Construction Equipment Market Size - By Product (Earth Moving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), & Forecast, 2024 – 2032

Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Construction | Format: Report available in PDF / Excel Format

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Construction Equipment Market Size - By Product (Earth Moving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), & Forecast, 2024 – 2032

Construction Equipment Market Size

Construction Equipment Market was valued at USD 171.1 billion in 2023 and is estimated to exhibit 6% CAGR between 2024 and 2032, driven by the continuous advancements in technology by leading companies. These technological innovations are revolutionizing the construction industry, enhancing efficiency, productivity, and safety across various construction projects. Companies are investing heavily in research and development to introduce cutting-edge equipment equipped with advanced features such as GPS tracking, telematics, and autonomous capabilities. These innovations streamline construction processes while offering cost savings and environmental benefits.

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One of the primary drivers propelling growth in the construction equipment market is the increasing demand for construction equipment rental services. Construction equipment rental has emerged as a preferred option for many construction companies and contractors due to its cost-effectiveness, flexibility, and reduced upfront investment. Renting construction equipment allows businesses to access a wide range of machinery without the burden of ownership, enabling them to scale their operations according to project needs while minimizing financial risks. Furthermore, the expanding construction equipment aftermarket is another driver propelling the industry growth.

Construction Equipment Market Report Attributes
Report Attribute Details
Base Year 2023
Construction Equipment Market Size in 2023 USD 171.10 Billion
Forecast Period 2024 - 2032
Forecast Period 2024 - 2032 CAGR 6%
2032 Value Projection USD 290.8 Billion
Historical Data for 2021 - 2023
No. of Pages 265
Tables, Charts & Figures 350
Segments covered Product
Growth Drivers
  • Proliferation of technologically advanced construction machinery
  • Growing infrastructure development activities worldwide
  • Rising refurbishment and maintenance activities in Japan
  • Remarkable construction industry development in BRIC countries
  • Increasing investments in mining projects in MEA and Latin America
Pitfalls & Challenges
  • Limited availability of qualified and skilled equipment operators
  • High ownership costs of construction equipment
  • Expensive construction equipment maintenance

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Rapid technological upgrades, including telematics, GPS tracking, and automation, are revolutionizing the construction equipment market. These innovations improve equipment performance, enhance safety features, and increase operational efficiency. Contractors and construction companies are increasingly adopting technologically advanced machinery to optimize project timelines, reduce costs, and minimize downtime. As a result, there is a growing demand for modern construction equipment equipped with cutting-edge technology.

Hey, check it out! The construction equipment game has some speed bumps that are holding it back. First off, these machines are like gold—super expensive to buy and keep running. It's like a bad case of sticker shock for contractors and construction companies, especially the smaller ones with not much cash to splash. And wait, there's more! The construction business can be as unpredictable as a roller coaster. When the economy tanks or there's trouble in the world, nobody's building new stuff, which means less need for diggers and bulldozers. This makes it hard for companies that make and sell these machines to plan ahead. But hey, every challenge is also an opportunity! We need to come up with new ways to make these machines more affordable and find ways to save money on keeping them in top shape. And we gotta be ready to roll with the punches when the construction market gets a little wobbly. That's the key to making this industry zoom ahead!

Construction Equipment Market Trends

The construction equipment industry is witnessing notable trends driven by increasing collaborations and awareness between educational institutions and companies. Educational institutions, including universities and vocational schools, are partnering with construction equipment manufacturers and industry players to develop specialized training programs and curricula tailored to the needs of the sector. These collaborations aim to bridge the skills gap in the workforce by providing students with hands-on training and technical expertise in operating and maintaining construction machinery. Simultaneously, companies are leveraging these partnerships to foster talent pipelines, recruit skilled graduates, and promote innovation in the industry.

Construction Equipment Market Analysis

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In 2023, the earthmoving and roadbuilding equipment industry was a massive deal, worth an eye-watering 90 billion dollars. And guess what? It was thanks to earthmoving and roadbuilding equipment itself! Let's start with earthmoving equipment. Think excavators, bulldozers, and loaders. These beasts are like the rock stars of construction, handling heavy-duty tasks like digging, leveling, and clearing land. They're essential for building everything from roads and bridges to skyscrapers. Roadbuilding equipment is another key player. Asphalt pavers and compactors, anyone? These machines are the unsung heroes, laying down smooth roads and compacting them like a boss. They're what keep our transportation networks in tip-top shape. As our cities grow and populations soar, we need more infrastructure than ever before. And that's where earthmoving and roadbuilding equipment comes in. They're the backbone of construction, helping contractors and construction companies get the job done efficiently. So, next time you see a massive excavator or a road paving machine, give them a nod of appreciation for keeping our world moving!

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Based on the earthmoving & roadbuilding equipment, the backhoe segment is anticipated to register a CAGR of over 5% from 2024 to 2032. Due to their versatility and multifunctionality. Backhoes are highly versatile machines that can perform multiple tasks, including excavation, trenching, loading, lifting, and material handling. This multifunctionality makes backhoes indispensable on construction sites where space and maneuverability are limited. Backhoes offer operational efficiency by combining the capabilities of both a loader and an excavator in a single machine. This reduces the need for multiple pieces of equipment on a job site, saving time, labor costs, and space.

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You know what's really cool? The construction equipment market in Asia is like a giant, with a huge slice of over 45% of the global action. Why? Because cities are popping up like crazy, people are getting busy, and everyone needs new buildings, roads, and power plants. China, India, and Southeast Asia are the kings of this game. Governments are pouring money into all kinds of projects, from highways to power lines to new homes. And with factories and businesses opening up everywhere, they need machines to build it all. The future looks awesome for the Asia construction equipment market. As more and more countries focus on developing their economies, they're going to need more and more construction equipment. It's a huge opportunity for companies that build and sell these machines to expand and reach new heights.

Komatsu, Ltd., XCMG, and Caterpillar, Inc. held significant market share of over 28% market share in 2023. These leading companies drive demand through strategic efforts tailored to this sector. They continuously innovate and introduce advanced machinery equipped with cutting-edge technology to enhance productivity, safety, and efficiency on construction sites. These companies invest in research and development, focusing on improving equipment performance, durability, and sustainability.

Moreover, they offer comprehensive solutions, including aftermarket services, financing options, and training programs, to meet evolving customer needs. By understanding market trends, collaborating with stakeholders, and providing value-added services, leading companies play a pivotal role in shaping and sustaining demand in global market.

Construction Equipment Market Companies

Major players operating in the construction equipment industry are

  • Caterpillar, Inc.
  • CNH Industrial
  • Deere & Co.
  • Doosan Group
  • Hitachi Construction Machinery
  • Komatsu, Ltd.
  • Liebherr Group
  • Sany Group
  • Terex Corporation
  • Volvo CE
  • XCMG

Construction Equipment Industry News

  • In March 2024, Hitachi Construction Machinery (Europe) NV (HCME), a renowned construction equipment manufacturer, joined forces with ShareMat, a leading provider of professional software and Fleet Management Systems (FMS) for construction equipment, to establish a strategic collaboration in France.
  • In February 2024, CASE Construction Equipment, a CNH brand, broadened its footprint in Rajasthan by partnering with a new dealer, RDR Techsol, in Jaipur. This dealership will showcase CASE's diverse product lineup in India and ensure extensive assistance for post-sales service and spare parts.
  • In December 2023, Ammann Group and Volvo CE finalized an agreement in which the Ammann Group will acquire Volvo CE’s global ABG Paver Business, including ABG, located in Germany. This mutually beneficial agreement enhanced the businesses of both companies.

with estimates & forecasts in terms of revenue (USD Billion) and shipment (Units) from 2021 to 2032, for the following segments

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Market, By Product

  • Earthmoving & roadbuilding equipment
    • Backhoe
    • Excavator
    • Loader
    • Compaction equipment
    • Others
  • Material handling and cranes
    • Storage and handling equipment
    • Engineered systems
    • Industrial trucks
    • Bulk material handling equipment
  • Concrete equipment
    • Concrete pumps
    • Crusher
    • Transit mixers
    • Asphalt pavers
    • Batching plants

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA

 

 

Table of Content

Report Content

Chapter 1   Methodology & Scope

1.1    Research design

1.1.1    Research approach

1.1.2    Data collection methods

1.2    Base estimates and calculations

1.2.1    Base year calculation

1.2.2    Key trends for market estimates

1.3    Forecast model

1.4    Primary research & validation

1.4.1    Primary sources

1.4.2    Data mining sources

1.5    Market definitions

Chapter 2   Executive Summary

2.1    Industry 3600 synopsis, 2021 - 2032

Chapter 3   Industry Insights

3.1    Industry ecosystem analysis

3.2    Supplier landscape

3.2.1    Component suppliers

3.2.2    Technology providers

3.2.3    Manufacturers

3.2.4    End use landscape

3.2.5    Distribution channel

3.2.6    End users

3.3    Profit margin analysis

3.4    Technology & innovation landscape

3.5    Patent analysis

3.6    Key news & initiatives

3.7    Cost structure analysis

3.8    Regulatory landscape

3.9    Impact forces

3.9.1    Growth drivers

3.9.1.1    Proliferation of technologically advanced construction machinery

3.9.1.2    Growing infrastructure development activities worldwide

3.9.1.3    Rising refurbishment and maintenance activities in Japan

3.9.1.4    Remarkable construction industry development in BRIC countries

3.9.1.5    Increasing investments in mining projects in MEA and Latin America

3.9.2    Industry pitfalls & challenges

3.9.2.1    Limited availability of qualified and skilled equipment operators

3.9.2.2    High ownership costs of construction equipment

3.9.2.3    Expensive construction equipment maintenance

3.10    Growth potential analysis

3.11    Porter’s analysis

3.12    PESTEL analysis

Chapter 4   Competitive Landscape, 2023

4.1    Introduction

4.2    Company market share analysis

4.3    Competitive positioning matrix

4.4    Strategic outlook matrix

Chapter 5   Market Estimates & Forecast, By Product, 2021 - 2032 ($Bn, Units)

5.1    Key trends

5.2    Earthmoving & roadbuilding equipment

5.2.1    Backhoe

5.2.2    Excavator

5.2.3    Loader

5.2.4    Compaction equipment

5.2.5    Others

5.3    Material handling and cranes

5.3.1    Storage and handling equipment

5.3.2    Engineered systems

5.3.3    Industrial trucks

5.3.4    Bulk material handling equipment

5.4    Concrete equipment

5.4.1    Concrete pumps

5.4.2    Crusher

5.4.3    Transit mixers

5.4.4    Asphalt pavers

5.4.5    Batching plants

Chapter 6   Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn, Units)

6.1    Key trends

6.2    North America

6.2.1    U.S.

6.2.2    Canada

6.3    Europe

6.3.1    UK

6.3.2    Germany

6.3.3    France

6.3.4    Italy

6.3.5    Russia

6.3.6    Rest of Europe

6.4    Asia Pacific

6.4.1    China

6.4.2    India

6.4.3    Japan

6.4.4    South Korea

6.4.5    Rest of Asia Pacific

6.5    Latin America

6.5.1    Brazil

6.5.2    Mexico

6.5.3    Rest of Latin America

6.6    MEA

6.6.1    UAE

6.6.2    Saudi Arabia

6.6.3    South Africa

6.6.4    Rest of MEA

Chapter 7   Company Profiles

7.1    Bauer Group

7.2    Caterpillar, Inc

7.3    CNH Industrial

7.4    Deere & Co.

7.5    Doosan Group

7.6    Hitachi Construction Machinery Co. Ltd

7.7    Kobelco Construction Machinery Co. Ltd

7.8    Komatsu Ltd.

7.9    Liebherr Group

7.10    Manitou Group

7.11    Palfinger AG

7.12    Sany Group

7.13    Sumitomo Heavy Industries Ltd.

7.14    Tadano Ltd.

7.15    Takeuchi US

7.16    Terex Corporation

7.17    Volvo CE

7.18    Wacker Neuson

7.19    XCMG Group

7.20    Zoomlion Heavy Industry Science & Technology Co. Ltd.
 

  • Caterpillar, Inc.
  • CNH Industrial
  • Deere & Co.
  • Doosan Group
  • Hitachi Construction Machinery
  • Komatsu, Ltd.
  • Liebherr Group
  • Sany Group
  • Terex Corporation
  • Volvo CE
  • XCMG

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