Construction Machinery Global Market Report 2024

The construction machinery market size has grown strongly in recent years. It will grow from $312.39 billion in 2023 to $341.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. Historical growth can be attributed to robust economic expansion in emerging markets, a favorable environment of low interest rates, and government initiatives that provided substantial support.

The construction machinery market size is expected to see strong growth in the next few years. It will grow to $477.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. Forecasted growth is driven by rising infrastructure investments, global construction industry expansion, increasing urbanization, and population growth. Key trends in this period encompass the emergence of robotic excavators, emphasis on electric construction equipment, integration of the Internet of Things (IoT), product innovations, technological advancements, and strategic partnerships.

Anticipated growth in construction spending is poised to drive the expansion of the construction machinery market in the foreseeable future. Construction spending, encompassing expenditures on labor, materials, and engineering work within a specified timeframe, serves as a key determinant of construction-related financial outlays. As construction investment rises, construction businesses witness heightened income prospects, subsequently fostering increased demand for construction services, equipment, and materials. Illustratively, data from the US Census Bureau, a government agency based in the United States, indicates that in August 2023, construction spending in the US was estimated at $1,983.5 billion, marking a 0.5% increase from the revised July estimate of $1,973.7 billion. This upswing in construction spending substantiates the driving force behind the growth of the construction machinery market.

The construction machinery market is poised to experience growth driven by escalating investments in infrastructure projects. Projections from the World Economic Forum indicate that global infrastructure investment is expected to reach $79 trillion by 2040. In alignment with this trend, the government of India, as outlined in the Union Budget 2022-23, allocated Rs. 10 lakh crore (US$ 130.57 billion) to significantly boost the infrastructure sector. The substantial increase in infrastructure investments is anticipated to fuel heightened demand for construction machinery and equipment, thereby catalyzing the expansion of the construction machinery market.

Prominent companies in the construction machinery market are actively engaged in the development of innovative products, such as the introduction of mini excavators, to enhance customer services. A mini excavator is a compact construction machine designed for excavation and digging work in confined spaces. These versatile machines are adaptable to various tasks. In July 2023, Komatsu Europe International N.V., a Belgium-based heavyweight in construction machinery manufacturing, unveiled the PC33E-6, a mini excavator. Featuring a 35kWh lithium-ion battery with a long-life design and a highly efficient powerline, this innovation allows most customers to work continuously for a full shift before requiring recharging. The PC33E-6, equipped with a 17.4 kW motor and a short tail design, is well-suited for operations in tight spaces and urban environments. Its heavy-duty, protected electric components ensure durability and reliability for construction projects.

Recent years have witnessed strategic initiatives within the construction machinery market, including partnerships and the launch of cutting-edge products. Key players in the market consistently prioritize collaboration with other entities to expand their product portfolios and geographical reach. For example, Caterpillar Inc., a US-based manufacturer of construction machinery and equipment, announced a partnership agreement with Newmont Mining, a US-based gold producer, to advance underground vehicle automation technology. This collaboration aims to focus on implementing Caterpillar's semi-autonomous system for underground loaders while enhancing existing technology.

In October 2021, National Equipment Dealers LLC., a US-based company specializing in renting, selling, and servicing large heavy equipment, acquired Grove River Machinery for an undisclosed sum. This acquisition significantly bolstered National Equipment Dealers LLC's scale, bridging geographical disparities and extending its presence into Georgia. Grove River Machinery, based in Georgia, operated as a heavy equipment dealership, primarily representing Hyundai and Kobelco construction equipment.

Major companies operating in the construction machinery market report are Caterpillar Inc., Komatsu Ltd., Volvo AB, Zoomlion Heavy Industry Science and Technology Co., Ltd., Hitachi, Ltd., Deere & Company, EXOR Group, Sany Heavy Industry Co., Ltd., Xuzhou Construction Machinery Group Co., Ltd., Liebherr Group, Action Construction Equipment, PT United Tractors Tbk, LiuGong Machinery Co. Ltd., Shantui Construction Machinery Co. Ltd., Hitachi Construction Machinery UK, JCB UK, CIFA, Chelyabinsk Mechanical Plant, Truststroy, Zavod UralTrakGrupp, Bell Equipment, Bobcat, AGI Industries, Ashland Industries, ASV Holdings, Inc., Built Robotics, Inc., Cyngn, Royal, Lovol Heavy Industry, Randon, SotreqGrupo, Bom Jesus, Saudi Binladin Group, Shikun and Binui, TAV İnsaat Taahhut A.S., Babcock International, Goscor Earthmoving Equipment, Mantrac Group, C.Woermann Nigeria Limited, Orascom Construction PLC, Kanu Equipment.

Asia-Pacific was the largest region in the construction machinery market in 2023. Western Europe was the second-largest region in the global construction machinery market share. The regions covered in the construction machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the construction machinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Primary construction machinery products include earthmoving equipment, material handling machines, building and road construction tools, and autonomous construction equipment. Earthmoving equipment involves machinery used for excavating and moving substantial volumes of soil. Its applications range from excavation and mining to lifting, material handling, transportation, and other diverse uses. End-users of such machinery span across industries such as Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, and various other sectors.

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

The construction machinery market consists of sales of construction machinery, including backhoes, bulldozers, construction and surface mining-type rock drill bits, construction-type tractors, off-highway trucks, pile-driving equipment, portable crushing, pulverizing and screening machinery, powered post hole diggers, road graders and surface mining machinery. 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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