Heavy Construction Equipment Market Size is valued at USD 195.04 Bn in 2023 and is predicted to reach USD 273.94 Bn by the year 2031 at a 4.48% CAGR during the forecast period for 2024-2031.
Heavy construction equipment refers to a variety of robust machines specifically intended for a wide range of operations in construction and earthmoving. Some examples of heavy machinery used in construction are excavators for digging, bulldozers for grading, loaders for transporting materials, backhoes for both digging and loading, cranes for lifting, dump trucks for material transport, graders for levelling, compactors for compressing soil, pavers for laying surfaces, drilling rigs for creating holes, and concrete mixers for mixing cement. This equipment is crucial for optimizing and specialized construction processes.
The increasing need for new homes is mostly attributable to rapid urbanization, industrialization, and population growth, which has, in turn, increased the allure of the heavy construction equipment industry. Infrastructure initiatives, including smart city development, rail and road construction, bridge construction, and other mining undertakings, are also driving the expansion of the heavy construction equipment market. The reason for this is that the success of such endeavours depends on both cost-effectiveness and high-quality construction.
The most productive use of labour and materials is ensured when a backhoe excavator or comparable heavy machinery is employed. Market growth is also supported by the ongoing need to refurbish or replace outdated infrastructure. Furthermore, the electrification of construction equipment creates new possibilities and openings in the industry. Vehicles, public transportation, and even heavy machinery are all seeing a rise in the prevalence of electric models. The maturation and decreasing cost of cutting-edge technology and stricter emission regulations have made this possible in the construction equipment business.
However, the market growth is hampered by the high-cost criteria for the safety and health of heavy construction equipment and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high humidity. The high cost of capital is a major obstacle for the heavy construction equipment market. Providers of rich construction equipment services must make large financial investments in the equipment's acquisition and upkeep. A healthy equilibrium must be kept between the need for such industries to purchase certain pieces of equipment and their ability to turn a profit or secure finance. The high barrier to entry posed by these massive investments limits the market's potential for volume demand for the equipment, which limits the opportunity for price reductions due to economies of scale. Due to the COVID-19 outbreak, governments have adopted lockdown measures, delaying the production and manufacturing of heavy equipment used in infrastructure, construction, oil & gas, and other end-user industries.
Competitive Landscape
Some Major Key Players In The Heavy Construction Equipment Market:
- Caterpillar (US.)
- Liebherr AG (Germany)
- Terex Corporation (US.)
- Volvo Group (Sweden)
- Komatsu (Japan)
- Hitachi Construction Machinery Co., Ltd. (Japan)
- SANY Heavy Industry Co., Ltd. (China)
- HD Hyundai (South Korea)
- XCMG Group (China)
- CNH Industrial NV (UK.)
- J C Bamford Excavators Ltd (UK.)
- Wacker Neuson Se
- Manitou Group
- Escorts Kubota Limited
- Deere & Company
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Kobelco Construction Machinery Co., Ltd.
- Sumitomo Heavy Industries, Ltd.
- Hiab
- Hidromek
- Others
Market Segmentation:
The heavy construction equipment market is divided based on machinery type, propulsion types, engine capacity, power output, application and end-use industry. The machinery Type segment comprises Earthmoving equipment, (Excavators (Crawler Excavators, Mini Excavators, Wheeled Excavators), Loaders (Wheeled Loaders, Skid-Steer Loaders), Dozers, Motor Graders, Others), Material handling equipment (Cranes, Telescopic Handlers, Others (Conveyors, Forklifts)), Heavy construction vehicles, Others (Compactors & Road Rollers, Pavers/Asphalt Finishers, Drilling/Boring Machines). Secondly, By Propulsion Type, the market is divided into Diesel, CNG/LNG/RNG and Electric. According to Engine Capacity, the market is segmented as <5L, 5-10 L, and >10 L. The Power Output segment includes <100 HP, 101-200 HP, 201-400 HP and >400 HP. The Application segment comprises Material Handling, Transportation, Excavation & Demolition, Heavy Lifting, Tunneling, Recycling & Waste Management. By End-Use Industry, the market is segmented into Mining, Infrastructure, Building & Construction, Forestry & Agriculture, and Others.
Based On The Machinery Type, The Material Handling Equipment Heavy Construction Equipment Market Segment Is Accounted As A Major Contributor To The Heavy Construction Equipment Market.
The material handling equipment heavy construction equipment market is expected to lead with a major global market share in 2024. The requirement for material-handling equipment has grown in recent years due to the rising construction of high-rise buildings. Dozers, cranes, telescopic handlers, and forklifts are all used to construct tall buildings.
Electric Segment To Witness Growth At A Rapid Rate.
The electric segment is projected to grow rapidly in the global heavy construction equipment market. The largest market for electric heavy construction equipment during the forecast period because of the rise in the number of large-scale construction projects. Increased electrification and the presence of numerous industry leaders in the equipment manufacturing sector, especially in countries like the US, Germany, the U.K., China, and India.
The Market For Heavy Construction Equipment Products With A Capacity Of 5-10 L Is Expected To Experience The Most Rapid Growth.
Construction machinery equipped with engines ranging from 5 to 10 liters in size is typically utilized for tasks such as ground leveling in construction projects, building roads, railways, dams, and urban infrastructure. The surge in investment in commercial developments is a significant driver for the increasing demand for engines with a capacity ranging from 5 to 10 liters.
In The Region, The Asia Pacific Heavy Construction Equipment Market Holds A Significant Revenue Share.
The Asia Pacific heavy construction equipment market is expected to record the maximum market share in revenue in the near future. It can be attributed to the growing awareness of reducing carbon emissions. The market in the region is expected to grow rapidly because of the high concentration of prosperous businesses in the area and their willingness to adopt innovative technologies. In addition, North America is estimated to grow rapidly in the global heavy construction equipment market because of the brisk economic growth experienced by many countries in the area.
Recent Developments:
- In June 2023, Volvo CE introduced the inaugural electrified construction machinery in Southeast Asia. Volvo CE's objective is to have 35% of its machine sales driven by electromobility by 2030. Volvo CE's objective is to have 35% of its machine sales driven by electromobility by 2030. It possessed the most extensive assortment of construction machinery driven by electricity. The business introduced three models in Singapore: the ECR25 Electric compact excavator, the L25 Electric compact wheel loader, and the EC55 Electric excavator.
- In Oct 2023, Hyundai Construction Equipment India introduced several items to strengthen its presence in the infrastructure, mining, and material handling sector. There was a total of four different types of excavators, two models of forklifts, and two models of wheel loaders that were introduced.
Heavy Construction Equipment Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 195.04 Bn |
|
Revenue Forecast In 2031 |
USD 273.94 Bn |
|
Growth Rate CAGR |
CAGR of 4.48% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, Volume (Units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Machinery Type, By Propulsion Type, By Engine Capacity, By Power Output, By Application, By End-Use Industry |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Caterpillar (U.S.), Liebherr AG (Germany), Terex Corporation (U.S.), Volvo Group (Sweden), Komatsu (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), SANY Heavy Industry Co., Ltd. (China), H.D. Hyundai (South Korea), XCMG Group (China), CNH Industrial N.V. (U.K.), J C Bamford Excavators Ltd U.K., Wacker Neuson Se, Manitou Group, Escorts Kubota Limited, Deere & Company, Zoomlion Heavy Industry Science & Technology Co., Ltd., Kobelco Construction Machinery Co., Ltd., Sumitomo Heavy Industries, Ltd., Hiab, Hidromek, and Other |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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