Global Heavy Construction Equipment Market Assessment, By Machinery Type [Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Others], By Propulsion Type [Diesel, CNG/LNG/RNG, Electric], By Horsepower [Below 100 hp, 100 to 500 hp, Above 500 hp] By Application [Excavation and Demolition, Heavy Lifting, Material Handling, Tunneling, Transportation, Recycling and Waste Management], By End-user Industry [Building and Construction, Forestry and Agriculture, Infrastructure, Mining, Others], By Region, Opportunities and Forecast, 2017-2031F

Global heavy construction equipment market is projected to witness a CAGR of 5.02% during the forecast period 2024-2031, growing from USD 201.54 billion in 2023 to USD 298.22 billion in 2031. 

Heavy Construction Equipment Market Share, Growth & Forecast report 2031

Global heavy construction equipment market is projected to witness a CAGR of 5.02% during the forecast period 2024-2031, growing from USD 201.54 billion in 2023 to USD 298.22 billion in 2031. The heavy construction equipment market plays a crucial role in major industries such as construction, mining, and infrastructure development. Rapid urbanization, the creation of new hotspots, and the rising population are fueling the demand for fast construction. Hence, the demand for the latest construction machines, such as heavy construction machines and material handling gear, is surging. The higher focus on sustainability and advanced telematics has been a transforming factor for the industry. There is a notable shift toward eco-friendly machinery, with manufacturers investing in electric and hybrid technologies to reduce carbon emissions and noise pollution.
More often, autonomous and semi-autonomous machines are being incorporated into various construction and industrial processes. Automated machines and their value lie in their usage in accident-prone environments while aiding in safety and accuracy. These machines consequently improve the utilization rates. Also, modern advances in telematics enable the tracking of equipment, fuel, and even machine maintenance requirements on a real-time basis. This results in increased operation management effectiveness and more efficient construction equipment fleet management. &nbsp;Additionally, the market&rsquo;s growth is expected to be driven by the increasing rental market of heavy construction equipment in large projects and the new construction companies in the market.
The future holds numerous growth opportunities for the market, including the electrification of the equipment. The move towards electric construction equipment is expected to accelerate. &nbsp;This will be due to stricter regulations, as required, to reduce emissions and to drive greater sustainability throughout the industry. Electric machinery has lower operational costs and is more environmentally friendly than its counterparts, leading contractors to easily opt for electricity. Hence, companies are focused on introducing powerful electric equipment that is technologically advanced. With high-end research and development, companies tend to deliver futuristic technologies, adding value to the market dynamics.
For instance, in September, Komatsu Ltd. and Asunaro Aoki Construction Co. Co-developed a new autonomous electric dozer with underwater construction capabilities. Komatsu's display, which is slated to make its public premiere at the 2025 Future Society Showcase Project in Osaka, Kansai, Japan, is expected to highlight innovative construction technologies such as underwater electric drive, super remote control, and autonomous operation.
<h2 style="text-align: justify;">High-End Technology and Efficiency to Propel Market Growth</h2>
As the construction cost gets higher with the increase in equipment, material, and manpower costs. Advanced technology helps end-users reduce human intervention while automating the systems. The integration of automation and robotics enhances operational efficiency. Automated machinery holds the capacity to reduce human error while increasing overall productivity, allowing for faster project completion. The use of telematics systems has enabled real-time monitoring of equipment performance, location, and maintenance needs.
The new data-driven approach also enables companies to optimize operations and reduce downtime. Modern heavy equipment is designed to be more fuel-efficient, which not only lowers operational costs but also aligns with environmental regulations. Equipped equipment with smart technology can adapt to conditions and improve safety and efficiency. It can also include incorporation with GPS and the use of learning algorithms from machines, thus enabling informed decisions by the operators.
For instance, in August 2024, in August 2024, Konecranes Oyj launched Konecranes X-series industrial crane, the successor to its popular CXT model with a new compact design. The crane comes with a capability of lifting up to 20t. The crane is equipped with unique wireless upgrade capability, delivering higher flexibility. The X-series comes with a revamped hoisting motor and components to optimize efficiency and climate impact.
<h2 style="text-align: justify;">Advanced Battery Technology Set to Transform the Global Heavy Construction Market</h2>
Governments across the globe focus on limiting their carbon footprint. Hence, they promote the adoption of electric or low-emission construction equipment. For instance, The Clean Off-Road Equipment Voucher Incentive Project (CORE), launched by the California Air Resources Board in partnership with CALSTART, encourages California off-road equipment users to purchase or lease currently commercialized zero-emission off-road equipment. With a point-of-sale discount, this simplified voucher incentive concept helps offset the greater cost of zero-emission technologies.&nbsp; Furthermore, the extended range and performance, faster-charging solutions, and reduced operating costs are anticipated to flourish the market.
The advancements in battery capacity and energy density of electric construction equipment increase the operation time of the machines without plugging. This increase in range allows machines to take up advanced work and increases efficiency. New approaches in fast charging technologies also reduce the idle time for the operators since they can charge the equipment quickly. This time management enhances the efficiency at the work sites, making electric equipment suitable for continuous work. Companies tend to introduce this electric equipment with equivalent capacity, reduced operational cost, and a higher number of operational hours.
For instance, in May 2024, Volvo CE (Volvo Group) introduced the EC230 electric excavator in Japan. Depending on the use, the EC230 Electric excavator may operate for up to five hours with a battery capacity of 264 kWh and a voltage of 600 V. The EC230 Electric excavator can lift up to 7,560 kg, with an operational machine weight of 23,000 to 26,100 kg and a bucket capacity of 0.48 to 1.44 m&sup3;. With a digging reach of 9,930 mm, it can excavate to a depth of 6,730 mm. The EC230 Electric excavator made its debut in North America and a few European regions before arriving in Japan as the first of its kind in Asia. Five units are expected to be sold around the country.
<h2 style="text-align: justify;">Wide Range of Product Lines to Propel the Material Handling Equipment Segment</h2>
Based on machinery type, material handling equipment leads in terms of revenue. From conveyors and cranes to forklifts and pallet jacks, the material handling equipment for the heavy construction market holds a long range of products. Large machines are widely used in all industries, including mining, construction, and forestry. Innovation in material handling equipment with automation and telematics improvements increases efficiency and safety. Developments such as remote monitoring and advanced control systems enhance the effectiveness of operations, making this segment especially attractive to the construction firm.
Effective material handling systems have become crucial as global infrastructure development and urbanization pick up speed. As dependable equipment is needed for material moving in building projects, this trend propels the segment's growth. The need to optimize efficiency has grown as building projects get more intricate and expensive. Effective material handling keeps projects on track and under budget by cutting labor expenses and time. Companies tend to introduce material handling equipment with various technologies catering to different industrial requirements. Key players make sure that the products launched follow the standards.
For instance, in April 2023, Caterpillar Inc. announced MH3050 material handler. The Cat C9.3B engine, which can run on up to B20 biodiesel, powers this material handler. The engine's maintenance-free after-treatment system, which satisfies EU Stage V and US Environmental Protection Agency (EPA) Tier 4 Final emissions regulations, is built to reduce operating costs and increase machine uptime.
<h2 style="text-align: justify;">Asia-Pacific to Dominate Heavy Construction Equipment Market Share</h2>
Based on region, Asia-Pacific leads the share of the global heavy market. Emerging countries such as China and India are restructuring their infrastructure along with mining operations. Countries such as China and India are experiencing significant urbanization, leading to an increased demand for infrastructure development, including roads, bridges, and residential buildings. This surge in construction activities drives the need for heavy equipment. Many Asia-Pacific governments are heavily investing in infrastructure projects to support economic growth. Initiatives like China&rsquo;s Belt and Road Initiative (BRI) and various national development plans in India and Southeast Asian countries are creating substantial opportunities for construction equipment manufacturers. Chinese manufacturers are focusing on expanding their technology with new launches.
For instance, in June 2024, China&rsquo;s Xuzhou Construction Machinery Group Co., Ltd. (XCMG) launched its G2 crane series. The series comprises a new era of electric, high-efficiency cranes. These cranes were launched at the 6th&nbsp;XCMG International Customer Festival. Multiple proprietary technologies are built into the G2 platform, such as G-ECO for full-cycle energy efficiency, G-Master for precise control in all working conditions, G-ICN for intelligent control across all scenarios, G-Comfort for enhanced operational comfort, and G-Safe for comprehensive safety and quality assurance throughout the product's lifecycle.
<a href="https://www.marketsandata.com/industry-reports/heavy-construction-equipment-market/sample-request">Download Free Sample Report</a>
Future Market Scenario (2024 &ndash; 2031F)
<ul style="text-align: justify;">
<li>Increasing adoption of electric and hybrid construction equipment is expected to reduce emissions and operating costs. As battery technology improves, electric machines will become more viable for a wider range of applications.</li>
<li>Automation is likely to play a significant role, with more equipment becoming semi-autonomous or fully autonomous. Automated guided vehicles (AGVs) and robotic systems will enhance efficiency and safety on job sites.</li>
<li>The integration of telematics is anticipated to allow for real-time monitoring of equipment performance, usage, and maintenance needs. Also, data analytics is projected to help companies make informed decisions, optimize operations, and reduce downtime.</li>
</ul>
Report Scope
&ldquo;Heavy Construction Equipment Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global heavy construction equipment market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
<table>
<tbody>
<tr>
<td width="301">
Report Attribute
</td>
<td width="301">
Details
</td>
</tr>
<tr>
<td width="301">
Base Year of the Analysis
</td>
<td width="301">
2023
</td>
</tr>
<tr>
<td width="301">
Historical Period
</td>
<td width="301">
2017-2022
</td>
</tr>
<tr>
<td width="301">
Forecast Period
</td>
<td width="301">
2024-2031
</td>
</tr>
<tr>
<td width="301">
Projected Growth Rate
</td>
<td width="301">
CAGR of 5.02% between 2024 and 2031
</td>
</tr>
<tr>
<td width="301">
Revenue Forecast in 2031
</td>
<td width="301">
USD 298.22 billion
</td>
</tr>
<tr>
<td width="301">
Segments Covered
</td>
<td width="301">
Machinery, Propulsion, Horsepower, Application, End-user Industry
</td>
</tr>
<tr>
<td width="301">
Regions Covered
</td>
<td width="301">
North America, Europe, South America, Asia-Pacific, Middle East and Africa
</td>
</tr>
<tr>
<td width="301">
Key Companies Profile
</td>
<td width="301">
&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Inc., Volvo CE (Volvo Group), Komatsu Ltd., Hitachi Construction Machinery Co. Ltd, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), SANY Heavy Industry Co. Ltd., Liebherr-International Deutschland GmbH, HD Hyundai Heavy Industries Co. Ltd., J C Bamford Excavators Ltd (JCB), Kobelco Construction Machinery Co. Ltd.
</td>
</tr>
<tr>
<td width="301">
Customization Scope
</td>
<td width="301">
15% free report customization with purchase
</td>
</tr>
<tr>
<td width="301">
Pricing and Purchase Options
</td>
<td width="301">
Avail the customized purchase options to fulfill your precise research needs
</td>
</tr>
<tr>
<td width="301">
Delivery Format
</td>
<td width="301">
PDF and Excel through email (subject to the license purchased)
</td>
</tr>
</tbody>
</table>
In the report,&nbsp;global heavy construction equipment market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Machinery Type
<ul>
<li>Earthmoving Equipment</li>
<li>Material Handling Equipment</li>
<li>Heavy Construction Vehicles</li>
<li>Others</li>
</ul>
</li>
<li>By Propulsion
<ul>
<li>Diesel</li>
<li>CNG/LNG/RNG</li>
<li>Electric</li>
</ul>
</li>
<li>By Horsepower
<ul>
<li>Below 100 hp</li>
<li>100 to 500 hp</li>
<li>Above 500 hp</li>
</ul>
</li>
<li>By Application
<ul>
<li>Excavation and Demolition</li>
<li>Heavy Lifting</li>
<li>Material Handling</li>
<li>Tunneling</li>
<li>Transportation</li>
<li>Recycling and Waste Management</li>
</ul>
</li>
<li>By End-user Industry
<ul>
<li>Building and Construction</li>
<li>Forestry and Agriculture</li>
<li>Infrastructure</li>
<li>Mining</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
The key player strategy in the global heavy construction equipment market focuses on innovation, strategic partnerships, and sustainability to maintain competitive advantage. Leading companies such as Caterpillar, Komatsu, and Volvo Construction Equipment invest heavily in research and development to enhance product efficiency and incorporate advanced technologies such as telematics and automation. Additionally, these firms often engage in strategic alliances and mergers to expand their market reach and diversify their product offerings. Sustainability is increasingly becoming a priority, with many players adopting eco-friendly practices and developing electric or hybrid equipment to meet regulatory standards and consumer demand for greener solutions. By leveraging these strategies, key players aim to strengthen their market position and drive long-term growth in an evolving industry landscape.
For instance, in September 2024, Kobelco Construction Machinery Co. Ltd. launched a SK80 excavator. The SK80 excavator guarantees optimum uptime and productivity with fewer maintenance requirements. For building sites, Kobelco provides innovative solutions involving cranes and earth movers.
For instance, in June 2024, Liebherr-International Deutschland GmbH launched a new LTM 1400-6.1 with a Y-guy system that offers 400 tins lifting capacity. The 400-tonner boasts a 70-meter telescopic boom and is distinguished by its sophisticated yet straightforward setup procedures. The LTM 1350-6.1 has been replaced by a new crane, which has a much larger lifting capacity.
Key Players Operating in Global Heavy Construction Equipment Market are:
<ul style="text-align: justify;">
<li>Caterpillar Inc.</li>
<li>Volvo CE (Volvo Group)</li>
<li>Komatsu Ltd.</li>
<li>Hitachi Construction Machinery Co. Ltd</li>
<li>Xuzhou Construction Machinery Group Co., Ltd (XCMG)</li>
<li>SANY Heavy Industry Co. Ltd.</li>
<li>Liebherr-International Deutschland GmbH</li>
<li>HD Hyundai Heavy Industries Co. Ltd.</li>
<li>J C Bamford Excavators Ltd (JCB)</li>
<li>Kobelco Construction Machinery Co. Ltd.</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
If you can't find what you're searching for or have any custom requirements for global heavy construction equipment market, you may approach our team at&nbsp;<a href="mailto:info@marketsandata.com">info@marketsandata.com</a>

Global Heavy Construction Equipment Market Assessment, Opportunities and Forecast, FY2017-FY2031F

Global Heavy Construction Equipment market is expected to experience growth due to the rapid expansion of construction activities in emerging economies, increased mining operations and advent of electric and automated construction equipment. 

FAQs

Industry Reports

Blogs

Case Studies

Industry News

Press Release

Infographics