Hyundai Infracore (South Korea). For instance, JCB has significantly developed this area with its hydrogen combustion engine, unveiling the JCB 3DX backhoe loader powered by this technology. JCB has already designed and manufactured 50 prototypes of hydrogen-powered ICEs. Likewise, Liebherr (Switzerland) demonstrated its H2-ICE in 2023 at CONEXPO in the US, while HD Hyundai Infracore (South Korea) is expected to start full-scale production of H2-ICE by 2025. Similarly, In December 2023, HD Hyundai Construction Equipment Co., Ltd. (South Korea) launched seven new mini excavators at its Ulsan Campus. The seven types of excavators include 1.7-ton, 1.9-ton, 3-ton, 3.5-ton, 4-ton, 4.8-ton, and 5.5-ton models.
Technological advancement, sustainability goals, and supportive government policies further push the construction equipment market in Asia. Industry stakeholder collaboration, investment in research and development, and the rise of alternate fuel technologies will be important in making the construction equipment market realize its full potential.
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