Construction Equipment and Heavy Equipment Market Will Reach Nearly USD 280.62 Billion by 2030
The global construction equipment and heavy equipment market size is expected to reach USD 280.62 Billion in 2030 and register a revenue CAGR of 4.8% during the forecast period. Rising trend of rental or leasing services of heavy equipment and rapid technological advancement is driving construction equipment and heavy equipment market revenue growth.
Integration of Internet of Things (IoT) devices with construction equipment to improve equipment performance while also assisting in task monitoring is also contributing to the market growth.
Construction equipment is a type of heavy machinery, used solely for construction activities, most commonly earthwork operations or in other large-scale projects. Heavy equipment is commonly equipped with five common equipment systems such as implementation, traction, structure, power train, control, and information. Heavy equipment works by multiplying the ratio of input force applied to force exerted, which in turn reduces the intensity of jobs that would otherwise require hundreds of people and weeks of effort. Furthermore, construction equipment is becoming increasingly popular owing to benefits such as increased reliability, efficiency, and profitability.
Market players are also benefitting by renting or leasing heavy construction equipment as it meets the client’s need without purchasing such expensive equipment. One crucial advantage of renting is that users can rent machineries with different features by different providers and not incur any maintenance cost when they are not in use. Some other factors responsible for renting heavy construction equipment include asset’s duration of use and tax benefits associated with renting equipment. Due to the aforementioned advantages, contractors prefer to rent rather than buy equipment, unless it will be used for an extended period of time.
Factors such as lack of skilled labor for operating these machineries and high procurement and maintenance costs act as major hindrances to the growth of the construction and heavy equipment market. However, besides these disadvantages, benefits and applications of construction equipment and heavy equipment are expected to drive adoption and support market growth during the forecast period.
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Some Key Highlights from the Report
- In August 2021, John Deere, a company based in the U.S., signed an agreement to acquire Bear Flag Robotics, an Artificial Intelligence (AI) startup that develops autonomous driving technology that is compatible with existing machines. According to the acquisition agreement, the company stated that it will assist in development and delivery of smarter machines with advanced technology, which has been a long-term goal of the company to support customer needs.
- Material handling equipment segment accounted for largest revenue share in 2020 owing to its benefits such as storage and transportation of goods and products throughout entire manufacturing, distribution, and disposal process. Furthermore, it helps in storage of heavy mechanical devices that are deployed during manufacturing and construction activities within a warehouse or a factory.
- Earthmoving equipment segment revenue is expected to register high growth rate during the forecast period as these machines can be relied upon for various tasks during infrastructure development. Use of earthmoving equipment can significantly reduce the cost of large-scale projects. Earthmoving equipment has become a viable alternative to manual labor as it lowers the likelihood of unanticipated failures, resulting in fewer preventive maintenance projects and, eventually, higher revenues. Furthermore, earthmoving equipment increases cost efficiency by providing workers with on-site communication facilities.
- Infrastructure segment accounted for significant revenue share in 2020. Heavy equipment is commonly deployed in infrastructure development activities owing to compaction, filling and removing soil, leveling, layer overlapping and other minor ground modifications. Heavy equipment also aids in preparing infrastructure materials for subgrade. Additionally, if the surface is not prepared accordingly, effectiveness of geosynthetics is reduced significantly. As a result, usage of heavy machinery has become integral during infrastructure development.
- Market in Asia Pacific accounted for largest revenue share in 2020. The region has rapidly adopted construction equipment and heavy equipment owing to increased investments by governments in infrastructure development. Furthermore, increasing urban population in developing countries, availability of wide range of product and presence of key market players are driving market revenue growth in this region.
- Companies profiled in the global market report includes Caterpillar Inc., Liebherr, Volvo Construction Equipment, Komatsu Ltd., Hyundai Doosan Infracore, Hitachi Construction Machinery Co., Ltd., J C Bamford Excavators Ltd., CNH Industrial N.V., John Deere, and Sany Group.
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For the purpose of this report, Reports and Data has segmented the construction equipment and heavy equipment market based on machinery type, application, end-use, and region:
Machinery Type Outlook (Revenue, USD Billion; 2018–2030)
- Earthmoving Equipment
- Material Handling Equipment
- Heavy Construction Vehicle
- Other Heavy Construction Equipment
Application Outlook (Revenue, USD Billion; 2018–2030)
- Excavation & Demolition
- Heavy Lifting
- Material Handling
- Recycling & Waste Management
End-use Outlook (Revenue, USD Billion; 2018–2030)
- Construction & Manufacturing
- Oil & Gas
- Public Work, Rail & Roads
- Forestry & Agriculture
Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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