Press release
Heavy Construction Equipment Market Report- Expansive Coverage on the Profit Sources
According to the latest research by InsightAce Analytic, the Global Heavy Construction Equipment Market Size is valued at USD 202.84 Bn in 2024 and is predicted to reach USD 333.52 Bn by the year 2034 at a 5.2% CAGR during the forecast period for 2025-2034.
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The heavy construction equipment market encompasses a wide range of machinery and vehicles specifically designed for use in the construction industry. This includes material handlers, graders, excavators, skid-steer loaders, track loaders, backhoes, hydraulic tools, pipelayers, compactors, and other essential construction equipment.
Furthermore, the market is poised to benefit from the rising adoption of electric construction equipment, offering Original Equipment Manufacturers (OEMs) new growth opportunities. Key drivers of market expansion include the growing scale and complexity of construction projects, as well as the integration of digital technologies, connectivity, and automation across construction and industrial applications.
List of Prominent Players in the heavy construction equipment market:
• Caterpillar (US.)
• Liebherr AG (Germany)
• Volvo Group (Sweden)
• Komatsu (Japan)
• Hitachi Construction Machinery Co., Ltd. (Japan)
• SANY Heavy Industry Co., Ltd. (China)
• HD Hyundai (South Korea)
• XCMG Group (China)
• CNH Industrial NV (UK.)
• J C Bamford Excavators Ltd (UK.)
• Wacker Neuson Se
• Manitou Group
• Escorts Kubota Limited
• Deere & Company
• Zoomlion Heavy Industry Science & Technology Co., Ltd.
• Kobelco Construction Machinery Co., Ltd.
• Sumitomo Heavy Industries, Ltd.
• Hiab
• Hidromek
• Other
Market Dynamics:
Drivers-
The increasing demand for heavy construction equipment is significantly driven by the electrification of machinery, which is creating new opportunities and innovations across the industry. The adoption of electric models is expanding beyond consumer vehicles and public transportation to include heavy-duty construction equipment. This transition is largely attributed to the enforcement of stricter emissions regulations and technological advancements, which are reshaping the future of the construction equipment industry.
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Challenges:
Despite the growth potential, the industry faces several challenges, including stringent regulatory frameworks, high equipment costs, a shortage of skilled labor, and a lack of standardized protocols. The implementation of harmonized emission standards is intended to replace the current fragmented regulatory landscape; however, adapting to varying emission requirements across countries poses a significant challenge for manufacturers.
Regional Trends:
The Asia-Pacific region is expected to dominate the heavy construction equipment market in terms of revenue and is projected to grow at a robust compound annual growth rate (CAGR). This growth is fueled by government-led infrastructure initiatives such as regional development strategies, which are expected to attract significant investment.
North America also holds a substantial market share, driven by a rising demand for residential construction amid an improving economy. Additional growth factors include the expansion of e-commerce, increased availability of construction equipment rentals, greater government spending on infrastructure projects, and higher capital investments in construction technologies.
Recent Developments:
• In June 2023, Volvo CE introduced the inaugural electrified construction machinery in Southeast Asia. Volvo CE's objective is to have 35% of its machine sales driven by electromobility by 2030. Volvo CE's objective is to have 35% of its machine sales driven by electromobility by 2030. It possessed the most extensive assortment of construction machinery driven by electricity. The business introduced three models in Singapore: the ECR25 Electric compact excavator, the L25 Electric compact wheel loader, and the EC55 Electric excavator.
• In Oct 2023, Hyundai Construction Equipment India introduced several items to strengthen its presence in the Infrastructure, mining, and material handling sector. There were a total of four different types of excavators, two models of forklifts, and two models of wheel loaders that were introduced.
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Segmentation of heavy construction equipment market-
By Machinery Type
• Earthmoving equipment
o Excavators
Crawler Excavators
Mini Excavators
Wheeled Excavators
o Loaders
Wheeled Loaders
Skid-Steer Loaders
o Dozers
o Motor Graders
o Others
• Material handling equipment
o Cranes
o Telescopic Handlers
o Others
Conveyors
Forklifts
• Heavy construction vehicles
• Others
o Compactors & Road Rollers
o Pavers/Asphalt Finishers
o Drilling/Boring Machines
By Propulsion Type
• Diesel
• CNG/LNG/RNG
• Electric
By Engine Capacity
• 10 L
By Power Output
• 400 HP
By Application
• Material Handling
• Transportation
• Excavation & Demolition
• Heavy Lifting
• Tunneling
• Recycling & Waste Management
By End-Use Industry
• Mining
• Infrastructure
• Building & Construction
• Forestry & Agriculture
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.
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