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Construction Equipment Market Size By Product (Earth Moving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

  • Report ID: GMI2803
  • Base Year: 2021
  • Report Format: PDF

Industry Statistics

Global Construction Equipment Market size surpassed USD 150 billion in 2021 and is estimated to expand at over 5% CAGR from 2022 to 2028. Rising commercial constructions, such as IT parks, shopping malls, and other government buildings, are driving the industry growth.

Global Construction Equipment Market

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Construction equipment possesses the ability to efficiently carry out heavy-duty works required in the construction sector, thereby boosting the market demand. The shifting focus of construction companies and building contractors toward the speeding up of construction operations without compromising safety & security will enhance the business expansion.

Various governments, such as the UK, Brazil, Taiwan, New Zealand, and France, are focusing on improving their road and building infrastructures. These governments are heavily investing in various infrastructure projects to accelerate their economic growth. For instance, in September 2021, the UK Government announced to invest around USD 900 billion across private and public infrastructures in the next ten years. These developments will include pipeline constructions, renovation of school & college buildings, and the creation of around 425,000 jobs per year in the next four years.

The construction equipment market is experiencing an upward trend owing to increasing focus toward smart cities and buildings. Several government authorities are establishing strategic partnerships with private firms to increase their transition toward smart cities, creating a positive market outlook. For instance, in January 2021, Saudi Arabia announced to create a green smart city, NEOM, which is situated within 10,200 square miles in KSA will value at USD 500 billion.

One of the vital factors restricting the construction equipment industry growth is their expensive ownership costs. These equipments has high maintenance costs, which include changing oil & other lubricants, engine & hydraulic motor servicing, filter replacement, and tire-related works, affecting the market statistics considerably. Furthermore, industry participants are focusing on introducing smart construction machinery, which require well-trained operators for safe and secure usage. The lack of competent and skilled operators in the market is creating a hindrance in the adoption of construction equipment globally.

The construction equipment market was hit worst in the three quarters of 2020 due to the significant spread of COVID-19. Governments across the globe accepted strict safety measures including lockdown to contain the virus. This lockdown resulted in the temporary suspension of construction activities, shutdown of construction equipment manufacturing facilities, and disturbance in global imports & exports. Companies, such as CNH Industrial N.V., Liebherr Group, and The Manitowoc Company, halted their production in 2020 for the safety of their employees. However, the industry is expected to witness a speedy recovery in 2022 led by various government initiatives to improve the country’s infrastructure.

Significant proliferation of road development projects fueling concrete equipment demand

Concrete Equipment Market Size, By Product

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Concrete equipment industry held around 15% of the market share in 2021. The rising transportation and logistics sector expansion activities will create a favorable environment for concrete equipment. These equipment play a vital role in all types of construction including energy plants, buildings, towers, roads, stadiums, and utility works.

The concrete pump’s ability to deliver freshly formed liquid concrete to the desired location effectively is augmenting the market growth. Key industry players, such as Concrete & Materials Placement, LLC, Putzmeister, and Concord Concrete Pumps, are focusing on mergers and acquisitions to increase their product offerings.

Increasing industrial development projects and rental construction equipment demand in North America

North America Construction Equipment Market Share, by Region

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The construction equipment market size in North America exceeded USD 30 billion in 2021. Supportive government initiatives for infrastructure development and advancement in the transport & logistics sector will provide a positive outlook to the regional industry. Additionally, the remarkable presence of established market leaders and their remarkable focus on innovating new products will spur construction equipment adoption.

Companies, such as Deere & Company, Caterpillar, Inc., The Manitowoc Company, and Terex Corporation, are investing in R&D for new technology innovations. These players are focusing on improving their remote support to their existing clients to increase the customer retention rate.

Market players robust focus on expanding their portfolio

Industry participants are significantly investing in R&D to launch new equipment and achieve higher profitability from this potential market. For instance, in April 2021, Caterpillar launched the New CAT 816 Soil Compactor with improved airflow technology to reduce cleaning and maintenance. The radial air filter of this model lasts four times longer than the previous models.

Key players operating in the construction equipment market include Caterpillar, Inc., CNH Industrial, Doosan Group, Guangxi LiuGong Machinery Co., Ltd., Hitachi Construction Machinery Co., Ltd., J.C. Bamford Excavators Limited, Deere & Company, Kobelco Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr Group, Palfinger AG, SANY Group, Sumitomo Heavy Industries Ltd., Tadano Ltd., Terex Corporation, The Atlas Copco Group, The Manitowoc Company, Inc., Volvo Construction Equipment, Wacker Neuson, XCMG Group, and Zoomlion Heavy Industry Science & Technology Co., Ltd.

This market research report on construction equipment includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion from 2022 to 2028 for the following segments:

Market, By Product

  • Earthmoving & Roadbuilding Equipment 
    • Backhoes
    • Excavators
    • Loaders
    • Compaction Equipment
    • Others
  • Material Handling and Cranes 
    • Storage & Handling Equipment
    • Engineered Systems
    • Industrial Trucks
    • Bulk Material Handling Equipment
    • Others 
  • Concrete Equipment
    • Concrete Pumps
    • Crushers
    • Transit Mixers
    • Asphalt Pavers
    • Batching Plants

The above information has been provided for the following regions and countries:

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


Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The market size of construction equipment crossed USD 150 billion in 2021 and is projected to witness around 5% gains up to 2028, says this GMI report.

Concrete equipment accounted for a revenue share of over 15% in 2021 and will grow driven by the rise in the number of transportation and logistics activities.

North America construction equipment sector valued at nearly USD 30 billion in 2021 and will grow with the presence of supportive government initiatives for infrastructure development and progressions in the transport & logistics sector.

Caterpillar, Inc., Deere & Company, Liebherr Group, Sumitomo Heavy Industries Ltd., Kobelco Construction Machinery Co., Ltd., the Atlas Copco Group, Terex Corporation, and The Manitowoc Company, Inc., are some key construction equipment industry participants.

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Premium Report Details

  • Published Date: Feb 2022
  • Companies covered: 20
  • Tables & Figures: 248
  • Countries covered: 16
  • Pages: 250

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