Construction Equipment Market Report 2024 (Global Edition)

Global Construction Equipment Market Report 2024 Market Size Split by Type (Excavator , Loader , Dozer , Dump Truck , Compactor , Crane , Others), by Application (Commercial , Residential , In...

Construction Equipment Market Report Description

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Competitive Landscape of the Construction Equipment market

The competitive landscape of the Construction Equipment market is characterized by a mix of global and regional players vying for market share. Key players such as Caterpillar Inc., Komatsu Ltd., and Volvo Construction Equipment dominate the market with their wide product portfolios, strong distribution networks, and brand recognition.

Construction Equipment Industry News 

In October 2023, CASE Construction Equipment, a brand of CNH Industrial N.V., launched a lineup of small articulated loaders and mini track loaders, providing small contractors with construction-grade power to tackle more jobs with less manual labor.

(Source:https://finance.yahoo.com/news/case-launches-construction-grade-mini-205500056.html)

In May 2023, Caterpillar Inc. unveiled the updated Cat D10 Dozer designed for tough construction environments and challenging job sites. The dozer incorporates a load-sensing hydraulics and stator clutch torque converter to effectively transmit power to the ground.

(Source:https://www.cat.com/en_IN/products/new/equipment/dozers/large-dozers/115080.html

Top Companies Market Share in Construction Equipment Industry: (In no particular order of Rank)

• Caterpillar Inc.
• CNH Industrial NV
• Hitachi Construction Machinery Co. Ltd
• Deere & Company
• Kobelco Construction Machinery Co. Ltd
• Komatsu Ltd
• Liebherr International Deutschland GmbH
• Volvo Group
• Zoomlion Heavy Industry Sci & Teh Co. Ltd
• Terex Corporation
• Sany Heavy Industry Co. Ltd
• XCMG Construction Machinery Co. Ltd
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Construction Equipment Market

Which Region Dominates the Construction Equipment Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America's dominance in the Construction Equipment market can be attributed to several key factors. Firstly, the region has a robust construction industry driven by factors such as population growth, urbanization, and infrastructure development. This has led to a high demand for construction equipment across various sectors, including residential, commercial, and industrial construction. Furthermore, government initiatives and investments in infrastructure development, particularly in the United States and Canada, have contributed to the growth of the construction equipment market in North America. These factors combined have solidified North America's position as the leading region in the global Construction Equipment market.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is experiencing rapid growth in the Construction Equipment market due to several key factors. One of the primary drivers is the region's strong economic growth, leading to increased investments in infrastructure development, such as roads, bridges, airports, and urban development projects. This surge in construction activities has created a high demand for construction equipment in the region.Additionally, the adoption of advanced construction technologies and the increasing trend towards mechanization in construction practices have also contributed to the region's growth. These factors combined make Asia Pacific the fastest-growing region in the Construction Equipment market

The current report Scope analyzes Construction Equipment Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Construction Equipment Market

According to Cognitive Market Research, the global Construction Equipment market size was estimated at USD 151251.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 60500.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031. In the North America region, the Construction Equipment market is thriving, driven by several key factors. The region's strong economic growth, coupled with increased investments in infrastructure development, is fueling the demand for construction equipment. Segmentation analysis reveals that earthmoving equipment dominates the market, accounting for a significant share of the total market revenue. Earthmoving equipment is essential for various construction activities, including excavation, grading, and landscaping. In conclusion, the Construction Equipment market in North America is poised for continued growth, driven by strong economic fundamentals and increasing investments in infrastructure development.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the Construction Equipments market with a market size of USD 47734.88 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period. The demand is amplified by the nation's strong economic growth propel consistent growth. 
• The Canada Construction Equipments market had a market share of USD 7260.06 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Canada's increased investments in infrastructure development to increased usage of Construction Equipments.
• The Mexico Construction Equipments market is projected to witness growth at a CAGR of 3.7% during the forecast period with a market size of USD 5505.54 million in 2024.

Europe Construction Equipment Market

According to Cognitive Market Research, the global Construction Equipment market size was estimated at USD 151251.2 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 45375.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031. In the Europe region, the Construction Equipment market is experiencing steady growth, driven by several factors. The region's robust construction industry, coupled with increasing investments in infrastructure projects, is fueling the demand for construction equipment. Segmentation analysis reveals that earthmoving equipment dominates the market in Europe, accounting for a significant share of the total market revenue. Earthmoving equipment is essential for various construction activities, including digging, grading, and site preparation. In conclusion, the Construction Equipment market in Europe is poised for continued growth, driven by strong construction activity and infrastructure investments.

• The United Kingdom Construction Equipments market had a market share of USD 7623.06 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period. In the UK, Construction Equipment sales witness an upswing due to the nation's robust construction industry, coupled with increasing investments in infrastructure projects.
• The France Construction Equipments market is projected to witness growth at a CAGR of 2.7% during the forecast period with a market size of USD 4174.53 million in 2024.
• According to Cognitive Market Research, the Germany Construction Equipments market size was valued at USD 8984.32 million in 2024 and is projected to grow at a CAGR of 3.7% during the forecast period. In Germany, Construction Equipment sales surge due to the nation's increasing investments in infrastructure projects. 
• The Italy Construction Equipments market is projected to witness growth at a CAGR of 2.9% during the forecast period with a market size of USD 3902.28 million in 2024.
• The Russia Construction Equipments market is projected to witness growth at a CAGR of 2.5% during the forecast period with a market size of USD 7033.18 million in 2024.
• The Spain Construction Equipments market is projected to witness growth at a CAGR of 2.6% during the forecast period with a market size of USD 3720.78 million in 2024.
• The Luxembourg Construction Equipments market is projected to witness growth at a CAGR of 3.6% during the forecast period with a market size of USD 1406.64 million in 2024.
• The Portugal Construction Equipments market is projected to witness growth at a CAGR of 3.3% during the forecast period with a market size of USD 952.88 million in 2024.
• The Greece Construction Equipments market is projected to witness growth at a CAGR of 3.8% during the forecast period with a market size of USD 544.50 million in 2024.
• Rest of Europe Construction Equipments market is projected to witness growth at a CAGR of 2.2% during the forecast period with a market size of USD 7033.18 million in 2024.

Asia Pacific Construction Equipment Market

According to Cognitive Market Research, the global Construction Equipment market size was estimated at USD 151251.2 Million out of which Asia Pacific is the fastest growing market of more than 23% of the global revenue with a market size of USD 34787.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031. In the Asia Pacific region, the Construction Equipment market is witnessing rapid growth, driven by several factors. The region's burgeoning population, urbanization, and increasing infrastructure development projects are driving the demand for construction equipment. Segmentation analysis reveals that the earthmoving equipment segment is dominating the market in Asia Pacific, accounting for a substantial share of the total market revenue. In conclusion, the Construction Equipment market in Asia Pacific is poised for continued growth, driven by the region's rapid urbanization and infrastructure development.

• According to Cognitive Market Research, the China Construction Equipments market size was valued at USD 15654.50 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. Construction Equipment sales surge in China due to the nation's region's burgeoning population, urbanization, and increasing infrastructure development projects.
• The Japan Construction Equipments market is projected to witness growth at a CAGR of 5.5% during the forecast period with a market size of USD 4800.71 million in 2024.
• The India Construction Equipments market had a market share of USD 4174.53 million in 2024 and is projected to grow at a CAGR of 8.8% during the forecast period. The demand is augmented by India's increasing infrastructure development projects.
• The South Korea Construction Equipments market is projected to witness growth at a CAGR of 6.1% during the forecast period with a market size of USD 3478.78 million in 2024.
• The Australia Construction Equipments market is projected to witness growth at a CAGR of 6.7% during the forecast period with a market size of USD 1808.96 million in 2024.
• The South East Asia Construction Equipments market is projected to witness growth at a CAGR of 8.0% during the forecast period with a market size of USD 2400.36 million in 2024.
• The Rest of Asia Pacific Construction Equipments market is projected to witness growth at a CAGR of 6.8% during the forecast period with a market size of USD 2469.93 million in 2024.

South America Construction Equipment Market

According to Cognitive Market Research, the global Construction Equipment market size was estimated at USD 151251.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 7562.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031. In Latin America, the Construction Equipment market is experiencing steady growth, driven by several factors unique to the region. The region's rich natural resources and growing population are leading to increased infrastructure development, including road construction, mining, and urbanization projects. Segmentation analysis indicates that the earthmoving equipment segment dominates the market in Latin America, accounting for a significant share of the total market revenue. In conclusion, the Construction Equipment market in Latin America is poised for continued growth, driven by infrastructure development and industrial expansion.

• According to Cognitive Market Research, the Brazil Construction Equipments market size was valued at USD 3236.78 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Construction Equipment sales flourish in Brazil due to the nation's region's rich natural resources and growing population are leading to increased infrastructure development.
• The Argentina Construction Equipments market had a market share of USD 1270.51 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. The demand is augmented by Argentina's growing population are leading to increased infrastructure development.
• The Colombia Construction Equipments market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 673.07 million in 2024.
• The Peru Construction Equipments market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD 620.13 million in 2024.
• The Chile Construction Equipments market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 544.50 million in 2024.
• The Rest of Latin America Construction Equipments market is projected to witness growth at a CAGR of 3.5% during the forecast period with a market size of USD 1217.57 million in 2024.

Middle East and Africa Construction Equipment Market

According to Cognitive Market Research, the global Construction Equipment market size was estimated at USD 151251.2 Million out of which Middle East and Africa market of more than 2.00% of the global revenue with a market size of USD 3025.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. In the Middle East and Africa (MEA) region, the Construction Equipment market is witnessing significant growth, driven by various factors unique to the region. Segmentation analysis reveals that the earthmoving equipment segment dominates the Construction Equipment market in the MEA region, accounting for a substantial share of the total market revenue. In conclusion, the Construction Equipment market in the Middle East and Africa region is poised for continued growth, driven by urbanization, infrastructural development, and government investments.

• According to Cognitive Market Research, the GCC Countries Construction Equipments market size was valued at USD 1294.71 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Construction Equipment sales flourish in the GCC Countries due to the region's rapid urbanization and infrastructural development.
• The Egypt Construction Equipments market is projected to witness growth at a CAGR of 5.0% during the forecast period with a market size of USD 317.63 million in 2024.
• The South Africa Construction Equipments market is projected to witness growth at a CAGR of 5.7% during the forecast period with a market size of USD 477.95 million in 2024.Construction Equipment sales flourish in the South Africa due to the region's strategic government initiatives and investments in sectors.
• The Turkey Construction Equipments market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 260.15 million in 2024.
• The Nigeria Construction Equipments market is projected to witness growth at a CAGR of 3.8% during the forecast period with a market size of USD 317.63 million in 2024.
• The Rest of MEA Construction Equipments market is projected to witness growth at a CAGR of 3.7% during the forecast period with a market size of USD 356.95 million in 2024.

Construction Equipment Market Analysis

Construction Equipment Equipment Type Segment Analysis

According to Cognitive Market Research, the excavator segment stands out as the dominant category. Excavators are versatile machines used for a wide range of tasks, including digging trenches, foundations, and landscaping. Their popularity is due to their efficiency, precision, and ability to handle various terrains. Excavators are essential in construction projects of all sizes, from residential buildings to large-scale infrastructure projects.

The fastest-growing category in the Construction Equipment market is the loader segment. Loaders are crucial for material handling and are used in various applications, including loading and transporting materials such as gravel, sand, and debris. The growth of the loader segment can be attributed to the increasing demand for infrastructure development, urbanization, and industrialization in emerging economies.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Construction Equipment Industry. Request a Free Sample PDF!

Construction Equipment Application Segment Analysis

According to Cognitive Market Research, the dominant category is the infrastructure segment. Infrastructure projects, including roads, bridges, railways, and airports, require a vast array of construction equipment for excavation, paving, and material handling. With increasing urbanization and the need for modernizing existing infrastructure, the demand for construction equipment in the infrastructure segment remains consistently high. Government investments in infrastructure development projects, coupled with public-private partnerships, further drive the growth of this segment.

The fastest-growing category in the Construction Equipment market is the residential segment. As urban populations continue to expand worldwide, there is a rising demand for residential construction projects, including housing developments, apartment complexes, and individual homes. The residential segment encompasses a wide range of construction activities, from site preparation to finishing touches.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Construction Equipment Equipment Category Segment Analysis

According to Cognitive Market Research, The dominant category in the Construction Equipment market is Earthmoving Equipment. The dominance of earthmoving equipment can be attributed to their versatility, efficiency, and ability to handle a wide range of tasks. Additionally, advancements in technology, such as GPS and telematics, have enhanced the precision and productivity of earthmoving equipment, further driving their demand in the market.

The fastest-growing category in the Construction Equipment market is Material Handling Equipment. The growth of this segment is driven by the increasing focus on automation and efficiency in construction operations. Material handling equipment helps in streamlining construction processes, reducing manual labor, and improving safety. Moreover, the rise in infrastructure development projects and the expansion of the manufacturing sector contribute to the growing demand for material handling equipment.

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

Construction Equipment Propulsion Segment Analysis

According to Cognitive Market Research, The dominant category in the Construction Equipment market is Diesel-powered equipment. Diesel-powered construction equipment has been the traditional choice for many construction companies due to its power, reliability, and availability. Diesel engines offer high torque, making them suitable for heavy-duty tasks such as excavation and hauling.

The fastest-growing category in the Construction Equipment market is CNG/LNG/RNG-powered equipment. With increasing focus on environmental sustainability, there is a growing demand for construction equipment that runs on compressed natural gas (CNG), liquefied natural gas (LNG), or renewable natural gas (RNG). These alternative fuels offer lower emissions compared to diesel, contributing to cleaner air and reduced environmental impact.

• Diesel 
• CNG/LNG/RNG  

Construction Equipment Power Output Segment Analysis

According to Cognitive Market Research, the dominant category for power output is 101-200HP. This range covers a wide variety of equipment used in construction, such as medium-sized excavators, loaders, and bulldozers. Equipment in this power range strikes a balance between performance and efficiency, making it suitable for a range of construction applications.

The fastest-growing category in the Construction Equipment market is <100HP. While smaller equipment may seem less powerful, they are increasingly in demand due to their versatility, maneuverability, and fuel efficiency. <100HP equipment includes compact excavators, skid steer loaders, and mini loaders, which are ideal for urban construction projects and renovation works where space is limited.

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

Construction Equipment Engine Capacity Segment Analysis

According to Cognitive Market Research, the dominant category for engine capacity is >10L. This category includes heavy-duty equipment such as large excavators, bulldozers, and cranes used in major construction projects. The demand for high-capacity engines is driven by the need for increased power and performance to handle heavy materials and challenging terrain. These machines are often used in large-scale infrastructure projects where their robustness and reliability are essential for efficient operations.

The fastest-growing category in the Construction Equipment market is <5L engine capacity. This category includes smaller, more compact equipment such as mini excavators and compact loaders. The growth in this segment is fueled by the increasing demand for smaller, more agile machines that can navigate tight spaces and urban environments.

• <5L 
• 5-101 
• >10L 

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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