Construction Equipment Market

The global construction equipment market size was valued at USD 184.5 Billion in 2019. Due to COVID-19, it was estimated at almost 113 billion U.S. dollars in 2020. It is estimated to reach USD 261.047 Billion by 2027, growing at a CAGR of 4.3% from 2020 to 2027.

(Valuates Reports (2020, November 5). Construction Equipment Market Size, Share, Growth, Trends and Forecast 2027. )

(Statista (2020, November 5). Construction equipment industry in the United States.)

The market is segmented based on equipment type, application, end user, and region.

On the basis of equipment type, the market is segmented into earthmoving equipment, material handling equipment and cranes, concrete equipment, road building equipment, civil engineering equipment, crushing and screening equipment, and others.

Earthmoving held about 53.4% of the market share, and is anticipated to value at over USD 90 billion in 2026. This segment consists of backhoes, excavators, loaders, and motor graders.

(Fortune Business Insights (2020, November 4). Construction Equipment Market Size, Share & Industry Trends [2027].)

(Global Market Insights, Inc. (2020, November 4). Construction Equipment Market 2020-2026 | Industry Size Forecast Report.)

The growth rate in excavators market is over 5% from 2020 to 2026. Increasing construction activities in the residential sector & commercial infrastructure bring growth opportunities for excavators in the market. The availability of excavators in a number of models to apply to various usages. Such as: road-building, forestry, mining, and commercial construction. It will dominate the heavy construction equipment market by the above applications. The below advantages of excavators, such as the ability to operate in diverse work conditions, flexibility to install additional attachments, and high durability, are stimulating their market demand. Also, the increase in both mining activities for precious minerals & metals across the globe and the increase in natural disasters where excavators are used in rescue operations will lead to the growth in excavators market. Infrastructure development & the construction of public infrastructure systems are growing the market. Worldwide governments are heavily investing in the development of buildings, roads, and power stations, which will be related to the use of excavators.

(Grand View Research, Inc. (2020, November 4). Construction Equipment Market Size & Share Report, 2020-2027.)

(Market Research Future (2020, November 5). Heavy Construction Equipment Market Size, Share, Industry Demand, Global Analysis, 2027.)

Material handling equipment segment will have exponential growth because of the rising need for cranes & AGV & forklift trucks & telescopic handlers across several domands for handling heavy construction materials & products. Construction & infrastructure application is expected to keep dominant in the next 10 years.

(Fortune Business Insights (2020, November 4). Construction Equipment Market Size, Share & Industry Trends [2027].)

(Valuates Reports (2020, November 6). Construction Equipment Market Size, Share, Growth, Trends and Forecast 2027.)

By application, the market can be categorized into excavation & demolition, heavy lifting, tunneling, material handling, and recycling & waste management. By end user, it is classified by infrastructure, construction, mining, oil & gas, manufacturing, forestry, agriculture, and military. By region, the global construction equipment market can be divided by North America, Europe, Asia-Pacific, and LAMEA.

(Allied Market Research (2020, November 4). Heavy Construction Equipment Market Size, Share | Statistics by 2027.)

(Market Research Future (2020, November 5). Heavy Construction Equipment Market Size, Share, Industry Demand, Global Analysis, 2027.)

Asia Pacific led the construction equipment market with a share of 47.53% in 2019, which was valued at around USD 51.6 billion. This is result from the increase for the development of advanced public infrastructure. China holds about 40% of the revenue share in Asia Pacific market. This region will have a high growth due to increasing public & private sector investments on infrastructure development.

(Grand View Research, Inc. (2020, November 4). Construction Equipment Market Size & Share Report, 2020-2027.)

(Global Market Insights, Inc. (2020, November 4). Construction Equipment Market 2020-2026 | Industry Size Forecast Report.)

The market leaders such as Caterpillar Inc., Volvo Construction Equipment AB., Deere and Company, Mitsubishi Heavy Industries, CNH Global N.V., JCB Ltd., Komatsu, and Liebherr dominate the global market, occupying 40% of the market share. It is due to the strong customer base of these companies worldwide, as well as the increasing investments for product development. Furthermore, Caterpillar Inc. holds the highest share in the global market, in consequence of its decades of strong market presence & a large customer base.

In addition, these companies focus on transforming the traditional equipment into the next-gen machines by advanced technologies such as connected IoT, automation, etc. What's more, they are expanding their services beyond machines in order to deliver value to customers throughout the lifecycle of their products.

(Fortune Business Insights (2020, November 4). Construction Equipment Market Size, Share & Industry Trends [2027].)