Construction Equipment Market is Expected to Reach $261,047 Million in 2027, Growing at a CAGR of 4.3% from 2020 to 2027

Construction Equipment Market Statistics - 2027

The global construction equipment market size is expected to reach $261,047 million in 2027, from $184,500 million in 2019, growing at a CAGR of 4.3% from 2020 to 2027. Construction equipment are specially designed machinery used to perform construction operations. These equipment are used for different functions such as drilling, hauling, excavating, paving, and grading. The global construction equipment market covers different industries such as construction & infrastructure, manufacturing, and oil & gas.

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Although the construction sector is facing a slow-down, which is affecting new construction equipment sales, the market is expected to recover during the forecast period. One of the reasons for the growth is anticipated to be the growing focus on public–private partnerships (PPP). These partnerships are characterized as a joint venture between government and private sector companies for the construction of public infrastructure systems. In this type of partnership, a private company handles a project and lends technical and operational expertise to government projects.

The growing public private partnerships in different countries such as India, Africa, and China is expected to fuel the growth of the construction equipment industry. Further, the rise in urbanization across the world is increasing the demand to build infrastructure such as residential and transportation. By 2040, the global population is estimated to grow approximately by two billion with the urban population growing by over 40%. However, factors such as strict government regulations and carbon emissions are anticipated to restrain the construction equipment market growth. Moreover, technology innovations are expected to provide lucrative opportunities for players operating in the market.

Key Segments

The construction equipment market is segmented on the basis of solution type, equipment type, type, application, industry, and region. By solution type, it is divided into products and services. By equipment, the construction equipment it is classified into heavy construction equipment and compact construction equipment. By type, it is categorized into loaders, cranes, forklifts, excavators, dozers, and others. By application, it is divided into excavation & mining, lifting & material handling, earthmoving, transportation, and others. By end-user, it is divided into oil & gas, construction & infrastructure, manufacturing, mining, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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By Solution

By solution type, the market is divided into products and services. In 2019, the products segment dominated the market, in terms of revenue, and is expected to maintain this trend during the forecast period. By equipment, the market is classified into heavy construction equipment and compact construction equipment. The compact construction equipment market is expected to grow rapidly during the forecast period. By type, the market is categorized into loaders, cranes, forklifts, excavators, dozers, and others. The loader is mainly used for earthmoving operations, which include loading and moving materials such as dirt, demolition, recycled material, raw material, and sand. The loader is expected to dominate the market during the forecast period.

By Application

By application, the market is divided into excavation & mining, lifting & material handling, earth moving, transportation, and others. The lifting & material handling segment is expected to grow at the highest CAGR during the forecast period. By end-user, the market is categorized into oil & gas, construction & infrastructure, manufacturing, mining, and others. The construction & infrastructure segment dominated the market and is expected to remain dominant by end of the forecast period.

By Region

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2019, Asia-Pacific contributed the highest construction equipment market share and is anticipated to secure the leading position during the forecast period, due to extensive demand in the construction & infrastructure segment.

Competition Analysis

Competitive analysis and profiles of the major players in the construction equipment industry, such as AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG) are provided in this report. The key strategies adopted by key players from 2017 to 2019 were product launches, acquisitions, and partnerships.

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