Heavy Construction Equipment Market Trends, Size, Segment and Growth by Forecast to 2030

 Executive Summary and Global Market Analysis

The Heavy Construction Equipment Market is projected to grow from US$ 224.15 billion in 2024 to US$ 338.06 billion by 2031, expanding at a compound annual growth rate (CAGR) of 6.16% from 2025 to 2031.

Heavy construction equipment encompasses large-scale machinery and vehicles designed for tasks such as excavation, lifting, material handling, and demolition. These machines are vital to the efficiency and productivity of major construction and civil engineering projects.

The market is witnessing robust growth, primarily driven by increased government investments in infrastructure development—notably in sectors such as transportation, renewable energy, and public infrastructure—particularly across developing economies including India, Mexico, and Brazil. According to the World Bank, more than US$ 3.7 trillion is invested annually in infrastructure projects worldwide, reflecting a sustained global commitment to urbanization and modernization.

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Additionally, the transition toward sustainable energy solutions is further accelerating market expansion. The International Energy Agency (IEA) reports that over US$ 3 trillion is being invested in clean energy infrastructure globally in 2024 alone, underscoring the rising demand for heavy equipment in renewable energy projects such as wind farms, solar plants, and green urban development.

These trends collectively position the heavy construction equipment market for significant growth, fueled by the dual forces of global infrastructure expansion and the shift toward cleaner, sustainable energy systems.

Heavy Construction Equipment Market Segmentation Analysis

Key segments that contributed to the derivation of the Heavy Construction Equipment market analysis are type and application.

• By machinery type, the heavy construction equipment market is segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, others. The earthmoving equipment segment held a larger share of the market in 2024.
• In terms of propulsion type, the market is segmented into ICE, electric. The ICE segment held the largest share of the market in 2024.
• In terms of power output, the market is segmented into less than 100 HP, 101-200 HP, 201-400, 401 HP. The 201-400 HP segment held the largest share of the market in 2024
• By End Use Industry, the market is segmented into building and construction, forestry and agriculture, energy and power, mining, others. building and construction segment held the largest share of the market in 2024.

Rise in Investment in Construction Industry Worldwide

The construction industry is growing rapidly in various countries across the globe, with a rise in government investments and an increase in demand for various construction projects. Countries such as the US, China, Mexico, Brazil, and India have the most significant construction businesses in the world. According to the Associated General Contractors of America (AGC), the US construction industry is growing with an investment of ~US$ 1.4 trillion per year. A surge in construction activities in the country, along with the increasing population and the proliferating commercial sector, drives the heavy construction equipment market growth. The global demand for the long-term construction sector is growing rapidly owing to the increasing government investment in infrastructure development. For instance, ~US$ 1.2 trillion in funding was passed by the Bipartisan Infrastructure Law in the US, and US$ 828.8 billion was passed by the EU infrastructure development fund in Europe.

In Asia Pacific, the rising population is putting a strain on current infrastructure, highlighting the need for the development of new rail networks, residential structures, and roadways. The construction industry in Asia Pacific was valued at US$ 4.36 trillion in 2022, which represents 45% of the overall global construction industry. The investment is mostly in countries such as India, Japan, Australia, Singapore, Malaysia, and China. The governments and regulatory bodies in countries in this region are focusing on additional infrastructure investments which is proliferating the demand for heavy construction equipment.

Rising Infrastructure Development in Emerging Economies

Emerging economies such as Argentina, Brazil, China, India, Indonesia, Mexico, Poland, South Africa, South Korea, Turkey, Egypt, Iran, Nigeria, Pakistan, Russia, Saudi Arabia, Taiwan, and Thailand are witnessing a surge in construction and infrastructure development activities. In Argentina, key projects include the Riachuelo water system, Salado River waterworks (Stage IV), the Lujan–Junín stretch of National Route 7, and upgrades to National Route 9 and the San Miguel de Tucumán–Santiago del Estero corridor.

Governments in China and India are actively implementing initiatives to strengthen their infrastructure sectors. Major ongoing projects in China include the Hong Kong–Zhuhai–Macau Bridge, Shanghai Tower, Beijing Subway Metro Network, large-scale wind turbine installations, and the construction of a Super LNG Tanker. In Europe, infrastructure projects such as the Evora Public Central Hospital, Edge East Side Tower, Baltic Offshore Pipeline, Flamanville 3 nuclear reactor, and the Crossrail project are also contributing to rising demand for heavy construction equipment. These global infrastructure initiatives are expected to create significant growth opportunities for the heavy construction equipment market.

Heavy Construction Equipment Market – Size and Share Overview

By type, the global heavy construction equipment market is segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Among these, the earthmoving equipment segment held the largest market share in 2024 and is projected to maintain its dominance throughout the forecast period. This segment includes excavators, bulldozers, backhoe loaders, and wheel loaders, which are essential for large-scale construction projects. The global push for infrastructure development is a key driver behind this growth.

For example, Germany's Federal Transport Infrastructure Plan 2030 includes a planned investment of US$ 280.68 billion in transport infrastructure from 2016 to 2030. Additionally, in 2024, the German government allocated US$ 59.34 billion for green infrastructure initiatives. These investments are accelerating the demand for advanced earthmoving equipment. Leading companies are also introducing innovative electric models. In September 2024, Volvo Construction Equipment unveiled the electric L120 Electric wheel loader at the Mining Indonesia event, with commercial availability expected in 2025.

Market Segmentation by Propulsion Type

Based on propulsion type, the heavy construction equipment market is divided into internal combustion engine (ICE) and electric segments. The ICE segment remained dominant in 2024, driven primarily by the widespread use of diesel-powered machinery in construction operations. ICE-powered equipment, including excavators, backhoe loaders, dump trucks, wheel loaders, and cranes, are favored for their high power output and durability in heavy-duty applications.

Diesel engines, in particular, offer better fuel efficiency than gasoline engines for intensive tasks, contributing to lower operating costs. Moreover, the well-established global infrastructure for diesel-powered machinery supports easier fleet management and maintenance, making ICE-powered equipment a practical choice for construction firms worldwide.

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 NV

  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

Geographic Scope and Market Outlook for Heavy Construction Equipment

The Heavy Construction Equipment market report covers five key regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Among these, the Asia Pacific region is poised for significant growth during the forecast period.

The Asia Pacific market is further segmented into Australia, China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, the Philippines, Vietnam, and the Rest of Asia Pacific. In 2022, the construction sector in this region generated approximately US$ 4.36 trillion in output, accounting for about 45% of the global construction market. Notably, infrastructure investments in transportation, renewable energy, and manufacturing totaled US$ 21.9 billion in Singapore and Malaysia as of January 2025. Meanwhile, New Zealand is prioritizing the development of critical infrastructure, including water and wastewater systems, road and rail networks, electricity transmission, and telecommunications. The government plans to invest around US$ 47 billion in infrastructure development between 2023 and 2027. Rapid population growth and urbanization are driving the need for infrastructure expansion and modernization, which is expected to accelerate construction activities and boost demand for heavy construction equipment across the region.

Heavy Construction Equipment Market Report Structure

• Chapter 2: Key takeaways, highlighting major trends and the overall market outlook.
• Chapter 3: Research methodology.
• Chapter 4: Ecosystem analysis including Porter’s Five Forces.
• Chapter 5: Industry dynamics covering market drivers, restraints, opportunities, future trends, and their impact analysis.
• Chapter 6: Market overview with historical revenue data and forecasts through 2031.
• Chapters 7 to 9: Market segmentation by type, application, and geography, including forecasts and growth drivers for North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
• Chapter 10: Competitive analysis featuring heat maps of key market players.
• Chapter 11: Industry landscape with insights on market initiatives, mergers, joint ventures, and global competitive positioning.
• Chapter 12: Detailed profiles of leading companies, including key facts, product portfolios, financials, SWOT analyses, and recent developments.
• Chapter 13 (Appendix): Company overviews, abbreviations, and disclaimers.

Heavy Construction Equipment Market Update and Key Developments:

The Heavy Construction Equipment market analysis is based on comprehensive qualitative and quantitative research, incorporating data from corporate publications, industry associations, and various databases. Notable recent developments in the market include:

Hitachi Construction Machinery Co., Ltd. (TSE: 6305) announced the launch of Hitachi Construction Machinery Development Center India Private Limited, a wholly owned subsidiary focused on the design and development of construction machinery in India. This initiative aims to enhance the Group’s product development capabilities by recruiting top talent in IT and mechanical engineering across India. The center plans to grow its team to approximately 200 engineers and designers by fiscal year 2027. (Source: Hitachi Construction Machinery Co., Ltd, Press Release, December 2024)

HD Hyundai Construction Equipment North America has expanded its HX crawler excavator lineup with two new large-frame models: the 82-ton HX800A L and the 100-ton HX1000A L. These machines are engineered for heavy-duty applications such as large-scale earthmoving, mining, and quarrying. The HX800A L features a 528 net horsepower (389 kW) engine, while the HX1000A L is powered by a 620 net horsepower (420 kW) engine. (Source: HD Hyundai Construction Equipment, Press Release, August 2024)

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