Home > Construction > Construction Equipment > Construction Equipment Market

Construction Equipment Market Analysis

  • Report ID: GMI2803
  • Published Date: Apr 2024
  • Report Format: PDF

Construction Equipment Market Analysis

Based on product, the earthmoving & roadbuilding equipment segment was worth over USD 90 billion in 2023, driven by earthmoving & roadbuilding equipment. Earthmoving equipment such as excavator, bulldozers, and loaders are essential for tasks like excavation, grading, and land clearing, vital for constructing roads, bridges, and buildings. Roadbuilding equipment, including asphalt pavers and compactors, plays a crucial role in constructing and maintaining transportation networks. As urbanization and population growth drive the need for infrastructure development, the demand for earthmoving and roadbuilding equipment remains robust. Contractors and construction companies rely on these specialized machines to efficiently complete projects, contributing to the growth of the construction equipment market.

Construction Equipment Market Share, By Earthmoving & Roadbuilding Equipment, 2023

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.

China Construction Equipment Market Size, 2022 -2032, (USD Billion)

Asia Pacific region dominated the global construction equipment market with a major share of over 45% in 2023. Rapid urbanization, population growth, and infrastructure development projects fuel the need for construction machinery across countries like China, India, and Southeast Asian nations. Government investments in infrastructure, including transportation, energy, and residential sectors, further propel demand. Besides, rising industrialization and commercial construction activities contribute to the market growth. With emerging economies prioritizing development agendas, the demand for construction equipment in the Asia Pacific region continues to surge, making it a pivotal market for manufacturers and suppliers seeking opportunities for expansion and growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of construction equipment was recorded USD 171.1 billion in 2023 and will grow at a 6% CAGR between 2024 and 2032 owing to rapid urbanization and population growth, increasing investments in construction projects and the need for equipment replacement and fleet modernization.

The earthmoving & roadbuilding equipment segment in the construction equipment market secured USD 90 billion in 2023, attributed to their crucial role in infrastructure projects and technological advancements, such as GPS and telematics.

Asia Pacific construction equipment industry captured 45% share in 2023, driven by robust infrastructure development and urbanization projects and government initiatives for infrastructure modernization and expansion.

Prominent leaders operating in the construction equipment industry are Caterpillar, Inc., CNH Industrial, Deere & Co., Doosan Group, Hitachi Construction Machinery, Komatsu, Ltd., Liebherr Group, Sany Group among others.

Construction Equipment Market Scope

Buy Now

Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 350
  • Countries covered: 20
  • Pages: 265
 Download Free Sample