Heavy Construction Equipment Industry Overview

The global heavy construction equipment market size was valued at USD 204.41 billion in 2023 and is projected to grow at a CAGR of 5.2% from 2024 to 2030.

Key growth drivers for this market are unceasing urbanization, population growth leading to the growing demand for housing solutions and continuous infrastructural enhancements in developing economies. In addition, the emergence of fuel-efficient machinery and the increasing development of high-rise buildings in developed countries is expected to generate greater demand for the heavy construction equipment market.

Gather more insights about the market drivers, restrains and growth of the Heavy Construction Equipment Market

The continuous focus of multiple governments worldwide on modifying and developing new infrastructural provisions such as bridges, road networks, ports, railroads, metros, and others in the country's prime revenue-generating areas is developing a rise in demand for this heavy construction equipment market. The rising inclination of people towards improving their standard of living is fueling the need for improved sanitation and hygiene infrastructure facilities, leading to growth in the utilization of heavy construction equipment for various public welfare projects. The key factors, such as rapid urbanization and the rising migration of people from rural parts of the country to urbanized areas for livelihood, fuel the need for residential and commercial constructions and are anticipated to develop growth for this industry during the forecast period. According to the United Nations Department of Economic and Social Affairs, nearly 68% of the world's population is projected to live primarily in urban areas by the year 2050.

The rising penetration of artificial intelligence (AI) and automation in the construction industry encourages key companies to incorporate innovative technologies in this equipment, driving the rise in demand. For instance, in March 2024, Komatsu Ltd., one of the prominent companies in the industry, announced that the commercial deployment of the Komatsu FrontRunner, an Autonomous Haulage System (AHS) truck, had exceeded the sale count of 700 units by February 2024. Moreover, with an increasing preference for renting or leasing construction equipment due to the rising costs of machinery and maintenance and other benefits of renting, such as the leasing companies offering machinery along with necessary professional staff and drivers, the market is expected to experience significant growth during the forecast period.

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• The global land survey equipment market size was estimated at USD 9.06 billion in 2023 and is expected to grow at a CAGR of 5.9% from 2024 to 2030.
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Heavy Construction Equipment Market Segmentation

Grand View Research has segmented the global heavy construction equipment market report on the basis of product, application, and region:

Heavy Construction Equipment Machinery Outlook (Revenue, USD Billion, 2018 - 2030)

• Earthmoving Equipment
• Material Handling Equipment
• Heavy Construction Equipment
• Others

Heavy Construction Equipment Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Excavation & Demolition
• Heavy Lifting
• Material Handling
• Tunneling
• Transportation
• Recycling & Waste Management

Heavy Construction Equipment Propulsion Outlook (Revenue, USD Billion, 2018 - 2030)

• ICE
• Electric

Heavy Construction Equipment Power Output Outlook (Revenue, USD Billion, 2018 - 2030)

• <100HP
• 101-200 HP
• 201 - 400 HP
• >400 HP

Heavy Construction Equipment Engine Capacity Outlook (Revenue, USD Billion, 2018 - 2030)

• <5L
• 5-10L
• >10L

Heavy Construction Equipment End Use Outlook (Revenue, USD Billion, 2018 - 2030)

• Building & Construction
• Forestry & Agriculture
• Infrastructure
• Mining
• Others

Heavy Construction Equipment Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • South Africa

Key Companies profiled:

• Caterpillar
• Komatsu Ltd.
• AB Volvo
• Hitachi Construction Machinery Co., Ltd.
• Deere & Company.
• CNH Industrial N.V.
• LIEBHERR
• Kobelco Construction Machinery Co., Ltd.
• SANY
• XCMG GROUP

Key Heavy Construction Equipment Company Insights

Some of the key companies in the heavy construction equipment market include Caterpillar, Komatsu Ltd., AB Volvo, Hitachi Construction Machinery Co., Ltd., Deere & Company., CNH Industrial N.V., and others. To address the competitive state of industry, the key companies have adopted strategies such as growing investments in research & development, rising adoption of innovation, collaborations with companies and governments, participation in welfare initiatives related to infrastructural enhancements and more.

• Caterpillar Inc., one of the prominent companies in manufacturing industry of construction and mining equipment, off-highway natural gas and diesel engines, diesel-electric locomotives and industrial gas turbines as well. Some of the heavy construction equipment offered by the company includes articulated trucks, backhoe loaders, compactors, draglines, drills, motor graders, hydraulic mining shovels, off-highway trucks, road reclaimers, pipelayers, excavators, dozers, lift trucks and more.
• Komatsu Ltd., a Japan-based global corporation, manufactures mining, forestry, construction, and military machinery, some of its heavy construction equipment offerings are excavators, bulldozers, motor graders, wheel loaders, dump trucks, wheel dozers and others.

Recent Developments

• In February 2024, Caterpillar introduced its medium dozer line with two technology package upgrades. The Cat Assist with ARO (attachment-ready option) package is anticipated to become a standard feature on Cat D5, D4, D6, D6 XE, and D7 models from early 2024.
• In June 2024, Volvo CE launched Volvo EC210, 20-tonne category, ‘Built for Bharat’, heavy excavator and rolled out “Karo Zyada ki Umeed” campaign. The introduction of this addition of the diverse portfolio of company’s construction equipment reinforces its commitment to continue its role in Indian markets to offer innovation backed, technologically advanced products associated with construction equipment industry.

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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.