Heavy Construction Equipment Market Size is valued at USD 202.84 Bn in 2024 and is predicted to reach USD 333.52 Bn by the year 2034 at a 5.2% CAGR during the forecast period for 2025-2034.
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 Market growth is also supported by the ongoing need to refurbish or replace outdated infrastructure.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.
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 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.
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.
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.
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.
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.
|
Report Attribute |
Specifications |
|
Market Size Value In 2024 |
USD 202.84 Bn |
|
Revenue Forecast In 2034 |
USD 333.52 Bn |
|
Growth Rate CAGR |
CAGR of 5.2% from 2025 to 2034 |
|
Quantitative Units |
Representation of revenue in US$ Bn, Volume (Units) and CAGR from 2025 to 2034 |
|
Historic Year |
2021 to 2024 |
|
Forecast Year |
2025-2034 |
|
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, 2024 & 2034
5.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2021 to 2034 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, 2024 & 2034
6.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2021 to 2034 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, 2024 & 2034
7.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2021 to 2034 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, 2024 & 2034
8.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2021 to 2034 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, 2024 & 2034
9.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2021 to 2034 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, 2024 & 2034
10.2. Market Size (Value US$ Mn & Volume (Units)) & Forecasts and Trend Analyses, 2021 to 2034 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, 2021-2034
11.1.2. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By Propulsion Type, 2021-2034
11.1.3. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By Application, 2021-2034
11.1.4. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By Power Output, 2021-2034
11.1.5. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By Engine Capacity, 2021-2034
11.1.6. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts By End-use Industry, 2021-2034
11.1.7. North America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) estimates and forecasts by country, 2021-2034
11.2. Europe
11.2.1. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Machinery Type, 2021-2034
11.2.2. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Propulsion Type, 2021-2034
11.2.3. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Application, 2021-2034
11.2.4. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Power Output, 2021-2034
11.2.5. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Engine Capacity, 2021-2034
11.2.6. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By End-use Industry, 2021-2034
11.2.7. Europe Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) by country, 2021-2034
11.3. Asia Pacific
11.3.1. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Machinery Type, 2021-2034
11.3.2. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Propulsion Type, 2021-2034
11.3.3. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Application, 2021-2034
11.3.4. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Power Output, 2021-2034
11.3.5. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Engine Capacity, 2021-2034
11.3.6. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By End-use Industry, 2021-2034
11.3.7. Asia Pacific Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) by country, 2021-2034
11.4. Latin America
11.4.1. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Machinery Type, (US$ Million) 2021-2034
11.4.2. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Propulsion Type, (US$ Million) 2021-2034
11.4.3. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Application, (US$ Million) 2021-2034
11.4.4. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Power Output, (US$ Million) 2021-2034
11.4.5. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Engine Capacity, (US$ Million) 2021-2034
11.4.6. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By End-use Industry, (US$ Million) 2021-2034
11.4.7. Latin America Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) by country, 2021-2034
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) 2021-2034
11.5.2. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Propulsion Type, (US$ Million) 2021-2034
11.5.3. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Application, (US$ Million) 2021-2034
11.5.4. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Power Output, (US$ Million) 2021-2034
11.5.5. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By Engine Capacity, (US$ Million) 2021-2034
11.5.6. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) By End-use Industry, (US$ Million) 2021-2034
11.5.7. Middle East & Africa Heavy Construction Equipment Market revenue (US$ Million) & Volume (Units) by country, 2021-2034
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)
Heavy Construction Equipment Market By Machinery Type
Heavy Construction Equipment Market By Propulsion Type
Heavy Construction Equipment Market By Engine Capacity
Heavy Construction Equipment Market By Power Output
Heavy Construction Equipment Market By Application
Heavy Construction Equipment Market By End-Use Industry
Heavy Construction Equipment Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & 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:
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:
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.
