Skip to main content

Heavy Construction Equipment Market Innovations: Technological Advancements Shaping the Future

 The global heavy construction equipment market size was estimated at USD 204.41 billion in 2023 and is projected to reach USD 289.30 billion by 2030, growing at a CAGR of 5.2% from 2024 to 2030. Key drivers of growth in this market include continuous urbanization, population growth resulting in increased demand for housing solutions, and ongoing infrastructural enhancements in developing economies.

 

Additionally, the rise of fuel-efficient machinery and the growing development of high-rise buildings in developed countries are expected to boost demand for heavy construction equipment. The ongoing focus of various governments worldwide on modifying and developing new infrastructure such as bridges, road networks, ports, railroads, metros, and other key revenue-generating areas is contributing to the increasing demand for this market.

 

The growing inclination toward improving living standards is driving the necessity for enhanced sanitation and hygiene infrastructure, leading to increased utilization of heavy construction equipment for various public welfare projects. Factors such as rapid urbanization and the migration of individuals from rural areas to urban centers for better livelihoods are fueling the need for residential and commercial constructions, anticipated to foster growth in this industry during the forecast period. According to the United Nations Department of Economic and Social Affairs, nearly 68% of the global population is projected to reside primarily in urban areas by 2050.

 

Key Market Trends & Insights

  • The heavy construction equipment market in Europe dominated the global industry in 2023 with a revenue share of 36.0%.
  • The U.S. heavy construction equipment market led the regional industry in 2023.
  • The material handling equipment segment was the market leader based on machinery, contributing a revenue share of 51.0% in 2023.
  • In terms of propulsion, internal combustion engines (ICEs) held the largest revenue share in 2023.
  • The 5-10L segment captured the largest revenue share based on engine capacity in 2023.
  • The <100 HP segment represented the largest revenue share in terms of power output range in 2023.

 

Order a free sample PDF of the Heavy Construction Equipment Market Intelligence Study, published by Grand View Research.

 

Market Size & Forecast

  • 2023 Market Size: USD 204.41 Billion
  • 2030 Projected Market Size: USD 289.30 Billion
  • CAGR (2024-2030): 5.2%
  • Europe: Largest market in 2023
  • Asia Pacific: Fastest growing market

 

Key Companies & Market Share Insights

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 landscape, these key players have implemented strategies such as increased investments in research and development, the adoption of innovation, collaborations with companies and governments, and participation in welfare initiatives related to infrastructural enhancements.

  • Caterpillar Inc.: A leading player manufacturing construction and mining equipment, as well as off-highway natural gas and diesel engines, diesel-electric locomotives, and industrial gas turbines. The company's heavy construction equipment 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 global corporation based in Japan, manufactures machinery for mining, forestry, construction, and military applications. Its offerings in heavy construction equipment include excavators, bulldozers, motor graders, wheel loaders, dump trucks, wheel dozers, and more.

 

Key Players

  • 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

 

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

 

Conclusion

The heavy construction equipment market is poised for significant growth driven by factors such as relentless urbanization, rising population demands for housing, and ongoing infrastructural advancements, especially in developing economies. The emergence of fuel-efficient machinery and the construction of high-rise buildings in developed countries further enhance this demand. As governments worldwide invest in essential infrastructure improvements, the necessity for heavy construction equipment continues to expand.

Comments

Post a Comment

Popular posts from this blog

Artificial Intelligence In Construction Market: Impact on Project Management

  The global   artificial intelligence in construction market   was valued at approximately USD 2.93 billion in 2023 and is anticipated to reach USD 16.96 billion by 2030, growing at a CAGR of 26.9% from 2024 to 2030. This growth is fueled by the various advantages AI offers in the construction sector, including the prevention of cost overruns by forecasting budgets based on historical data and aiding in the development of predictive models aligned with project timelines. This efficiency renders mega-construction projects more cost-effective. Artificial intelligence (AI) also improves 3D model-based processes, lightening the workload for engineers, construction professionals, and architects. Additionally, it enhances project planning through robots that conduct 3D scans of construction sites, providing data that helps management tackle on-site issues. Another significant driver of this market is the enhanced risk control on job sites, which assures contractors and subcont...
Post a Comment
Read more

Construction Equipment Rental Market: The Role of Digitalization and Automation

  The global construction equipment rental market size is expected to reach   USD 280.13 billion by 2030 , registering a CAGR of 6.12% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing government spending on infrastructure projects and rising Foreign Direct Investment (FDI) in the building sector for skyscrapers, motorways, bridges, and smart cities is driving the growth. The market for renting construction equipment is expanding as a result of ongoing technological advancements that result in modern construction tools that focus on projects and streamline the entire construction process. Small and medium-sized construction enterprises and contractors are encouraged to use rental construction equipment due to the higher total cost of ownership of modern construction equipment and machines. Additionally, construction equipment leasing offers a cost-effective substitute for purchasing for construction companies since it lowers the costs of owne...
Post a Comment
Read more

Alumina Trihydrate Market Competitive Landscape and Major Players

  The global   alumina trihydrate market   size was estimated at USD 3.59 billion in 2022 and is projected to reach USD 5.64 billion by 2030, growing at a CAGR of 5.6% from 2023 to 2030. This growth is primarily attributed to the rising product adoption from various end-use industries, such as plastics, automotive, construction, and chemical manufacturing.   Alumina trihydrate is utilized as a flame retardant in plastics and the construction industry for wires, cables, and building materials due to its excellent flame-retardant properties. Stringent environmental safety standards and regulations have increased the demand for non-toxic, safer flame retardants. Europe introduced the regulation on the registration, evaluation, authorization, and restriction of chemicals (REACH) regulation in 2007 to protect the environment and human health from chemical risks. This places responsibility on companies to provide safety and manage risks from potentially harmful substa...
Post a Comment
Read more