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July 1, 2024

Global Construction Equipment Market is projected to be

Clifton, New Jersey, Feb. 28, 2023 (GLOBE NEWSWIRE) — The demand for construction equipment globally is increasing rapidly due to economic growth, infrastructural activities, urbanization, population growth, technological advancements, and governmental policies. The global economy experienced a recovery following the significant slowdown caused by the COVID-19 pandemic in 2020. According to the International Monetary Fund (IMF), the global economy grew by an estimated 6.0% in 2021. Governments worldwide are investing in infrastructure development projects such as roads, bridges, airports, and railways, which require construction equipment, leading to a higher demand for such equipment. According to the United Nations, the global urbanization rate in 2021 was estimated to be around 56% of the world’s population living in urban areas. The American region has higher rates of urbanization than others, such as Africa and Asia. Technological advancements in construction machinery are helping to improve safety, increase efficiency, reduce costs, and enhance sustainability.

Key Takeaways:

  • Global Construction Equipment Market grew historically at a growth rate of 3.49%.
  • Earth Moving equipment held the highest share of 49.21% in 2021, driven by the increased use of Motor Graders and Excavators.
  • The Asia-Pacific region leads the global construction equipment market with significant construction projects underway in China, India, Indonesia, and South Korea.
  • Caterpillar & Komatsu are the leading players in the global construction equipment market.
  • Key construction equipment manufacturers across the globe have launched their electric construction equipment to mitigate the use of conventional fuel vehicles, in line with their sustainability policies.

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Significant technological advancements in construction equipment like telematics and IoT, automation and robotics, artificial intelligence, electrification, augmented reality, and virtual reality has increased the efficiency and quality of construction globally. This enables remote monitoring, predictive maintenance, and other capabilities that can help improve equipment performance, reduce downtime, and enhance safety. Examples include autonomous excavators, bulldozers, and other heavy machinery. AI is being used to enhance the capabilities of construction equipment, including the use of computer vision to enable machines to recognize and respond to their environment and the use of predictive analytics to optimize equipment performance and reduce downtime. The electrification of construction equipment can help reduce emissions, lower operating costs, and enhance efficiency. This includes the development of electric excavators, bulldozers, and other heavy machinery. AR and VR are being used to enhance training and simulation capabilities, allowing operators to practice using equipment in a virtual environment before operating it on a construction site.

Most construction companies are facing heavy equipment operator shortages throughout the world. Manufacturers are increasingly focusing on technology such as robotics and automation to combat labor shortages while also completing tasks faster, reducing waste, and providing high yields with improved quality. Experts believe that one of the best solutions to combat labor shortages is to automate construction equipment, especially in remote areas for repetitive tasks and in locations with significant labor shortages. Making existing equipment autonomous is a trend in the construction equipment market. Companies are interested in automation, but the implementation cost for the deployment of technology is high. Therefore, construction companies are planning to rent these machines to stay competitive by using new technology without the potential barriers of high investments.

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Construction machinery is used in construction projects to load and unload materials, drive tools, and materials into and out of a construction site, feed or retrieve material into a processing machine, handle raw materials by transporting them, cut trees and other vegetation, and many other applications. The main products of construction machinery are earthmoving, material handling, building and road construction equipment, and autonomous construction equipment. “Earthmoving” refers to machinery that is used for digging and moving large amounts of soil. The various applications involved are excavation and mining, lifting and material handling, earthmoving, transportation, and other applications. The various end-users involved are oil and gas, construction and infrastructure, manufacturing, mining, and other end-users. Increasing investment in infrastructure is anticipated to contribute to the construction machinery market’s growth.

Rising employment opportunities and a shift towards urban areas have led to increased public and private sector investments in the North America construction sector. Government initiatives, such as the Smart Cities Project under the U.S. Economic Development Program, support the regional construction equipment market. There are many smart city construction projects underway in North America. Hudson Yards is a massive development on Manhattan’s west side that includes residential and commercial buildings, parks, and cultural venues. Quayside is a waterfront development project in Toronto that is being developed by Sidewalk Labs, a subsidiary of Alphabet Inc. The project aims to create a connected and sustainable community that uses technology to improve urban living. The West Village development in Calgary is a mixed-use development that includes residential, commercial, and office space. The Battery is a mixed-use development located next to SunTrust Park, the home of the Atlanta Braves baseball team. The development includes residential, office, and retail space, as well as a hotel and a theater. The U.S. construction equipment industry will witness substantial growth owing to growing investments by suppliers and manufacturers in the installation of automated equipment in distribution centers and warehouses. Major players, such as Amazon and eBay, are investing significant amounts in the construction of warehouses for the storage of inventory.

The demand for cost-effective machines, combined with regulatory pressures for lower emissions, is pressuring construction equipment manufacturers to choose electric and hybrid vehicles over traditional hydraulic and mechanical vehicles. As a result, progress in the electrification of construction equipment is accelerating. Europe has established regulations requiring diesel engines to produce almost negligible NOx and SOx emissions. There are several ongoing smart city construction projects in Europe. Smart City Wien is a comprehensive urban development program that aims to make Vienna a more livable, sustainable, and innovative city. Porta Nuova is a redevelopment project in the heart of Milan that includes office and residential buildings as well as a large public park. The Edge is a state-of-the-art office building in Amsterdam that is widely regarded as one of the world’s most sustainable and intelligent buildings. The Urban Flows Observatory is a research project in Sheffield that uses sensors and data analytics to monitor air quality, traffic flows, and other aspects of urban life. Hafen City is a large-scale urban development project in Hamburg that is transforming a former industrial area into a vibrant, mixed-use neighborhood.

In the Asia-Pacific region, China is expected to stand as the largest market, followed by India, South Korea, and Japan, due to the presence of large construction equipment OEMs, huge infrastructure spending by the government, growing urbanization, and global companies entering into joint ventures with the local players to manufacture construction equipment in China. Songdo, in South Korea, is a planned city near Seoul that is being developed as a smart city from the ground up. Gujarat International Finance Tec City, or GIFT City, is a planned business district near Ahmedabad that is being developed as a smart city. Forest City, in Malaysia, is a massive mixed-use development in Johor Bahru that includes residential, commercial, and leisure facilities. Tianjin Eco-City, China, is a planned city near Beijing that is being developed as a model for sustainable urban development. Smart Nation, Singapore is a national initiative in Singapore that aims to use technology to improve the lives of citizens and businesses. In Indonesia, construction equipment sales are driven by the construction of manufacturing zones and growth in the mining industry. The market is characterized by the presence of considerable global players as well as some local players who have secured long-term supply contracts with major infrastructure companies.

Both Colombia and Chile have embarked on major road and highway construction programs as well as instigated projects for massive new tunnels and bridges. The market is driven by proactive initiatives by national governments to develop industrial and commercial sectors. The South American earthmoving equipment market is projected to witness robust growth through 2027 owing to the growth of transportation sectors and increased government investments in highway, metro, and airport construction projects. The FDI inflow in Latin America is expected to rise due to the growth in mining, renewable energy, and construction activities. The increase in metal prices such as gold, copper, and iron ores will attract investments in the mining projects in the region. There are several ongoing smart city construction projects in South America. Smart Santiago is a program that aims to make the Chilean capital a more connected and sustainable city. Porto Maravilha is a large-scale redevelopment project in Rio de Janeiro that aims to revitalize the city’s port area. Ciudad Creativa Digital is a planned development in Guadalajara that aims to create a hub for the digital and creative industries. Smart City Laguna is a planned development in Arequipa that aims to create a sustainable and connected community.

One of the major factors driving the growth of the market is the growing construction industry, especially in developing countries, owing to the numerous growth opportunities in the infrastructure, residential, and non-residential sectors. Saudi Arabia, the United Arab Emirates, Oman, and Egypt are launching several infrastructure projects, including new megacities, railway projects, harbor projects, new airport projects, housing projects, and so on, all of which are expected to boost construction demand. The increased tourism is driving the construction of hotels and other hospitality centers in the Middle East region. Several smart city construction projects are currently underway in the Middle East and Africa. NEOM is a planned smart city located in the northwest region of Saudi Arabia. Masdar City is a planned city located in Abu Dhabi that is being developed as a sustainable and carbon-neutral community. King Abdullah Economic City is a planned city located on the Red Sea coast of Saudi Arabia. Vision 2030 is a comprehensive urban development program in Dubai that aims to make the city a global hub for business, tourism, and innovation. Konza Technopolis is a planned city located near Nairobi that is being developed as a hub for technology and innovation in East Africa.

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Recent Developments:

Komatsu India launched three new B-20 biodiesel-compatible excavators (Komatsu PC205-10MO Hydraulic Excavator, Komatsu PC500LC-10R Hydraulic Excavator, and Komatsu PC210LC-10M0 Super Long Front) in India during Excon 2022.

Volvo CE launched the EC550E excavator in India. The excavator is specifically designed for heavy-duty digging and mass excavation.

Caterpillar Inc. launched 303 CR mini excavators and 120 GC Motor graders in India. These two products were displayed at the Confederation of Indian Industry (CII) EXCON 2022 in Bengaluru, along with Caterpillar’s existing range of products, including excavators, motors, wheels, backhoes, and skid steer loaders.

Hitachi Ltd. announced the selling of a 50% stake in Hitachi Construction Machinery Ltd. to a joint venture between Itochu Corporation and investment fund Japan Industrial Partners Inc. for JPY 182.4 billion.

Considered in the Report

  •   Geography: Global
  •   Historic Year: 2016
  •   Base year: 2021
  •   Estimated year: 2022
  •   Forecast year: 2027

Table of Content

1.     Executive Summary
2.     Report Methodology
3.     Market Structure
3.1.  Market Considerate
3.2.  Market Definition
4.     Economic /Demographic Snapshot
5.     Global Construction Equipment Market Outlook
5.1.  Market Size By Value
5.2.  Market Share
5.2.1.     By Region
5.2.2.     By Country
5.2.3.     By Company
5.2.4.     By Application
6.     Global Earth Moving Machinery Market Outlook
6.1.  Market Size By Value
6.2.  Market Share
6.2.1.     By Region
6.2.2.     By Equipment
7.     Global Material Handling Machinery Market Outlook
7.1.  Market Size By Value
7.2.  Market Share
7.2.1.     By Region
7.2.2.     By Equipment
8.     Global Concrete and Road Construction Machinery Market Outlook
8.1.  Market Size By Value
8.2.  Market Share
8.2.1.     By Region
8.2.2.     By Equipment
9.     North America Construction Equipment Market Outlook
9.1.  Market Size By Value
9.2.  Market Share
9.2.1.     By Country
9.2.2.     By Application
9.2.3.     By Equipment
9.3.  North America Earth Moving Machinery Market Outlook
9.3.1.     Market Size By Value By Country
9.3.2.     Market Share By Equipment
9.4.  North America Material Handling Machinery Market Outlook
9.4.1.     Market Size By Value By Country
9.4.2.     Market Share By Equipment
9.5.  North America Concrete and Road Construction Machinery Market Outlook
9.5.1.     Market Size By Value By Country
9.5.2.     Market Share By Equipment
9.6.  US Construction Equipment Market Outlook
9.6.1.     Market Size By Applications
9.6.2.     Market Share By Equipment

TOC continued….

Market Segmentation Details
By Equipment
  • Earth Moving (Excavators, Loaders, Dozers, Motor Graders)
  • Material Handling (Dumper, Cranes, Masted Handlers, Forklift)
  • Concrete and road construction (Cement mixers, Compactors & Road Rollers, Pavers Finishers, Others)
  • Others
By Region
By Country
  • US, Canada, Mexico
  • United Kingdom, Germany, France, Italy, Spain, Russia
  • China, India, Japan, Australia
  • Brazil, Columbia, Argentina,
  • Saudi Arabia, UAE, South Africa, Qatar
Company profiles
  • Caterpillar Private Limited
  • CNH Industrial
  • Doosan Infracore
  • Epiroc Construction Machinery Co. Ltd
  • Hitachi Construction Machinery Co. Ltd
  • J C Bamford Excavators Ltd
  • John Deere Ltd
  • Kobe Steel Ltd
  • Komatsu Ltd.
  • Kubota Corporation
  • Liebherr Group
  • Metso Corporation
  • Sandvik Mining And Rock Technology
  • Sany Group
  • Terex Corporation
  • Volvo Construction Equipments
  • XCMG Ltd.
  • Zoomlion Co. Ltd.
Other Market Details
  • Key Drivers & Key Challenges,
  • Market Trends and Developments,
  • Strategic Recommendations

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Related Reports:

The Global Construction Earthmoving Machinery market size was USD 72.41 billion in 2021 and is projected to nearly reach USD 96 billion by 2027. Generally, this equipment is considered an important resource for quarrying and demolition activities, which are expected to grow with industrial development. The use of excavators is growing exponentially owing to their demand in mining, quarrying, and demolition operations. The adoption of upgraded excavators reduces labor costs; tracking of work done at each stage of the process; and cost reductions in operational costs are the factors driving earthmoving equipment market trends. Among the various types of excavators, crawler excavators are the most trending and widely demanded type, owing to their higher capacity to carry weight and greater applicability in muddy conditions. As a result, to meet the demand for safer and faster removal of debris, excavators are the trending equipment for digging procedures that make it much easier and safer. A shift from conventional excavators to automated excavators is being observed, as technologically driven equipment is more efficient than traditional ones. Increasing initiatives and heavy investments by governments in building roads, bridges, tunnels, etc. are influencing the demand for earthmoving equipment. The key players focus on developing next-generation machinery, investing in operational excellence, and offering aftermarket services. 

The Global Construction Material Handling Machinery market size is projected to reach USD 44 billion by 2027, growing at a CAGR of 7.30%. Dumpers, dump trucks, and tippers are commonly used on construction sites for material handling purposes. Dumpers are smaller and more compact than dump trucks, making them well-suited for use on smaller construction sites or in areas with limited access. Dumpers and dump trucks are essential equipment on construction sites, as they allow for efficient and cost-effective transport of materials. They are commonly used in the construction of roads, buildings, and other infrastructure projects and are often operated by skilled drivers who are trained in the safe operation of these vehicles. Rapid industrialization and increased demand for automation in material handling equipment are expected to fuel market growth over the forecast period. The market is expected to develop faster due to increased worker safety awareness, rising requirements for managing bulk materials effectively, and the rise of Industry 4.0 with greater Internet of Things use. The market for this product is expected to be driven by the rising need to reduce downtime and the focus on improving supply chain efficiency.

The Global Concrete and Road Construction Machinery market is projected to grow at a CAGR of 7.62% over the forecast period. The development of infrastructure in both emerging and developed countries propelled the building and road construction equipment market. Emerging and developed countries’ governments and private sectors are focusing on developing the infrastructure to keep up the GDP, meet the growing population needs, meet the levels of urbanization, and increase connectivity by developing highways and expressways. Governments and private sectors of developed and emerging sectors focus on infrastructure developments and require high-tech equipment for the construction process to make it easy and less time-consuming, which further acts as a major driver for the building and road construction equipment market’s growth. Cement and transit mixers are commonly used in concrete and road construction for mixing and transporting concrete. Both cement and transit mixers are essential pieces of equipment in concrete and road construction, as they allow for the efficient and effective mixing and transport of concrete. Cement and transit mixers allow for efficient mixing of concrete, ensuring that the ingredients are thoroughly blended and the mixture is consistent. They are cost-effective, and time-saving, offer customizable mixes and are versatile.

The Global Construction Equipment Rental Market is projected to reach a size of USD 111.70 billion by 2028, up from USD 82.43 billion in 2022. Furthermore, the market is expected to grow at a CAGR of 5.30% between 2023 and 2028. The increase in government spending on public infrastructure development has accelerated construction and mining activity in the world’s emerging economies. This factor has resulted in high market demand for construction equipment. Rising construction machine prices are encouraging construction companies and contractors to shift their focus to renting construction equipment. Furthermore, the emergence of advanced technologies and an increasing level of automation are expected to drive market growth. During the forecast period, advancements such as equipment service tracking and mapping and digital service for automated service improvements are expected to drive market growth. The global construction equipment rental market is expected to grow in the coming years due to an increase in mining and construction activity, particularly in developing countries. The global construction equipment rental market is expected to expand significantly in the coming years as new technologies such as mapping features, equipment service tracking, and automated service improvement become available. North America region is leading the market with over 30% market share in 2022, followed by Europe and Asia-Pacific. As for South America and Middle East & Africa, the construction equipment rental market is emerging. 

The Global Tire Market is is expected to grow to more than 2700 Million tyres by the year 2027,  with a CAGR of 6.57% for 2022-2027. Increasing sales of passenger, luxury, and electric vehicles (EVs) on account of rapid urbanization and expanding purchasing power of individuals represent one of the major factors positively influencing the demand for tires around the world. In addition, the rising focus on driver and passenger safety and the growing number of fatal road accidents are catalyzing the demand for premium quality tires that have a longer operational life, enhanced stability and reliability, and high puncture resistance. The tire industry in the Asia-Pacific is quite vast and projecting swift expansion in the coming years due to improving economic conditions & living standards and growing inclination toward private ownership of vehicles. North America is the second largest market for tire with US as leading the global Tire market place. It is a matured market place with prominent industries for automobiles & tires that holds immense growth potential for automakers & tire manufacturers. However, Europe Tire market is flourishing owing to the continuously expanding automotive industry and increasing sales of vehicles in European countries along with the growing number of passenger cars and light commercial vehicles for regular transportation. Middle East and Africa region is showing moderate growth on the back of increased construction and mining activities in the region. On the other hand, the tire industry across South America is vast & expanding on the back of the more massive automotive sector, i.e., positively influencing the sales of tires.

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