Global Construction Equipment Market – Industry Trends and Forecast to 2030

Global Construction Equipment Market, By Equipment Type (Articulated Dump Truck, Asphalt Finisher, Backhoe Loader, Crawler Dozer, Crawler Excavator, Crawler Loader, Mini Excavators, Motor Grader, Motor Scraper, Road Roller, Rigid Dump Truck, RTLT-Masted, RTLT-Telescopic, Skid-Steer Loader, Wheeled Excavator, Wheeled Loader 80 Hp), Equipment Category (Earthmoving Equipment, Material-Handling Equipment, Heavy Construction Vehicles and Other Equipment), Application (Infrastructure, Commercial Buildings, Residential Buildings, Industrial Buildings and Others), Power Output (400 Hp Construction Equipment), Emission Regulation Stage (Stage II, Stage III, Stage IIIA, Stage IIIB, Stage IV, Stage V, Stage VI, Tier 3, Tier 4 and Tier 5), Propulsion Type (Diesel, Gasoline and CNG/LNG/RNG), Solution (Products, Services), Drive Type (Hydraulic, Electric and Hybrid), Aftertreatment Device (Diesel Oxidation Catalyst (DOC), Diesel Particulate Filter (DPF), Exhaust Gas Recirculation (EGR), Selective Catalytic Reduction (SCR)), End Users (Oil and Gas, Public Works and Rail Road, Forestry and Agricultural, Manufacturing, Military, Mining, Others) - Industry Trends and Forecast to 2030.

Construction Equipment Market Analysis and Size

The essential factors contributing to the growth of the global construction equipment market in the forecast period of 2023 to 2030 include the surge in electric and autonomous construction equipment. Also, the infrastructural development is significantly contributing to the market’s growth. The global growing population is driving the demand for better infrastructure, such as homes, schools, hospitals, stadiums, and government buildings.

Data Bridge Market Research analyses that the global construction equipment market which was USD 206.50 billion in 2022, is expected to reach USD 300.47 billion by 2030, growing at a CAGR of 4.8 % during the forecast period of 2023 to 2030. In 2023, the “infrastructure” from application segment will dominate the market due to surge in electric and autonomous construction equipment and infrastructural development. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Construction Equipment Market Scope and Segmentation

Market Definition

Construction equipment (PFPE) is a low-molecular-weight fluorinated synthetic fluid. Construction equipment is non-toxic and non-flammable in its natural state. It is utilized in severe temperatures ranging from 80°C to 200°C. PFPE's molecular structure might be linear, branched, or a combination of both, depending on the application. Temperature resistance, lubricity, wear resistance, and fluid volatility are all provided by PFPE.

Global Construction Equipment Market Dynamics

Drivers

• Surge in Electric and Autonomous Construction Equipment

The construction equipment market is being shaped by electrification, which presents substantial opportunity and design options. Electrification is becoming more common in various market areas, including cars, buses, and construction equipment. This has been made feasible by advanced technology becoming more mature and inexpensive and increased emissions laws that have altered the construction equipment industry's future. Several cities throughout the world have declared prohibitions on the use of diesel within city limits, affecting construction equipment operations.

• Infrastructural Development around the globe

In conjunction with a variety of advanced construction equipment in rental fleets, the infrastructure sector is expected to drive demand for construction equipment. The Asia-Pacific region's growing populations, including China, India, and South Asia, are driving the demand for better infrastructure, such as homes, schools, hospitals, stadiums, and government buildings. Furthermore, as a result of falling housing prices and rapid urbanisation in developing countries, demand for construction equipment is increasing in the residential infrastructure construction sector.

Opportunities

• Stringent Regulations and Environmental Standards

In China and Europe, stronger pollution standards for heavy machinery and equipment are being imposed at the global, regional, and municipal levels. With the usage of electric construction equipment, these rules' emission and noise pollution criteria can be easily met. This allows construction manufacturers to introduce electrified versions of existing/new goods to the market. Consequently, this factor further extends profitable opportunities to the market players in the forecast period of 2023 to 2030.

• Increase in Infrastructure Investments

The epidemic has had a severe influence on the construction industry. Construction equipment sales have decreased globally. However, projects such as hospitals and other medical facilities, laboratories, and shipping and transportation infrastructure are in high demand. Furthermore, some countries have begun to gradually resume activities in a variety of industries, including the building industry. China, for instance, has started industrial and commercial construction projects. As the country began to implement new projects in April, industrial output grew, and demand for construction equipment such as excavators increased dramatically.

Restraint/Challenge

• Inability of Compliance with Harmonized Emission Regulations

The harmonized emission regulations are expected to replace existing multi-layered legal framework with a single overarching regulation. As a result, it is difficult for construction equipment manufacturers to fully comply with the most recent emission regulations for various countries around the world. Therefore, in terms of engine technologies, design, and even costs, it becomes difficult for construction equipment manufacturers to fully comply with the most recent emission regulations for various countries worldwide, which hampers the overall growth.

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Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In June 2023, Caterpillar Inc. launched the new 995 Wheel Loader, which increased to 19% more than the previous model. Also, it will deliver up to 13% lower hourly fuel consumption and offer an additional 8% efficiency gain
• In June 2022, Komatsu Ltd., and Cummins Inc. collaborated on developing zero-emission haulage equipment. Building on the legacy of diesel engine partnership across various mining and construction equipment

Global Construction Equipment Market Scope

The global construction equipment market is segmented on the basis of equipment type, equipment category, application, power output, emission regulation stage, propulsion type, solution, drive type, aftertreatment device and end users. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Equipment Type

• Articulated Dump Truck
• Asphalt Finisher
• Backhoe Loader
• Crawler Dozer
• Crawler Excavator
• Crawler Loader
• Mini Excavators
• Motor Grader
• Motor Scraper
• Road Roller
• Rigid Dump Truck
• RTLT-Masted
• RTLT-Telescopic
• Skid-Steer Loader
• Wheeled Excavator
• Wheeled Loader <80 Hp
• Wheeled Loader >80 Hp

Equipment Category

• Earthmoving Equipment
• Material-Handling Equipment
• Heavy Construction Vehicles
• Other Equipment

Application

• Infrastructure
• Commercial Buildings
• Residential Buildings
• Industrial Buildings
• Others

Power Output

• <100 Hp Construction Equipment
• 101–200 Hp Construction Equipment
• 201–400 Hp Construction Equipment
• >400 Hp Construction Equipment

Emission Regulation Stage

• Stage II
• Stage III
• Stage IIIA
• Stage IIIB
• Stage IV
• Stage V
• Stage VI
• Tier 3
• Tier 4 
• Tier 5

Propulsion Type

• Diesel
• Gasoline
• CNG/LNG/RNG

Solution

• Products
• Services

Drive Type

• Hydraulic
• Electric
• Hybrid

Aftertreatment Device

• Diesel Oxidation Catalyst (DOC)
• Diesel Particulate Filter (DPF)
• Exhaust Gas Recirculation (EGR)
• Selective Catalytic Reduction (SCR)

End Users

• Oil and Gas
• Public Works and Rail Road
• Forestry and Agricultural
• Manufacturing
• Military
• Mining
• Others

Global Construction Equipment Market Regional Analysis/Insights

The global construction equipment market is analysed and market size insights and trends are provided by equipment type, equipment category, application, power output, emission regulation stage, propulsion type, solution, drive type, aftertreatment device and end users as referenced above.

The countries covered in the global construction equipment market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Asia-Pacific is expected to dominate the global construction equipment market, due to the surge in electric and autonomous construction equipment.

North America is expected to grow in the global construction equipment market during the forecast period of 2023 to 2030 due to the increase concern to reduce carbon footprints.

The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Construction Equipment Market Share Analysis

The global construction equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global construction equipment market.

Some of the major players operating in the global construction equipment market are:

• Caterpillar  (U.S.)
• Komatsu Ltd. (Japan)
• XCMG Group (China)
• Sany Group (China)
• Zoomlion Heavy Industry Science&Technology Co., Ltd. (China)
• Milanosesto Mixed-Use Complex (Italy)
• Viadux (U.K.)
• Camden Goods Yard Mixed-Use Community (U.K.)
• Hitachi Ltd., (Japan), Solvay (Belgium)
• Eastman Chemical Company (U.S.)
• China National Petroleum Corporation (China)
• Formosa Plastics Corporation (U.S.)
• Westlake Corporation (U.S.)
• DEERE & COMPANY (U.S.)
• Sackville Rd (U.K.)