Rising infrastructure investments, increasing urbanization, and the growth of the construction sector in emerging economies are driving construction equipment market growth. Technological advancements like the integration of automation, telematics, and electrification in construction equipment are also propelling market expansion by boosting productivity, reducing emissions, and lowering operating costs.
WESTFORD, Mass., Aug. 7, 2025 /PRNewswire/ -- SkyQuest Technology Consulting published a report, titled, 'Construction Equipment Market - Global Opportunity Analysis and Industry Forecast, 2025-2032', valued at USD 161.83 Billion in 2024. With a projected CAGR of 3.8% from 2025 to 2032, the market is expected to reach USD 218.09 Billion by the end of 2032. This growth is attributable to rising adoption of excavators, AI innovation, automation, and shift toward electric and hybrid construction machinery.
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Construction Equipment Market Key Growth Drivers
The primary drivers of this growth are governments placing more emphasis on improving existing infrastructure and the rapid urbanization that is occurring in many developing countries. Excavators, loaders, and dump trucks are among the construction equipment needed for this surge. Because of the increased infrastructure development activities around the world, which will require the use of earthmoving and material handling equipment, it is expected that the global construction equipment industry will grow at a much faster rate. Building in developing nations is encouraged by the government's increased investment in updating existing structures.
It is evident from recent events that the demand for construction equipment will increase in the years to come. For instance, In May 2024, Ferrovial, a global infrastructure company, announced that its construction subsidiary Webber had won nine new contracts totaling USD 1.2 billion. This construction contract includes water treatment plant expansion, bridge construction, and road maintenance in the United States and Canada. These international examples show how government-funded initiatives can increase demand for construction equipment on a global scale.
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Recent Developments in Construction Equipment Market
- CASE India introduced seven new construction equipment models in January 2025. The launch includes five models that have been modified to meet the BS CEV V emission standards, as well as two vibratory compactors, the 952 NX and 450 NX. The company unveiled its F28 Engine, which is made at CNH India's Noida plant and is designed to maintain operational efficiency while adhering to the new emission regulations.
- Trimble and Caterpillar extended their long-standing joint venture to encourage innovation in grade control technology in october 2024. This collaboration aimed to increase the precision and effectiveness of mining and construction activities by utilizing state-of-the-art technological solutions. By combining their expertise, the two companies hope to offer cutting-edge tools that improve project outcomes and productivity.
- To produce mini excavators, Doosan Bobcat expanded its Chennai, India, facility by 11,300 square meters in June 2024. Mass production is expected to begin in 2025, with an aim of 8,900 units by 2028. This initiative reaffirms India's strategic importance in Doosan Bobcat's global growth strategy.
Major Challenges in Construction Equipment Industry
Disruptions in the global supply chain have emerged as a significant obstacle to the growth of the construction equipment market globally due to production delays, increased costs, and a shortage of necessary parts. Transportation bottlenecks, fluctuations in raw material prices, and shortages of semiconductors have all had a major impact on equipment production. Additionally, trade restrictions, fluctuating fuel prices, and geopolitical tensions exacerbate supply chain inefficiencies. These challenges have resulted in longer lead times for equipment delivery, higher operating costs for manufacturers, and delays in construction projects worldwide.
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Competitive Landscape
The global construction equipment market is a highly competitive field with major players competing on the basis of the development of technology and product differentiation, product diversification, and worldwide growth. Major players typically make substantial investments in automation, electrification, and telematics with some advanced players integrating AI. Moreover, they also have the manufacturing capabilities and distribution networks to service demand on a regional basis. As the industry continues to grapple with sustainability issues, many market leaders have heavily invested in fuel-efficient and electric powered construction equipment to keep pace with stringent emission standards too. In addition, mergers and acquisitions or partnerships can allow market leaders assist in expanding their geographic or global footprint, especially in emerging economies where development, in the form of infrastructure projects, is rapidly expanding.
The major players in the Construction Equipment industry include,
- Liebherr-International AG (Switzerland)
- Caterpillar Inc. (United States)
- AB Volvo (Sweden)
- HD Hyundai Construction Equipment Co Ltd (South Korea)
- Hitachi (Japan)
- Deere & Company (United States)
- J C Bamford Excavators Ltd. (JCB) (United Kingdom)
- Komatsu Ltd. (Japan)
- CNH Industrial NV (United Kingdom)
- XCMG Construction Machinery Co Ltd (China)
- KUBOTA Corporation (Japan)
- SANY Group (China)
- Terex Corporation (United States)
- Manitou BF SA (France)
- Wacker Neuson SE (Germany)
Construction Equipment Market Segmental Analysis
The global construction equipment market is segmented into equipment type, category, power output, propulsion type, drive type, application, and region.
- By equipment type, the earthmoving equipment led in 2024 due to the high demand coming from mining and heavy civil construction projects globally, particularly in rapidly urbanizing Asia-Pacific countries.
- By category, in 2024, human-operated machinery continued to dominate the market as regulatory restrictions and high upfront costs in developing nations continue to impede the widespread adoption of autonomous machines.
- By power output, the 101-200 HP category led in 2020 because it is the most versatile and appropriate for medium-sized commercial and heavy civil projects, especially in developing economies.
- By propulsion type, the ICE machinery remained widespread in 2024 because of the existing infrastructure and being more efficient in longer-duration operating, particularly in off-road construction situations.
- By drive type, hydraulic segment dominated the market in 2024 because they provide greater torque and are more effective for lifting and earthmoving tasks on construction sites.
- By application, due to higher government spending on roads, bridges, and smart city projects in Asia and North America, the infrastructure segment held the largest market share in 2024.
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Regional Outlook
- Asia-Pacific led the construction equipment market in 2024 as a result of rapid urbanization and large infrastructure projects in China, India, and Southeast Asia. China's Belt and Road Initiative and government initiatives like "Make in India" increased demand for equipment. The incorporation of electric, hybrid, and AI-enabled machinery significantly improved sustainability and operational efficiency.
- The North American market remained stable in 2024 due to continuous infrastructure development, particularly in the US. Despite slower dealer demand in some regions, major manufacturers were able to maintain performance through cost control and pricing strategies. The growing use of telematics and equipment rental services addressed cost-effectiveness and operational flexibility.
- The European construction equipment market experienced a minor slowdown due to macroeconomic uncertainty and cautious investment in 2024. However, the adoption of green building practices, like the use of electric and hybrid machinery, produced resilience in some industries. Additionally, regulatory support for safety and sustainability fueled innovation in key Western European markets.
- With moderate growth in Latin America and erratic demand in the Middle East and Africa, the LAMEA region's 2024 performance was uneven. Project delays and political events, especially during election cycles, affected performance in some areas. Despite challenges, the market expanded gradually as a result of rising infrastructure spending and an increase in the demand for rental equipment.
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