Construction Equipment

The construction equipment market is experiencing significant growth due to rapid technological progress, increasing labor shortages, and evolving customer demands. The construction-equipment sector is in the throes of a substantial change with demand being extremely unpredictable and new potentially paradigm-shifting technologies available, such as electrification and big data. Average manufacturing and construction wages have risen over 20% since the first quarter of 2020, reflecting strong demand for labor. In the United States alone, 41% of the pre-2020 construction labor force is forecast to retire by 2031, offering unprecedented opportunities for equipment automation and efficiency improvements.

The rental segment is a key growth driver in various equipment categories. The construction equipment rental market surpassed USD 147.4 billion in 2024 and is anticipated to exhibit approximately 6.2% CAGR between 2025 and 2034 due to the high cost of purchasing construction machines. Cranes rental market crossed USD 14.9 billion in 2023 and is expected to experience around 9% CAGR between 2024 and 2032 due to rising investment in infrastructure development.

Specialized segments of equipment show robust growth paths. The overall crane market size reached USD 26.3 billion in 2023 and is anticipated to witness a CAGR of 6.9% from 2024 to 2032, fueled by increased focus on sustainability in the heavy equipment and construction industries. Construction equipment attachments market surpassed USD 6.6 billion in 2023, and more than 4.6% CAGR estimated during 2032, demonstrating industry emphasis on diversity and special-purpose applications in road construction and instrumentation industries.