How Has The Heavy Construction Equipment Market Size Evolved In Recent Years?
The heavy construction equipment market has seen considerable growth due to a variety of factors.
• The size of the heavy construction equipment market has seen significant growth over the past few years. Its expansion is projected to continue, surging from $204.24 billion in 2024 to $219.33 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%. Factors contributing to the growth during the historical period include the development of the construction industry, increasing demolition activities, heightened infrastructure investment, governmental initiatives, sustainable practices, and concerns for the environment.
What Are The Predictions for The Heavy Construction Equipment Market Size?
The Heavy Construction Equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size of heavy construction equipment is projected to experience substantial growth, reaching $289.86 billion in 2029 with a compound annual growth rate (CAGR) of 7.2%.
This growth within the projected period is driven by factors such as modernization of infrastructure, implementation of environmentally friendly construction methods, expansion of the global mining industry, emphasis on operator's safety, emerging market development, versatility, and a surge in the rental market. Trends that will shape the forecast period encompass digital transformation in the construction sphere, technological advancements and automation, the uptake of electric and hybrid construction equipment, enhancements in efficiency through progressive hydraulic systems, and the use of telematics for fleet management.
Which Drivers Are Accelerating Growth In The Heavy Construction Equipment Market?
The surge in government infrastructure development plans is projected to fuel the growth of the heavy construction equipment sector. Recently, many national governments have exhibited a heightened emphasis on infrastructure as a means of stimulating economic advancement and establishing top-tier infrastructure facilities within their countries via the construction of power plants, bridges, dams, roads, city infrastructure development, and more. Heavy construction equipment is instrumental in tackling demanding tasks involved in infrastructure construction given their high lifting capacity, resilience in arduous environmental circumstances, and ability to handle large materials. Notably, in July 2022, the Ministry of Road Transport & Highways committed US$ 22 million under the Economic Importance and Inter State Connectivity Scheme (EIC&ISC) for FY22. Consequently, the ramping of government infrastructure development projects is inherently advancing the growth of the heavy construction equipment industry.
What Are The Core Segments Of The Global Heavy Construction Equipment Market?
The heavy construction equipment market covered in this report is segmented –
1) By Equipment Type: Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Other Equipment
2) By Application: Excavation And Demolition, Heavy Lifting, Tunneling, Material Handling, Recycling And Waste Management
3) By End User: Infrastructure, Construction, Mining, Oil And Gas, Manufacturing, Other End Users
Subsegments:
1) By Earthmoving Equipment: Excavators, Bulldozers, Loaders, Graders, Dump Trucks, Backhoes
2) By Material Handling Equipment: Cranes, Forklifts, Conveyor Systems, Hoists, Pallet Jacks
3) By Heavy Construction Vehicles: Dump Trucks, Concrete Mixers, Asphalt Pavers, Rollers, Tow Trucks
4) By Other Equipment: Generators, Air Compressors, Scaffolding, Paving Equipment, Drilling Machines
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Which Emerging Trends Are Reshaping The Heavy Construction Equipment Market Size?
Key players in the heavy construction equipment industry are honing in on cutting-edge technologies such as Independent Metering Valve Technology (IMVT) to improve operational efficacy, boost fuel efficiency, cut down emissions, and fine-tune machinery performance, thereby escalating productivity and reducing costs for consumers. The IMVT is a hydraulic system blueprint offering individual control of flow and pressure for every actuator, enabling accurate and productive operation, with enhanced performance in mobile and industrial settings. As an example, Volvo Construction Equipment, a machine industry firm based in Sweden, unveiled the EC550E in July 2022. The EC550E is depicted as a multi-purpose solution for varied heavy-duty operations, particularly in regions like India where it has been exclusively introduced. The EC550E is projected to enhance productivity by up to 35%, rendering it a profitable choice for contractors aiming to optimize efficiency in substantial projects.
Who Are the Key Players In The Heavy Construction Equipment Market?
Major companies operating in the heavy construction equipment market include:
• The Volvo Group
• Caterpillar Inc.
• CNH Industrial NV
• Deere & Company
• Doosan Corporation
• Hitachi Construction Machinery Co. Ltd.
• J C Bamford Excavators Limited
• Komatsu Limited
• Liebherr Group
• Sany Group
• XCMG Group
• Terex Corporation
• Zoomlion Heavy Industry Science and Technology Co. Ltd.
• Sandvik AB
• Kobelco Construction Machinery
• Wirtgen Group
• Manitowoc Company Inc.
• LiuGong Machinery Corporation
• Atlas Copco Group
• Palfinger AG
• Tadano Ltd.
• Kato Works Co. Ltd.
• Haulotte Group
• BOMAG GmbH
• Yanmar Co. Ltd.
• Takeuchi Mfg. Co. Ltd.
• Kubota Corporation
• Bobcat Company
• Case Construction Equipment
• JLG Industries Inc.
• Genie Industries
• Skyjack Inc.
What Are The Regional Insights Into The Heavy Construction Equipment Market?
Asia-Pacific was the largest region in the heavy construction equipment market in 2024. The regions covered in the heavy construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
