Building And Road Construction Equipment Global Market Report 2024

The building and road construction equipment market size has grown rapidly in recent years. It will grow from $181.99 billion in 2023 to $202.35 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth observed during the historic period can be attributed to several key factors, including economic expansion, infrastructure development, urbanization, as well as the replacement and modernization of existing structures and systems.

The building and road construction equipment market size is expected to see rapid growth in the next few years. It will grow to $300.38 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth in the forecast period can be attributed to various factors, notably infrastructure investment, the adoption of smart construction practices, the promotion of sustainable construction methods, ongoing urbanization trends, and the expansion of the rental market. Additionally, significant trends expected in this forecasted period encompass technological advancements, the proliferation of autonomous and remote-controlled equipment, the application of digital twin technology, and a growing emphasis on customization and versatility within the industry.

Infrastructure development initiatives in both emerging and developed nations have been a significant driver of growth in the building and road construction equipment market. Governments and private sector entities are prioritizing infrastructure projects to support economic growth, cater to expanding populations, address urbanization challenges, and enhance connectivity through the construction of highways and expressways. Notably, India invested $22.4 billion in road construction, with private investments accounting for 14% of the total. Additionally, the World Bank reported a 49% increase in private sector infrastructure investments for low- and middle-income countries in 2021, underlining the global focus on infrastructure development. This increased focus on infrastructure projects necessitates the use of advanced construction equipment, further fueling market growth.

The primary product categories within the realm of building and road construction equipment include motor graders, road rollers, wheel loaders, concrete mixers, bulldozers, and various other equipment types. Motor graders play a crucial role in fine-tuning the rough grading work carried out by heavy construction equipment like scrapers and bulldozers. These equipment types are further classified into categories such as earthmoving equipment, material-handling equipment, heavy construction vehicles, and other equipment varieties. The applications of this equipment are primarily associated with building construction and road construction projects.

The building and road construction equipment market research report is one of a series of new reports that provides building and road construction equipment market statistics, including building and road construction equipment industry global market size, regional shares, competitors with a building and road construction equipment market share, detailed building and road construction equipment market segments, market trends and opportunities, and any further data you may need to thrive in the building and road construction equipment industry. This building and road construction equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The building and road construction equipment market is poised for growth due to a surge in construction activities. Construction involves the assembly of various components to create structures according to precise designs and plans. The adoption of such equipment is vital in ensuring on-time project completion, enhancing brand reputation, ensuring quality work, controlling costs, enabling a variety of tasks, ensuring safety, and promoting technological advancements. For example, New Zealand saw a 3.7% increase in building activities in March 2021, with a 4.3% rise in residential activities in 2021 compared to the previous year. Similarly, the US Census Bureau reported a 10.2% growth in the value of construction activities from 2021 to 2022. This surge in construction activities serves as a catalyst for the building and road construction equipment market.

The high costs associated with acquiring and setting up construction equipment pose a challenge to the building and road construction equipment market. These costs encompass the purchase price, taxes, shipping expenses, installation charges, and financing fees. For instance, a new full-size excavator can range from $100,000 to $500,000, necessitating substantial upfront investments. These financial commitments, combined with additional costs, place a considerable burden on companies, thereby impeding the growth of the construction and road construction equipment market.

Manufacturers in the building and road construction equipment market are focusing on technology advancements to enhance safety, productivity, connectivity, and reduce maintenance costs. For instance, in October 2021, Kobelco Construction Equipment India introduced Next-Gen excavators with features like a fuel-efficient ECO mode, high-pressure sound-suppressed cabs for operator comfort, ergonomic hydraulic controls for reduced operator fatigue, and improved hydraulic filters. These technological enhancements lead to increased productivity, environmental protection, and enhanced safety for operators and construction site workers.

Major companies in the building and road construction equipment market are emphasizing the introduction of innovative technologies, such as concrete spraying equipment, to gain a competitive edge. Concrete spraying equipment is specialized machinery used in construction for shotcrete or sprayed concrete application. For example, in June 2023, Normet, a US-based manufacturer, launched the Spraymec MF 050 VC SD, which operates on Normet SmartDrive battery-electric technology, ensuring operator comfort and eco-friendly, emission-free operations. This machine features advanced dosing systems and low-pulsation concrete spraying pumps for efficient performance, specifically designed for underground mining.

In February 2022, K-Tec Earthmovers Inc., a Canadian manufacturer of earthmoving scrapers, merged with Ashland Industries, a US-based company specializing in earthmoving equipment. This strategic merger is set to provide a broader range of earthmoving scrapers, catering to the construction and mining industries. The collaboration also promises shorter lead times for customers and expedited product design and launch, enhancing the competitive position of both companies in the market.

Major companies operating in the building and road construction equipment market include Volvo Group, Caterpillar Inc., Komatsu Ltd., Liebherr Group, Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, Terex Corporation, Atlas Copco Group, Deere and Company, Sany Heavy Industry Co. Ltd., Wacker Neuson SE, CNH Industrial NV, Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Doosan Infracore Co. Ltd., Hyundai Heavy Industries Co. Ltd., Wirtgen Group, Kobelco Construction Machinery Co. Ltd., Manitowoc Company Inc., Bell Equipment Ltd., Astec Industries Inc., Bopparder Maschinenbau-Gesellschaft mbH, Case Construction Equipment, FAYAT Group, Gomaco Corporation Inc., HAMM AG, JLG Industries Inc., Konecranes Oyj, Kubota Corporation, LiuGong Machinery Corp. Ltd., Manitou Group, Palfinger AG, Putzmeister Holding GmbH, Sennebogen Maschinenfabrik GmbH, Tadano Ltd., Takeuchi Mfg. Co. Ltd.

Asia-Pacific was the largest region in the building and road construction equipment market in 2023. Western Europe was the second-largest region in the building and road construction equipment market. The regions covered in the building and road construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the building and road construction equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The building and road construction equipment market consists of sales of asphalt mixing plants, forklift trucks, crawler excavators, truck cranes, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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