Construction – Market Industry Forecast News

Heavy Construction Equipment Market Assessment: Insights from Industry Experts

The global heavy construction equipment market size is expected to reach USD 289.3 billion in 2030 and is projected to grow at a CAGR of 5.2% from 2024 to 2030. Increased investment in infrastructure has been a major factor driving market growth.

Rise in infrastructural development around the world is the key catalyst that will propel market growth over the forecast period. Infrastructural development results in increased construction activities, which eventually creates a demand for heavy duty construction equipment. Developed infrastructure boosts economic growth by assisting cross-border trade and industrial growth.

Private financing is a key way to fund infrastructural development plans. For instance, infrastructure development in India has witnessed increased participation of private players in recent years. Moreover, the Indian government has increased its budget for infrastructural development.

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Heavy construction equipment market is likely to witness high demand due to various government initiatives to expand airports globally. As of January 2015, global investments for construction of airports was nearly USD 540.0 billion. For instance, news reports suggest that the total number of passengers traveling via Mumbai (India) airport has tripled in the last decade. To overcome this, the Indian government has approved an investment of USD 2 billion for the construction of the Navi Mumbai airport, which will help distribute domestic and international passengers. Development plans such as these are sure to give the global market a major boost.

Heavy Construction Equipment Market Report Highlights

The global heavy construction equipment market size is expected to reach USD 289.3 billion in 2030 and is projected to grow at a CAGR of 5.2% from 2024 to 2030. Increased investments in the infrastructure sector, especially in developing countries such as India, Malaysia, and Indonesia, is a key factor

The material handling equipment segment dominated the market and accounted for a revenue share of 51.0% in 2023. The material handling equipment segment dominated the market and accounted for a revenue share of 51.0% in 2023.

Earth moving machinery is expected to experience the fastest CAGR of 5.9% during the forecast period. This can be attributed to rise in investments to develop airports across the globe

Asia Pacific heavy construction equipment market is anticipated to witness the fastest growth from 2024 to 2030. This can be attributed to growth of construction activities in countries such as India, Malaysia, and China

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Key Heavy Construction Equipment Company Insights

Some of the 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 state of industry, the key companies have adopted strategies such as growing investments in research & development, rising adoption of innovation, collaborations with companies and governments, participation in welfare initiatives related to infrastructural enhancements and more.

Caterpillar Inc., one of the prominent companies in manufacturing industry of construction and mining equipment, off-highway natural gas and diesel engines, diesel-electric locomotives and industrial gas turbines as well. Some of the heavy construction equipment offered by the company 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 Japan-based global corporation, manufactures mining, forestry, construction, and military machinery, some of its heavy construction equipment offerings are excavators, bulldozers, motor graders, wheel loaders, dump trucks, wheel dozers and others.

Key Heavy Construction Equipment Companies:

The following are the leading companies in the heavy construction equipment market. These companies collectively hold the largest market share and dictate industry trends.

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

Recent Developments

In February 2024, Caterpillar introduced its medium dozer line with two technology package upgrades. The Cat Assist with ARO (attachment-ready option) package is anticipated to become a standard feature on Cat D5, D4, D6, D6 XE, and D7 models from early 2024.

In June 2024, Volvo CE launched Volvo EC210, 20-tonne category, ‘Built for Bharat’, heavy excavator and rolled out “Karo Zyada ki Umeed” campaign. The introduction of this addition of the diverse portfolio of company’s construction equipment reinforces its commitment to continue its role in Indian markets to offer innovation backed, technologically advanced products associated with construction equipment industry.

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Surging Demand for Construction Equipment Fuels Market Expansion Across Residential and Commercial Sectors

The construction equipment market is at the edge of advancement due to the consistent development of innovative equipment and trending technologies. Construction is the foundation of urbanization, giving a new face to infrastructure and, in turn, transforming villages into smart cities. This sector necessitates advanced equipment to perform various tasks, including developing infrastructure and transporting heavy construction materials. This market is creating opportunities for various raw material dealers, equipment manufacturers, and suppliers.

As the market evolves continuously, the development of transformative equipment is on the surge. Such a trend improves safety, efficiency, and sustainability. Nowadays, market players are making efforts and investing largely in developing advanced technology-savvy and efficient equipment, thereby accelerating their demand in the market.

The global construction equipment market size was valued at USD 207.14 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2030.

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Why End-Users Need Superior and Efficient Construction Equipment?

Building a successful construction business demands investments in construction equipment for convenience and decision-making. This equipment not only offers comfort but also provides efficient transport of raw materials. The equipment comprises several raw materials, such as aluminum, steel, ferrous, and non-ferrous metals, which are anticipated to offer growth opportunities for business owners.

This equipment can be utilized to reduce costs and elevate productivity by replacing manual tasks with technology. Employing manpower requires increased costs and possesses a high risk of errors, which can be resolved by high-end technology and serves more economical option for businesses.

Latest Advancements in Construction Equipment: Bringing Growth Opportunities for Future

The construction equipment market is witnessing advancements in several sectors as follows:

Robotics

Recently, robotics has been integrated into the construction sector to execute various tasks, including concrete pouring, destruction, and more. These robotic machines are accurate, highly efficient and can perform well in high-risk conditions, surpassing the need for human labor.

Drone Technology

The drone plays a prominent role in the construction domain by performing activities such as site-seeing, inspecting, and monitoring the equipment’s location and surroundings. Drones are built with high-resolution cameras and sensors. Moreover, the image-capturing abilities of drones offer significant insights to builders and construction workers.

Augmented Reality (AR) and Visual Reality (VR)

The construction industry is changing vigorously due to the integration of AR and VR training programs. These technologies offer informative, hands-on training experiences with low risk in the construction sector.

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Telematics

The telematics sector is advancing the construction domain to a larger extent. This involves transmitting data from remote construction equipment to central monitoring systems, thereby providing efficiency. It also serves real-time data for exact location, equipment performance, and maintenance needs.

Internet of Things (IoT)

The implementation of IoT devices in construction equipment enables seamless communication among connecting machines, operators, and project managers. Such IoT-linked equipment can effectively track construction activities, report issues, optimize performance, and produce high-quality work.

3D Printing

3D printing technology is positively influencing the construction equipment market. With the help of 3-D printers, complex structures can be created using concrete, plastic, and metal materials. This technology reduces waste, fastens construction activities, and offers greater design flexibility.

Prefabrication Techniques

Prefabrication is the latest trend, gaining attention in the construction equipment sector. This is a process of manufacturing in which building components are manufactured off-site and they are get assembled on-site using automation and robotics. Such trends reduce the time and improve quality.

Conclusion

With the efficient and well-implementation of innovation and technology, the construction equipment market will be boosted with brighter growth opportunities. The consistent efforts of manufacturers and construction experts are anticipated to transform the growth trajectories in this market in the coming years.

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2023-2030 Earthmoving Equipment Market Analysis: Future Outlook

Earthmoving Equipment Industry | Forecast 2030

Earthmoving Equipment Industry Data Book – Excavator, Loader, Motor Grader, Dumper And Dozer Market

Grand View Research’s earthmoving equipment industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

Earthmoving equipment demand is anticipated to increase throughout the forecast timeframe owing to the growing urban population demand for leveraging infrastructure facilities. The advent of new products with eco-friendly characteristics and inexpensive maintenance would replace traditional machinery in the next few decades. Furthermore, numerous technical developments make it earthmoving equipment easier to monitor systems in real-time and spot problems. Additionally, rental services are expanding their market share. In order to establish their businesses and bring in revenue from small, medium, and big contractors, local businesses and SMEs probably prefer the rental sector.

Excavator Market Insights

The global excavator market size was estimated at USD 75.85 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2030. Due to increasing investments in the construction sector mainly from the growing countries such as India, China, and South Korea, the market has experienced significant growth. Global demand for excavators has increased as a result of an increase in the number of major projects in the road and port construction, mining, and oil and gas construction industries. Moreover, technological advancements in excavator design and functionality, such as improved fuel efficiency and enhanced performance, further contribute to their widespread usage and market growth.

In enclosed spaces such as forestry, agriculture, and small-scale construction projects, excavators are employed. The instrument is practical for accelerating construction activities and is built to offer greater operational skills, thus elevating the market growth. For instance, in May 2023 Hitachi Construction Machinery Co., Ltd. launched ZAXIS-7 compact excavators designed to enhance task efficiency on urban work sites. The company also launched ZX75US-7 model that featured an ultra-short-tail swing radius, which allowed access to small spaces. In addition, the ZX85USB-7 model, with its swing boom and ultra-short-tail swing radius, enabled productive excavation near walls and guardrails.

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Loader Market Insights

The global loader market size was valued at USD 16.80 billion in 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.4% from 2020 to 2027. Growing infrastructural developments and large number of construction projects in the developing and emerging countries are contributing to the market growth. The infrastructure developments in such regions are likely to proliferate the demand for construction equipment, such as loaders, which are widely used for moving materials and lifting heavy loads at construction sites. The loaders are used for different kinds of activities including waste handling, material handling, and demolition of buildings and infrastructure. Increasing number of redevelopment projects has increased the prospects for waste handling and the demolition segment, which is expected to boost the demand for loaders.Growing public-private partnerships to implement infrastructure works, increasing residential, commercial, and industrial construction activities, and global economic growth from 2021 onwards are expected to drive the market in future. The loader manufacturers are integrating advanced technology into the equipment machinery. A South Korean manufacturer Doosan is offering an auto shut-down feature that has been implemented to reduce the idle time of the engine, which would prevent the wasted operating time and over-consumption of fuel. The company has also provided loaders with maintenance-free air pre-filter that automatically separates more than 99% of particles that are 20 microns and larger and removes debris extending the air filter life. The manufacturers are focusing on improving the cabin comfort for the operator to drive the sales activity in regions, such as Europe and North America, as operators are the key participants when it comes to the purchasing decision.

Motor Grader Market Insights

The global motor grader market size was valued at USD 3.55 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. An increasing number of commercial, public, and residential construction projects and mining activities worldwide contribute to the uptick in motor grader demand. Favorable government investment in refurbishing existing public infrastructure and authorization to build new infrastructure, such as airports and roadways, is expected to instigate the growth of the motor grader industry within the forecast period. Major players within the motor grader industry landscape are investing in developing mechanically advanced motor graders.

Go through the table of content of Earthmoving Equipment Industry Data Book to get a better understanding of the Coverage & Scope of the study

Industry Segment Forecast 2030

Earth Moving Machinery Industry, By Product

• Excavator

• Loader

• Motor Grader

• Dumper

• Dozer

Earth Moving Machinery Industry, By Vehicle Weight

• Less than 10

• 11 to 45

• More than 46

Earth Moving Machinery Industry, By Engine Capacity

• Upto 250 HP

• 250 – 500 HP

• More than 500 HP

Earth Moving Machinery Industry, By Type

• Wheel

• Crawler

Earth Moving Machinery Industry, By Drive Type

• Electric

• ICE

Earth Moving Machinery Industry, By Application

• Construction

• Material Handling

• Road Construction

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Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

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