Construction Equipment Market Size, Growth, Drivers Report 2028

Construction Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others) and Application (Residential, Commercial, and Industrial)

  • Report Code : TIPRE00007469
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 157
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The construction equipment market is expected to grow from US$ 126,062.8 million in 2022 to US$ 223,451.1 million by 2028; it is estimated to grow at a CAGR of 10.0% from 2022 to 2028.

Heavy-duty vehicles developed specifically to carry out construction duties, most commonly earthwork operations, are referred to as construction equipment. The proper use of suitable equipment helps to the project's economy, quality, safety, speed, and timeliness. It is not always desired or feasible for the contractor to possess all of the construction equipment needed for the project. Excavating, digging dirt, moving it over great distances, placement, compacting, levelling, dozing, grading, and hauling are among the main processes involved in the building of any construction project.

Various excavation duties, such as excavating and moving the ground, are carried out with earthmoving equipment. Earthmoving equipment are available in various shapes and sizes. They are mostly used for repairing, constructing, elevating, agricultural, and demolition purposes. Excavators are earth-moving machines with buckets, arms, rotating cabs, and moveable tracks. A backhoe, also known as a rear actor or back digger, is a kind of excavation equipment having a digging bucket attached to the end of a two-part articulated arm. Loader is a construction machine that moves or loads materials, including asphalt, demolition waste, dirt, snow, feed, gravel, logs, raw minerals, recycled material, rock, sand, and woodchips, into or onto another type of machinery.

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Construction Equipment Market: Strategic Insights

Market Size Value inUS$ 126,062.8 million in 2022
Market Size Value byUS$ 223,451.1 million by 2028
Growth rateCAGR of 10.0% from 2022 to 2028.
Forecast Period2022-2028
Base Year2022
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Key stakeholders in the construction equipment market are construction equipment raw materials, construction equipment manufacturers who operate at the supply side, and construction equipment end users who operate at the demand side. In the recent years, the demand for construction equipment especially in residential and commercial construction has increased, which is expected to drive the construction equipment market growth in the next five years. Caterpillar, John Deere, Komatsu, Volvo, and Liebherr are among the key construction equipment providers. In addition to these major ecosystem players, there are several other peripheral stakeholders who play a crucial role in enabling the advancements in technologies and the adoption of these products across several industries.

Impact of COVID-19 Pandemic on Construction Equipment Market

In 2020, the COVID-19 pandemic hampered construction activities. As a result, construction equipment sales have decreased across the world. Infrastructure investments; residential, commercial, and industrial construction; underground and well construction; and institutional expenditure affect construction equipment manufacturers. The US, the UK, China, and India are among the countries that have been disproportionately affected. According to the International Construction Group, the delivery of over one-quarter of all projects (22.7%) was delayed by more than 250 days, and more than one-tenth of all projects (13.4%) were delayed by more than a year in 2020. However, projects of hospitals and other medical facilities, labs, and shipping and logistics infrastructure are in limited supply. Furthermore, several nations have begun to gradually resume activities various industries, including the construction industry. India and China have started industrial and commercial construction projects. In April 2021, industrial output climbed for the first time since January 2021, as countries began to implement new projects. Therefore, the demand for excavators, backhoe loaders, compactors, dozers, and other construction equipment surged.

Lucrative Regions for Construction Equipment Market

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Insight
Increasing Infrastructure Investments Post COVID-19 Pandemic

Economic activities across the world were considerably stifled due to the COVID-19 pandemic. There were huge investments in infrastructure during 2020-21, which provided momentum to the infrastructure industry growth. Infrastructure investments in electricity generation, national highway construction, railways, and shipping cargo propel the demand for construction equipment. In emerging economies, a few core infrastructure industries including coal, crude oil, steel, and cement exhibited the growth index in 2021. These factors positively impacted the construction equipment market growth. Infrastructure investment has a long-term impact on product development, which can boost GDP in long run, albeit the scale of these effects is unknown. Most countries, specifically in Middle East, have established a quadrilateral economic forum to focus on infrastructure development projects in the region. To facilitate communication among employees and with consumers, businesses use digital solutions and channels. Governments and educational institutions have done so as well.

Equipment Type Segment Insights

A large number of construction equipment is used than ever, owing to the growing number of commercial, residential, and industrial projects requiring heavy-duty tools and machinery to get the job done. In huge projects, heavy construction equipment is employed for various tasks. The choice of heavy equipment types is based on the scope and cost of the project. These factors facilitate and speed up the construction process. Excavators are a vital and frequently used piece of equipment in the construction sector.

Construction Equipment Market, by Equipment Type (% Share)

Construction Equipment Market, by Equipment Type (% Share)
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Application Segment Insights

Based on application, the construction equipment market is segmented into residential, commercial, and industrial. A construction tool known as an asphalt mixing plant is used to produce coated roadstone and other types of asphalt concrete for use in road construction projects. Road rollers are essentially compactor-style engineering machines that push down earth, gravel, concrete, or asphalt while building roads and foundations. For installing precast piles for skyscrapers and other enormous industrial complexes needing deep foundations, a pile boring machine is used to create vertical holes on a construction site, resulting in the growth of the construction equipment market.

The construction equipment market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors. In June 2022, Caterpillar Inc. announced that its worldwide headquarters will be relocated from Deerfield, Illinois to the company's existing facility in Irving, Texas. The company will begin transitioning its headquarters to Irving in 2022.

Based on equipment type, the construction equipment market is segmented into heavy construction vehicles, earthmoving equipment, material handling equipment, and others. The market, based on application, is segmented into residential, commercial, and industrial. Based on region, the global construction equipment market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

construction equipment market – Company Profiles

  • Caterpillar Inc.
  • CNH Industrial N.V.
  • Hitachi Construction Machinery Co., Ltd
  • J C Bamford Excavators Ltd.
  • Deere & Company
  • Komatsu Ltd.
  • Liebherr-International Deutschland GmbH
  • Terex Corporation
  • Volvo CE
  • Zoomlion Heavy Industry Science and Technology Co., Ltd.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Equipment Type and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What is the estimated global market size for the Construction Equipment Market in 2021?

The global construction equipment market was valued at US$ 120661.95 million in 2021

What are the driving factors impacting the global construction equipment market?

The driving factors impacting the construction equipment market are
I. Increasing Infrastructure Investments Post COVID-19 Pandemic
Growing Focus on Public-Private Partnerships (PPP)

What are the future trends in the construction equipment market?

The Future trends impacting the construction equipment market are -- Growing Demand for the Artificial Intelligence

Which are the key players holding the major market share of the construction equipment market?

The key players holding the major market share of the construction equipment market are Caterpillar, Komatsu, VOLVO Construction Equipment, John Deere and Liebherr.

Which is the fastest growing regional market?

APAC is the fastest-growing regional market in the global construction equipment market in 2021.

Which is the leading equipment type segment in the construction equipment market?

The material handling equipment segment led the construction equipment market in 2021.

What will be the global market size for the construction equipment market by 2028?

The global construction equipment market size is projected to reach US$ 223451.09 million by 2028.

What is the incremental growth of the construction equipment market during the forecast period?

Asia-Pacific dominated the Construction Equipment Market in 2021 with a share of 36.0%; it would continue to dominate the market during the forecast period and account for 38.4% share by 2028

The List of Companies -Construction Equipment Market 

  1. Caterpillar Inc
  2. CNH Industrial N.V.
  3. Komatsu Ltd
  4. Liebherr
  5. Terex Corporation
  6. Zoomlion Heavy Industry Science&Technology Co., Ltd.
  7. J C Bamford Excavators Ltd. (JCB)
  8. Deere & Company
  9. AB Volvo
  10. Hitachi Construction Machinery Co., Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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