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Heavy Construction Equipment Market

Heavy Construction Equipment Market Size, Share & Trends Analysis Report By Machinery Type (Earthmoving equipment, Material handling equipment, Heavy construction vehicles, Others, By Propulsion Type (Diesel, CNG/LNG/RNG, Electric), By Engine Capacity (<5 L, 5-10 L, 4 >10 L), By Power Output, By Application, By End-Use Industry, By Region, And By Segment Forecasts, 2023-2031.

Report ID : 2254 | Published : 2023-12-13 | Pages: 179 | Format: PDF/EXCEL

Heavy Construction Equipment Market Size is valued at USD 189.21 Bn in 2022 and is predicted to reach USD 273.94 Bn by the year 2031 at a 4.34% CAGR during the forecast period for 2023-2031.

Heavy Construction Equipment Market

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 Market growth is also supported by the ongoing need to refurbish or replace outdated infrastructure.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 10 L. The Power Output segment includes 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 2022. 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 2022

USD 189.21 Bn

Revenue Forecast In 2031

USD 273.94 Bn

Growth Rate CAGR

CAGR of 4.34% from 2023 to 2031

Quantitative Units

Representation of revenue in US$ Bn, Volume (Units) and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

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

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

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.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Heavy Construction Equipment Market Snapshot

Chapter 4. Global Heavy Construction Equipment Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Machinery Type Estimates & Trend Analysis

5.1. By Machinery Type, & Market Share, 2020 & 2031

5.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Machinery Type:

5.2.1. Earthmoving Equipment

5.2.2. Material Handling Equipment

5.2.3. Heavy Construction Vehicles

5.2.4. Others

Chapter 6. Market Segmentation 2: By Propulsion Type Estimates & Trend Analysis

6.1. By Propulsion Type & Market Share, 2020 & 2031

6.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Propulsion Type:

6.2.1. Disel

6.2.2. CNG/LNG/RNG

6.2.3. Electric

Chapter 7. Market Segmentation 3: By Application Estimates & Trend Analysis

7.1. By Application & Market Share, 2020 & 2031

7.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Application:

7.2.1. Excavation & Demolition

7.2.2. Heavy Lifting

7.2.3. Material Handling

7.2.4. Tunneling

7.2.5. Transportation

7.2.6. Recycling & Waste Management

Chapter 8. Market Segmentation 4: By Power Output Estimates & Trend Analysis

8.1. By Power Output & Market Share, 2020 & 2031

8.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Power Output:

8.2.1.

8.2.2. 101-200 HP

8.2.3. 201-400 HP

8.2.4. >400 HP

Chapter 9. Market Segmentation 5: By Engine Capacity Estimates & Trend Analysis

9.1. By Engine Capacity & Market Share, 2020 & 2031

9.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Engine Capacity:

9.2.1. <5L

9.2.2. 5-10 L

9.2.3. >10 L

Chapter 10. Market Segmentation 6: By End-use Industry Estimates & Trend Analysis

10.1. By End-use Industry & Market Share, 2020 & 2031

10.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2020 to 2031 for the following By End-use Industry:

10.2.1. Building & Construction

10.2.2. Forestry & Agriculture

10.2.3. Infrastructure

10.2.4. Mining

10.2.5. Others

Chapter 11. Heavy Construction Equipment Market Segmentation 7: Regional Estimates & Trend Analysis

11.1. North America

11.1.1. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By Machinery Type, 2019-2031

11.1.2. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By Propulsion Type, 2019-2031

11.1.3. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By Application, 2019-2031

11.1.4. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By Power Output, 2019-2031

11.1.5. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By Engine Capacity, 2019-2031

11.1.6. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By End-use Industry, 2019-2031

11.1.7. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts by country, 2019-2031

11.2. Europe

11.2.1. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Machinery Type, 2019-2031

11.2.2. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Propulsion Type, 2019-2031

11.2.3. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Application, 2019-2031

11.2.4. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Power Output, 2019-2031

11.2.5. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Engine Capacity, 2019-2031

11.2.6. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By End-use Industry, 2019-2031

11.2.7. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) by country, 2019-2031

11.3. Asia Pacific

11.3.1. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Machinery Type, 2019-2031

11.3.2. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Propulsion Type, 2019-2031

11.3.3. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Application, 2019-2031

11.3.4. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Power Output, 2019-2031

11.3.5. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Engine Capacity, 2019-2031

11.3.6. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By End-use Industry, 2019-2031

11.3.7. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) by country, 2019-2031

11.4. Latin America

11.4.1. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Machinery Type, (US$ Million) 2019-2031

11.4.2. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Propulsion Type, (US$ Million) 2019-2031

11.4.3. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Application, (US$ Million) 2019-2031

11.4.4. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Power Output, (US$ Million) 2019-2031

11.4.5. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Engine Capacity, (US$ Million) 2019-2031

11.4.6. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By End-use Industry, (US$ Million) 2019-2031

11.4.7. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) by country, 2019-2031

11.5. Middle East & Africa

11.5.1. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Machinery Type, (US$ Million) 2019-2031

11.5.2. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Propulsion Type, (US$ Million) 2019-2031

11.5.3. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Application, (US$ Million) 2019-2031

11.5.4. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Power Output, (US$ Million) 2019-2031

11.5.5. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Engine Capacity, (US$ Million) 2019-2031

11.5.6. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By End-use Industry, (US$ Million) 2019-2031

11.5.7. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) by country, 2019-2031

Chapter 12. Competitive Landscape

12.1. Major Mergers and Acquisitions/Strategic Alliances

12.2. Company Profiles

12.2.1. Caterpillar (US),

12.2.2. Liebherr AG (Germany),

12.2.3. Terex Corporation (US),

12.2.4. Volvo Group (Sweden),

12.2.5. Komatsu (Japan),

12.2.6. Hitachi Construction Machinery Co., Ltd. (Japan),

12.2.7. SANY Heavy Industry Co., Ltd. (China),

12.2.8. HD Hyundai (South Korea),

12.2.9. XCMG Group (China),

12.2.10. CNH Industrial N.V. (UK)

Segmentation Of Heavy Construction Equipment Market-

Heavy Construction Equipment Market By Machinery Type

  • 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

Heavy Construction Equipment Market Seg

Heavy Construction Equipment Market By Propulsion Type

  • Diesel
  • CNG/LNG/RNG
  • Electric

Heavy Construction Equipment Market By Engine Capacity

  • 5-10 L
  • 4 >10 L

Heavy Construction Equipment Market By Power Output

  • 101-200 HP
  • 201-400 HP
  • >400 HP

Heavy Construction Equipment Market By Application

  • Material Handling
  • Transportation
  • Excavation & Demolition
  • Heavy Lifting
  • Tunneling
  • Recycling & Waste Management

Heavy Construction Equipment Market By End-Use Industry

  • Mining
  • Infrastructure
  • Building & Construction
  • Forestry & Agriculture
  • Others

Heavy Construction Equipment Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Heavy Construction Equipment Market?

Heavy Construction Equipment Market expected to grow at a 4.34% CAGR during the forecast period for 2023-2031.

Zoomlion Heavy Industry Science & Technology Co., Ltd., Kobelco Construction Machinery Co., Ltd., Sumitomo Heavy Industries, Ltd., Hiab, Hidromek, and

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