The global construction equipment and heavy equipment market size is expected to reach USD 280.62 Billion in 2030 and register a revenue CAGR of 4.8% over the forecast period, according to the latest report by Reports and Data. Increasing availability of heavy equipment at affordable rent and growing population in developing countries are driving construction equipment and heavy equipment market revenue growth.
The global construction equipment and heavy equipment market is expanding because of various factors such as increasing demand for efficient flow of materials across facilities, ever-increasing infrastructural activities and companies' proclivity to upgrade their existing range of machineries. Furthermore, increased demand for industrial trucks, cranes and lifting equipment from construction, mining, automotive, food beverage and other industries is contributing to the growth of the market.
End-use industries of construction equipment and heavy equipment around the world are now demanding technologically advanced equipment to improve efficiency in construction sector. Adoption of construction equipment such as an upgraded excavator reduces labor costs and other operating costs. Moreover, this equipment also enables tracking of work at each stage of the process, thereby accelerating the uptake of construction equipment across industries. Crawler excavators are the most popular and widely used type of excavators, owing to their capacity to carry heavy weights and applicability in muddy conditions.
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Companies profiled in the global market report includes Caterpillar Inc., Liebherr, Volvo Construction Equipment, Komatsu Ltd., Hyundai Doosan Infracore, Hitachi Construction Machinery Co., Ltd., J C Bamford Excavators Ltd., CNH Industrial N.V., John Deere, and Sany Group.
Some Key Highlights from the Report
- In August 2021, John Deere, a company based in the U.S., signed an agreement to acquire Bear Flag Robotics, an Artificial Intelligence (AI) startup that develops autonomous driving technology that is compatible with existing machines. According to the acquisition agreement, the company stated that it will assist in development and delivery of smarter machines with advanced technology, which has been a long-term goal of the company to support customer needs.
- Material handling equipment segment accounted for largest revenue share in 2020 owing to its benefits such as storage and transportation of goods and products throughout entire manufacturing, distribution, and disposal process. Furthermore, it helps in storage of heavy mechanical devices that are deployed during manufacturing and construction activities within a warehouse or a factory.
- Earthmoving equipment segment revenue is expected to register high growth rate during the forecast period as these machines can be relied upon for various tasks during infrastructure development. Use of earthmoving equipment can significantly reduce the cost of large-scale projects. Earthmoving equipment has become a viable alternative to manual labor as it lowers the likelihood of unanticipated failures, resulting in fewer preventive maintenance projects and, eventually, higher revenues. Furthermore, earthmoving equipment increases cost efficiency by providing workers with on-site communication facilities.
- Infrastructure segment accounted for significant revenue share in 2020. Heavy equipment is commonly deployed in infrastructure development activities owing to compaction, filling and removing soil, leveling, layer overlapping and other minor ground modifications. Heavy equipment also aids in preparing infrastructure materials for subgrade. Additionally, if the surface is not prepared accordingly, effectiveness of geosynthetics is reduced significantly. As a result, usage of heavy machinery has become integral during infrastructure development.
- Market in Asia Pacific accounted for largest revenue share in 2020. The region has rapidly adopted construction equipment and heavy equipment owing to increased investments by governments in infrastructure development. Furthermore, increasing urban population in developing countries, availability of wide range of product and presence of key market players are driving market revenue growth in this region.
For the purpose of this report, Reports and Data has segmented the construction equipment and heavy equipment market based on machinery type, application, end-use, and region:
Machinery Type Outlook (Revenue, USD Billion; 2018–2030)
- Earthmoving Equipment
- Material Handling Equipment
- Heavy Construction Vehicle
- Other Heavy Construction Equipment
Application Outlook (Revenue, USD Billion; 2018–2030)
- Excavation Demolition
- Heavy Lifting
- Material Handling
- Recycling Waste Management
End-use Outlook (Revenue, USD Billion; 2018–2030)
- Construction Manufacturing
- Oil Gas
- Public Work, Rail Roads
- Forestry Agriculture
Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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