Construction Equipment Market Poised for Significant Growth Amidst Regional Developments

The construction equipment market is projected to expand from USD 202.79 billion in 2024 to approximately USD 287.95 billion by 2032, registering a Compound Annual Growth Rate (CAGR) of 4.48% during the forecast period. This growth is driven by increasing infrastructure investments, technological advancements, and a surge in construction activities worldwide.

Competitive Landscape :

The construction equipment industry is characterized by intense competition, with key players striving to innovate and expand their market presence. Notably, the Asia Pacific region leads the market, accounting for approximately 44% of the global share in 2024, propelled by rapid urbanization and substantial infrastructure projects.

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Regional Demand :

Asia Pacific: Growth Opportunities and Strategic Alliances

The Asia Pacific region continues to offer substantial growth opportunities. SANY India announced an investment of $117 million to enhance its manufacturing capacity in Pune, doubling its annual production to 12,000 machines by 2024. Additionally, XCMG Group launched a series of excavators, including diesel, electric, and hybrid models, at Bauma China 2024, reflecting the region's commitment to technological advancement.

United States: Consolidation and Expansion Trends

The United States construction equipment sector has witnessed significant consolidation. In a notable development, Herc Rentals presented a $5.3 billion bid to acquire H&E Equipment Services, surpassing United Rentals' earlier offer. This merger aims to enhance Herc's market position by adding 160 branches and 64,000 equipment pieces, positioning it as a formidable competitor to United Rentals.

Middle East and Africa: Market Updates and Strategic Divestments

In the Middle East and Africa, strategic business decisions are reshaping the market landscape. Holcim announced plans to sell its 83.8% stake in Lafarge Africa Plc to China's Huaxin Cement for $1 billion, aiming to focus on high-growth regions and sustainable practices. This divestment reflects Holcim's strategic pivot towards higher-margin products and green technologies.

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Market Segmentation: In-Depth Analysis:

by Type

Loader
Crane
Forklift
Excavator
Dozer
Others

Loaders, cranes, forklifts, excavators, dozers, and others make up the different segments of the construction equipment market. In 2024, the Loader sector had the biggest market share. Loaders are anticipated to rise at an exponential rate due to the expansion of both new and existing manufacturing facilities, increased household demand, rising disposable income, and government subsidies.

by Power Output

<100 HP
101–200 HP
201–400 HP
>400 HP

There are four segments of the construction equipment market: <100 HP, 101–200 HP, 201–400 HP, and >400 HP. In 2024, the market share was dominated by the 101–200 horsepower (HP) group based on power output. 101-200 HP construction equipment is more widely used because of its better power-to-weight ratio, increased fuel efficiency, and reduced operating expenses for contractors and equipment operators.

by Industries

Oil & Gas
Infrastructure
Forestry & Agricultural
Manufacturing
Military
Mining

Oil & Gas, Infrastructure, Forestry & Agriculture, Manufacturing, Military, and Mining are the segments that make up the construction equipment market. The infrastructure sector had the biggest market share in 2024. Growing infrastructure and development spending, especially in emerging countries, has led to a large growth in sales of construction equipment. Sales of construction equipment are anticipated to expand by double digits during the projection period due to increased government investment in infrastructure projects, especially those in rural areas.

by Application

Earth moving
Transportation
Excavation & Demolition
Heavy Lifting
Tunneling
Material Handling
Recycling & Waste Management

Earth Moving, Transportation, Excavation & Demolition, Heavy Lifting, Tunneling, Material Handling, and Recycling & Waste Management are the segments that make up the Construction Equipment Market. It is anticipated that the Earth Moving segment will continue to dominate the industry during the forecast period, having had a dominant market share in 2024. The growing urban population and the demand for improved infrastructure are creating significant development opportunities for earthmoving construction equipment. Excavators, motor graders, and loaders are a few types of earthmoving equipment. Nonetheless, it is anticipated that over the projected period, the lifting and material handling sub-segment will expand rapidly.

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Learn about the top players driving innovation in the Market :

1. Caterpillar
2. Hitachi Construction Machinery
3. Komatsu Ltd.
4. SANY Group
5. Xuzhou Construction Machinery Group
6. JCB
7. Doosan Corporation
8. Atlas Copco
9. Deere & Company
10. Bomag
11. CASE Construction Equipment
12. Ammann Group
13. Hamm AG
14. Martin Trailer Company
15. MBW Inc.
16. Thetford International
17. Altrad Belle
18. CNH Industrial America LLC
19. AB Volvo
20. Zoomlion Heavy Industry Science and Technology Co., Ltd

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