Construction Equipment Market by Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others), Application (Residential, Commercial, and Industrial): Global Market Size Estimates and Forecast (2022–2030)

BMIRE00025991 | Pages: 100 | Manufacturing and Construction | Sep 2022 | Type: Global | Status: Published

The market crossed US$ 120.6 billion mark in 2022 and is expected to hit US$ 300 billion by 2030, recording a CAGR of 12.1% during the forecast period.

Construction equipment market is growing with focus on infrastructure and the development of automation in manufacturing and construction processes.

The construction equipment market is witnessing an upward trend owing to the rising focus on smart cities and buildings. Several government agencies are forming strategic alliances with private companies to speed up their transition to smart cities. For instance, in January 2021, Saudi Arabia announced its plans to create a smart green city, NEOM, that will be worth 4500 billion and be located within 10,200 square kilometres of Saudi Arabia.

Within the report, the market is segmented into Equipment Type and Application. By Equipment Type, the market is further segmented into Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others. Based on Application, the market is segmented into Residential, Commercial, and Industrial. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa

Demand for optimized and reliable products are gaining traction in the global construction equipment market

The construction equipment market is witnessing technological advancements for more optimized and reliable products. The demand for automated solutions is increasing as it helps increase productivity with fewer errors and minimum efforts. Autonomous operating technology is gradually gaining huge demand in the segment of off-highway operating vehicles. Construction work is well-suitable for mostly autonomous machinery and equipment since the nature of tasks involved are time sensitive, repetitive, precise, and physical. This is propelling the demand for the development of autonomous construction equipment.

Manufacturers are also keenly developing various autonomous equipment which work on wireless communication technologies, interfere with radio signals from other equipment, receive commands, and report status. It ensures increased productivity, reduced unscheduled maintenance, and improved safety. Thus, the trend for autonomous equipment in the construction equipment market would likely create an opportunity for the market to evolve.

Rising adoption in Industrial industries is one of the major factors accelerating the market growth.

The material movement at construction sites involves activities that move sand debris, heavy rods, bricks, soil, and other materials. Material handling actions include protecting, strong and controlling materials, goods, and products in manufacturing, distribution, consumption, and disposal. Under the material handling equipment category, articulated and rigid dump trucks are considered. The rising industrial development of commercial projects drives the demand for the material handling equipment category segment.

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Recent strategic developments in the market

The Construction Equipment market has undergone several significant developments, and a few of these have been mentioned below:

  • In June 2022, Liebherr Australia and Fortescue entered a partnership to develop mining haul trucks and add zero-emission power system technologies. This strategy will draw from FFI's expertise in green technologies and Liebherr's industry-leading equipment and technology and emission mining equipment to deliver zero-emission mining equipment.
  • In June 2022, Komatsu Ltd. and Cummins Inc. (U.S.) collaborated to develop zero-emission haulage equipment.
  • In May 2022, Caterpillar acquired Tangent Energy Solutions (U.S.), an energy-as-a-service (EaaS) company. This acquisition will further aim at generating new revenue streams as Tangent Energy Solution's EaaS offerings complement Caterpillar's broad portfolio of electric power products, enabling Caterpillar to better serve customers with efficient, sustainable, reliable, reliable, and connected power solutions that support business operations.
  • In March 2022, BBMG Corporation (China) and SANY Group agreed on a cooperation agreement in Beijing. With this strategy, the two parties will carry out all-around in-depth cooperation in new building materials, prefabricated systems and products and services, construction vehicles, construction machinery products and services, digital transformation, intelligent manufacturing, and logistics and transportation services.
  • Manufacturers in the construction Equipment market are implementing various strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Caterpillar Inc, CNH Industrial N.V., Hitachi Construction Machinery Co., Ltd, J C Bamford Excavators Ltd., Deere & Company, Komatsu Ltd., The Liebherr Group, Terex Corporation, Volvo CE, Zoomlion Heavy Industry Science and Technology Co., Ltd. are among the prominent players operating in the market.

The target audience for the report:

  • Raw material providers
  • Electrical contractors
  • Construction equipment service providers
  • Electrical technicians
  • Construction equipment -related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Construction equipment component suppliers
  • Construction equipment and components distributors and sales firms
  • End users of construction equipment
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented based on:

  • By Equipment Type:
    • Articulated Dump trucks
    • Asphalt Finishers, Backhoe loaders
    • Motor graders
    • Road rollers
    • Wheeled excavators
    • Wheeled loaders
    • Compactors
  • Application type:
    • Commercial
    • Residential
    • Infrastructure
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • Middle East & Africa
    • South America
  • Companies profiled
    • Caterpillar Inc.
    • CNH Industrial N.V.
    • Hitachi Construction Machinery Co., Ltd
    • J C Bamford Excavators Ltd.
    • Deere & Company
    • Komatsu Ltd.
    • The Liebherr Group
    • Terex Corporation
    • Volvo CE
    • Zoomlion Heavy Industry Science and Technology Co., Ltd.
  • Caterpillar Inc.
  • CNH Industrial N.V.
  • Hitachi Construction Machinery Co., Ltd
  • J C Bamford Excavators Ltd.
  • Deere & Company
  • Komatsu Ltd.
  • The Liebherr Group
  • Terex Corporation
  • Volvo CE
  • Zoomlion Heavy Industry Science and Technology Co., Ltd.
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