Executive Summary:

The global heavy construction equipment market is projected to grow from US$ 224.15 billion in 2024 to US$ 338.06 billion by 2031, registering a CAGR of 6.16% from 2025 to 2031. Heavy construction equipment includes large machinery used for excavation, lifting, material handling, and demolition, playing a crucial role in large-scale construction and infrastructure projects.

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Market Drivers:

  • Government investments in infrastructure, particularly in developing nations like India, Mexico, and Brazil, are fueling demand. The World Bank estimates over US$ 3.7 trillion is invested annually in infrastructure to support growing populations.
  • Rising clean energy investments are boosting the market. According to the International Energy Agency (IEA), over US$ 3 trillion was allocated to clean energy infrastructure in 2024, driving demand for specialized construction equipment.


Heavy Construction Equipment Market: Segmentation, Drivers, and Growth Opportunities

Market Segmentation Analysis

The heavy construction equipment market is analyzed based on type, propulsion type, power output, and end-use industry:

By Machinery Type

  • Earthmoving Equipment (e.g., excavators, bulldozers, loaders) – Dominated the market in 2024.
  • Material Handling Equipment
  • Heavy Construction Vehicles
  • Others

By Propulsion Type

  • Internal Combustion Engine (ICE) – Held the largest market share in 2024.
  • Electric – Emerging segment with growth potential.

By Power Output

  • Less than 100 HP
  • 101-200 HP
  • 201-400 HP – Largest market share in 2024.
  • Above 401 HP

By End-Use Industry

  • Building & Construction – Leading segment in 2024.
  • Forestry & Agriculture
  • Energy & Power
  • Mining
  • Others

Key Market Drivers & Opportunities

  1. Rising Global Investments in Construction
  • Governments worldwide are increasing infrastructure spending, fueling demand for heavy construction equipment.
  • US: The Bipartisan Infrastructure Law allocated ~US$ 1.2 trillion for infrastructure development.
  • Europe: The EU Infrastructure Development Fund invested US$ 828.8 billion.
  • Asia Pacific: The construction sector was valued at US$ 4.36 trillion (2022), accounting for 45% of global construction activity, with major projects in India, China, Japan, and Southeast Asia.
  1. Infrastructure Growth in Emerging Economies
  • Latin America:  Argentina's  Riachuelo Water System  and Brazil's highway expansions are driving equipment demand.
  • Asia:  China's  Hong Kong-Zhuhai-Macau Bridge  and India's metro expansions are key projects.
  • Europe:  Major developments like  Germany's Federal Transport Infrastructure Plan 2030 (US$ 280.68 billion investment)  and  green infrastructure projects (US$ 59.34 billion in 2024)  are boosting market growth.
  1. Shift Toward Electrical Construction Equipment
  • Manufacturers are introducing  electric-powered machinery  to meet sustainability demands.
  • Example:  Volvo CE launched the L120 Electric Wheel Loader (2024) , set for commercial release in 2025.

Market Size & Share Insights

  • Earthmoving equipment  led the market in 2024, driven by infrastructure projects.
  • ICE (diesel/gasoline) equipment  remains dominant due to fuel efficiency and established infrastructure.
  • The  201-400 HP segment  held the largest share, catering to mid-to-heavy-duty construction needs.

Future Outlook

  • Government investments  and  urbanization  will continue driving demand.
  • Electrification  and  technological advancements  present new growth avenues.

This analysis highlights the strong growth potential of the heavy construction equipment market, supported by  infrastructure development, emerging economies, and innovation in sustainable machinery .


Market leaders and key company profiles

 JC BAMFORD EXCAVATORS LTD

 AB VOLVO

 CATERPILLAR INC

 HITACHI LTD

 HYUNDAI CONSTRUCTION EQUIPMENT CO LTD

 DOOSAN CORP

 CNH INDUSTRIAL N.V.

 DEERE & CO

 KOMATSU LTD

 LIEBHERR

Heavy Construction Equipment Market Report Coverage and Deliverables

The "Heavy Construction Equipment Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

  • Heavy Construction Equipment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Heavy Construction Equipment market trends, as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed Porter's Five Forces and SWOT analysis
  • Heavy Construction Equipment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Heavy Construction Equipment market
  • Detailed company profiles

    Heavy Construction Equipment Market Overview

The global heavy construction equipment market is segmented into five key regions:  North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America . Among these, the  Asia Pacific  market is projected to experience substantial growth during the forecast period.

Asia Pacific Market Segmentation

The Asia Pacific heavy construction equipment market is further categorized into:

  • Australia, China, India, Japan, South Korea
  • Indonesia, Singapore, Malaysia, the Philippines, Vietnam
  • Rest of Asia Pacific

In 2022, the region's construction sector generated an estimated  US$ 4.36 trillion in output , accounting for nearly  45% of the global construction industry .

Key Infrastructure Investments Driving Growth

  • Singapore & Malaysia : Infrastructure investments in transportation, renewable energy, and manufacturing reached  US$ 21.9 billion  as of January 2025.
  • New Zealand : The government is prioritizing upgrades to  water and wastewater systems, road and rail networks, electricity transmission, and telecommunications infrastructure .
    • A  US$ 47 billion  infrastructure development plan has been allocated for  2023–2027  to support urbanization and population growth.

These initiatives are expected to  accelerate construction activities , boosting demand for  heavy construction equipment  across the region.

Heavy Construction Equipment Market Report Structure

  1. Key Takeaways (Chapter 2)  – Highlights major market trends and outlook.
  2. Research Methodology (Chapter 3)  – Details the study's approach.
  3. Ecosystem & Porter's Analysis (Chapter 4)  – Examines market dynamics and competitive forces.
  4. Industry Dynamics (Chapter 5)  – Identifies market drivers, constraints, opportunities, and future trends, including impact analysis.
  5. Market Scenario (Chapter 6)  – Provides historical revenue data and forecasts up to  2031 .
  6. Market Segmentation (Chapters 7–9)  – Covers  type, application, and regional breakdowns  (North America, Europe, Asia Pacific, MEA, South & Central America) with revenue forecasts.
  7. Competitive Analysis (Chapter 10)  – Includes  heat map analysis  of key players.
  8. Industry Landscape (Chapter 11)  – Details market initiatives, mergers, joint ventures, and competitive developments.
  9. Company Profiles (Chapter 12)  – Profiles major players with business descriptions, financials, SWOT analysis, and key developments.
  10. Appendix (Chapter 13)  – Features abbreviations, disclaimers, and company overviews.

Recent Market Developments

  • Hitachi Construction Machinery (Dec 2024)
    • Established  Hitachi Construction Machinery Development Center India  to enhance R&D capabilities.
    • Plans to hire  200 engineers and designers by 2027 , focusing on IT and mechanical engineering talent.
  • HD Hyundai Construction Equipment (Aug 2024)
    • Expanded its  HX crawler excavator  line with two new models:
      • HX800A L (82 ton, 528 hp)
      • HX1000A L (100 ton, 620 hp)
    • Designed for  earthmoving, mining, and quarrying  applications.

These developments underscore the  growing innovation and expansion  in the heavy construction equipment sector.


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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights