Construction Equipment Market by Equipment Type (Excavator, Loader, Dozer, Dump Truck, Compactor, Crane), Propulsion, Power Output, Engine Capacity, Application, Electric Construction Equipment, Battery Chemistry, & Region - Global Forecast to 2030
ZOOMLION HEAVY INDUSTRY SCIENCE & TECHNOLOGY CO., LTD.
KOBELCO CONSTRUCTION MACHINERY CO., LTD.
HD HYUNDAI CONSTRUCTION EQUIPMENT CO., LTD.
KUBOTA CORPORATION
YANMAR HOLDINGS CO., LTD.
SUMITOMO CONSTRUCTION MACHINERY CO., LTD.
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THE MANITOWOC COMPANY, INC.
ASTEC INDUSTRIES, INC.
WACKER NEUSON SE
ESCORTS KUBOTA LIMITED.
AMMANN GROUP
LIUGONG MACHINERY CO., LTD.
MANITOU GROUP
SHANTUI CONSTRUCTION MACHINERY CO., LTD.
DINGSHENG TIANGONG CONSTRUCTION MACHINERY CO., LTD.
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The construction equipment market is projected to grow from USD 149.78 billion in 2024 to USD 194.78 billion by 2030, at a CAGR of 3.8%. The overall market growth is propelled by the continuously increasing infrastructural investments in residential, non-residential, and commercial sectors in Asian countries. Additionally, the inclination towards electrification of construction equipment in Europe and North America will boost the demand for construction equipment in the coming years.
Scope of the Report
Years Considered for the Study
2020-2030
Base Year
2023
Forecast Period
2024-2030
Units Considered
Volume (Units) and Value (USD Million)
Segments
By Equipment Type, Equipment Category, Power Output, Propulsion, Engine Capacity, Application
Regions covered
Asia, North America, Europe, The Middle East, and the Rest of the World [RoW]
Lithium Iron Phosphate (LFP) batteries will be the fastest-growing battery chemistry in Electric Construction Equipment during the forecast period.
Lithium Iron Phosphate (LFP) battery growth is propelled by higher demand in the Asian market. These batteries offer high electrochemical stability with low resistance for the flow of charge, increasing the efficiency rate. Due to better temperature resistance, 80-90% discharge capacity, and easy availability of raw materials, many OEMs are transitioning to use LFP batteries over lithium nickel manganese cobalt (NMC). The technology also offers a longer life span, minimal maintenance, optimized safety, and lightweight. Major players such as Caterpillar Inc. (US), XCMG (China), and Sany Group (China) are increasingly using LFP chemistry to power their machines. Komatsu (Japan) offers electric excavators powered by LFP batteries and Caterpillar (US) offers electric wheel loaders that utilize LFP battery technology These factors are estimated to drive the market for LFP batteries in electric construction equipment.
The earthmoving equipment segment is predicted to be the largest and fastest-growing equipment category segment.
Earthmoving equipment is estimated to contribute >65% share in 2024 to the construction equipment market. The growth in this segment can be attributed to a wide range of equipment such as excavators (crawler and wheeled), loaders (backhoe, skid-steer), and motor graders. Among these, excavators are the most seen in the earthmoving equipment category, and continuously rising demand will keep them ahead during the forecast period. Asia Pacific is estimated to lead the earthmoving equipment market with more than 50% of the total market in 2024. The growth of earthmoving equipment in Asia is mainly due to countries like China and India. For instance, as per the National Bureau of Statistics, China has initiated 10,644 new water conservancy projects, including 609 projects; the country initiated 10,644 new water conservancy projects for 2022. The National Highways Authority of India (NHAI) planned to develop 23 new highways, including a network of expressways and economic corridors, by March 2025. Thus, such development projects would drive the demand for the earthmoving equipment category during the forecast period.
"North America is the world's second-largest construction equipment market."
North America is estimated to hold >25% of the global construction equipment market. The US dominates the North American construction equipment market, accounting for ~80% in 2023. The construction industry in the North American market faced a decline in 2024, this was majorly due to the geopolitical unrest due to the Ukraine-Russia and Israel Palestine war and rising inflation rates and the fall is estimated to remain till mid of 2026, the market for construction equipment is expected to revive in the region from late 2026 to early 2027.. According to the Associated General Contractors of America (AGC), the construction market growth is attributed to increased residential and commercial construction spending. The US government's commitment to infrastructure projects, supported by funding from the Bipartisan Infrastructure Law, which allocates USD 5 Billion, emphasizes the anticipated growth in expanding roadways with investments from the government. The rising trend towards rental services for construction equipment is also expected to propel market expansion as companies look for cost-effective solutions between fluctuating economic conditions. The growing trend towards electric and hybrid construction equipment, supported by sustainability goals and new emission standards, is expected to contribute significantly to market expansion. The key players in the North American construction equipment market are Caterpillar (US), Deere & Company (US) and Terex Corporation (US).
In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
By Company Type: Construction equipment Manufacturers - 50%, Construction equipment Component Suppliers - 40%, and Others- 10%
By Designation: C Level - 40%, Directors- 40%, and Others - 20%
By Region: North America - 20%, Europe - 30%, and Asia Pacific - 30%, The Middle East & RoW-20%
The construction equipment market is led by established players such as Caterpillar (US), Komatsu Ltd. (Japan), Xuzhou Construction Machinery Group (China), and Deere & Company (US).
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall Construction equipment market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of Key drivers (Growth in infrastructure development projects, and Increasing demand for sustainable construction solutions), Restraint (Stringent international trade policies and mandates), opportunities (Ongoing development in lithium battery chemistry, Advancements in autonomous construction equipment and Rapid digitalization of services) and challenges (Limited battery capacity in electric equipment and Susceptibility to cyber-attacks) influencing the growth of construction equipment market.
Product Development/Innovation: Detailed insights on upcoming technologies, research development activities, and new products & services of the Construction equipment market
Market Development: Comprehensive information about the lucrative market - the report analyzes the construction equipment market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the construction equipment market
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and Deere & Company (US). among others in the construction equipment market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 UNITS CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Primary interview participants
2.1.3 SAMPLING TECHNIQUES AND DATA COLLECTION METHODS
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.5 RESEARCH ASSUMPTIONS AND RISK ASSESSMENT
2.6 RESEARCH LIMITATIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC CONSTRUCTION EQUIPMENT MARKET
4.2 CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE
4.3 CONSTRUCTION EQUIPMENT MARKET, BY APPLICATION
4.4 RENTAL CONSTRUCTION EQUIPMENT MARKET, BY APPLICATION
4.5 CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT CATEGORY
4.6 CONSTRUCTION EQUIPMENT MARKET, BY AFTER-TREATMENT DEVICE
4.7 CONSTRUCTION EQUIPMENT MARKET, BY PROPULSION
4.8 CONSTRUCTION EQUIPMENT MARKET, BY POWER OUTPUT
4.9 AUTONOMOUS CONSTRUCTION EQUIPMENT MARKET, BY REGION
4.10 CONSTRUCTION EQUIPMENT MARKET, BY ENGINE CAPACITY
4.11 CONSTRUCTION EQUIPMENT MARKET, BY BATTERY CHEMISTRY
4.12 ELECTRIC & HYBRID CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE
4.13 CONSTRUCTION EQUIPMENT MARKET, BY REGION
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Growth in infrastructural development projects
5.2.1.2 Increasing demand for sustainable construction solutions
5.2.2 RESTRAINTS
5.2.2.1 Stringent international trade policies and mandates
5.2.3 OPPORTUNITIES
5.2.3.1 Ongoing developments in lithium battery chemistry
5.2.3.2 Advancements in autonomous construction equipment
5.2.3.3 Rapid digitalization of services
5.2.4 CHALLENGES
5.2.4.1 Battery-related issues in electric equipment
5.2.4.2 Susceptibility to cyber attacks
5.3 IMPACT OF AI/GENERATIVE AI
5.3.1 IMPACT OF AI/GENERATIVE AI ON CONSTRUCTION EQUIPMENT MARKET
5.4 TECHNOLOGY ANALYSIS
5.4.1 KEY TECHNOLOGIES
5.4.1.1 Autonomous construction equipment
5.4.1.2 Hydrogen combustion engines for construction equipment
5.4.1.3 Hydrogen fuel cells for construction equipment
5.4.2 COMPLEMENTARY TECHNOLOGIES
5.4.2.1 Monitoring and diagnosis via connected technologies
5.4.3 ADJACENT TECHNOLOGIES
5.4.3.1 Grade control systems
5.4.3.2 Advanced material science
5.5 USE CASE ANALYSIS
5.5.1 PREDICTIVE MAINTENANCE
5.5.2 LOW-CARBON CONSTRUCTION MACHINERY
5.5.3 SMART CONSTRUCTION EQUIPMENT
5.6 INVESTMENT AND FUNDING SCENARIO
5.7 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.8 PRICING ANALYSIS
5.8.1 BY EQUIPMENT TYPE
5.8.1.1 Average selling price trend of construction equipment, by equipment type, 2021-2023
5.8.2 BY REGION
5.8.2.1 Average selling price trend of construction equipment, by region, 2021-2023
5.9 ECOSYSTEM MAPPING
5.10 SUPPLY CHAIN ANALYSIS
5.11 PATENT ANALYSIS
5.12 TRADE ANALYSIS
5.12.1 IMPORT DATA
5.12.2 EXPORT DATA
5.13 REGULATORY LANDSCAPE
5.13.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.13.2 REGULATORY ANALYSIS OF CONSTRUCTION EQUIPMENT MARKET
5.13.3 NON-ROAD MOBILE MACHINERY REGULATIONS OUTLOOK, 2019-2030
5.13.3.1 North America
5.13.3.1.1 US
5.13.3.2 European Union
5.13.3.3 Asia
5.13.3.3.1 China
5.13.3.3.2 India
5.14 KEY CONFERENCES AND EVENTS, 2025
5.15 KEY STAKEHOLDERS AND BUYING CRITERIA
5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
5.15.2 BUYING CRITERIA
5.16 CONSTRUCTION EQUIPMENT (ELECTRIC EXCAVATOR) OEM ANALYSIS
5.16.1 BATTERY CAPACITY VS. OEMS
5.16.2 POWER OUTPUT VS. OEMS
6 CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE
6.1 INTRODUCTION
6.2 ARTICULATED DUMP TRUCKS
6.2.1 EASE OF MANEUVERABILITY ON ROUGH TERRAIN TO DRIVE GROWTH
6.3 ASPHALT FINISHERS
6.3.1 INCREASE IN ROAD CONSTRUCTION PROJECTS IN EMERGING MARKETS TO DRIVE GROWTH
6.4 BACKHOE LOADERS
6.4.1 RISE IN SMART CITY PROGRAMS TO DRIVE DEMAND
6.5 CRAWLER DOZERS
6.5.1 BOOST IN INFRASTRUCTURE DEVELOPMENT ACTIVITIES TO DRIVE GROWTH
6.6 CRAWLER EXCAVATORS
6.6.1 GROWING DEMAND FOR ADVANCED CRAWLER EXCAVATORS TO DRIVE MARKET
6.7 CRAWLER LOADERS
6.7.1 R&D ON DEPLOYMENT OF ADVANCED TECHNOLOGIES IN CRAWLER LOADERS TO DRIVE MARKET
6.8 MINI EXCAVATORS
6.8.1 ABILITY TO WORK IN NARROW SPACES TO DRIVE GROWTH
6.9 MOTOR GRADERS
6.9.1 GOVERNMENT INITIATIVES FOR ROAD INFRASTRUCTURE DEVELOPMENT TO DRIVE GROWTH
6.10 MOTOR SCRAPERS
6.10.1 EXTENSIVE USE IN CONSTRUCTION APPLICATIONS TO DRIVE GROWTH
6.11 ROAD ROLLERS
6.11.1 SURGE IN ROAD DEVELOPMENT PROJECTS IN ASIA TO DRIVE GROWTH
6.12 RIGID DUMP TRUCKS
6.12.1 LOWER TIRE ROLLING RESISTANCE THAN ARTICULATED DUMP TRUCKS TO DRIVE MARKET
6.13 ROUGH TERRAIN LIFTING TRUCK (RTLT) MASTED
6.13.1 HEAVY MATERIAL HANDLING CAPACITY TO DRIVE GROWTH