Heavy Construction Equipment Market, Size, Segment and Growth by Forecast Period: (2021-2031)
Heavy Construction Equipment Market Outlook
The global
heavy construction equipment market is projected to grow from US$ 224.15
billion in 2024 to US$ 338.06 billion by 2031, registering a CAGR
of 6.16% between 2025 and 2031.
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Executive Summary and Global Market Analysis
Heavy construction equipment encompasses large-scale
machinery and vehicles used for tasks such as excavation, lifting, material
handling, and demolition in major construction and civil engineering projects.
These machines play a critical role in enhancing efficiency and productivity
across construction sites.
Market growth is being fueled by increasing government
investments in infrastructure development, particularly in sectors such as
transportation, renewable energy, and public utilities. Developing
economies—including India, Mexico, and Brazil—are witnessing a surge in
large-scale infrastructure initiatives, further driving demand for heavy
machinery.
According to the World Bank, over US$ 3.7 trillion
is invested annually in global infrastructure to address the needs of expanding
populations. Moreover, the shift toward sustainable development is accelerating
investments in clean energy infrastructure. As per the International Energy
Agency, more than US$ 3 trillion was allocated globally in 2024
alone for clean energy-related construction, reinforcing the demand for
advanced and robust heavy construction equipment.
Heavy Construction Equipment Market Segmentation Analysis
Market Segmentation Overview
The global heavy construction equipment market is segmented
by machinery type, propulsion type, power output, and end-use industry.
- By
Machinery Type:
- Earthmoving
Equipment (e.g., excavators, bulldozers, backhoe loaders, wheel
loaders)
- Material
Handling Equipment
- Heavy
Construction Vehicles
- Others
The earthmoving equipment segment held the largest market share in 2024 and is expected to maintain dominance throughout the forecast period, driven by extensive infrastructure development activities worldwide. - By
Propulsion Type:
- Internal
Combustion Engine (ICE)
- Electric
The ICE segment accounted for the largest market share in 2024. Diesel-powered heavy machinery, in particular, remains a staple in construction due to its high fuel efficiency in heavy-duty tasks and widespread availability. - By
Power Output:
- Less
than 100 HP
- 101–200
HP
- 201–400
HP
- Above
401 HP
The 201–400 HP category emerged as the leading segment in 2024, favored for its balance of power and efficiency across a range of heavy construction applications. - By
End-Use Industry:
- Building
& Construction
- Forestry
& Agriculture
- Energy
& Power
- Mining
- Others
The building & construction segment dominated the market in 2024, fueled by rising global investment in infrastructure projects.
Market Drivers and Opportunities
1. Rising Global Investment in the Construction Industry
The construction sector is witnessing rapid expansion
globally, propelled by increasing government spending and demand for
commercial, industrial, and residential projects. Major economies like the US,
China, India, Mexico, and Brazil are significantly contributing to market
growth.
- In
the US, annual construction investment stands at approximately US$ 1.4
trillion, according to the Associated General Contractors of America
(AGC).
- The Bipartisan
Infrastructure Law has allocated US$ 1.2 trillion to bolster
U.S. infrastructure.
- In
Europe, the EU Infrastructure Development Fund passed a funding
package of US$ 828.8 billion, reinforcing the region’s commitment
to large-scale development.
2. Infrastructure Development in Asia Pacific
Asia Pacific leads the global construction market,
accounting for nearly 45% of the total industry value, which stood at US$
4.36 trillion in 2022. Countries such as India, China, Japan, Singapore,
Malaysia, and Australia are undertaking large-scale rail, road, and residential
projects to support their growing populations. These initiatives are
significantly driving the demand for heavy construction machinery.
3. Infrastructure Advancements in Emerging Economies
Emerging markets including Argentina, Brazil, China,
India, Indonesia, Mexico, South Africa, Russia, Saudi Arabia, and Thailand
are witnessing a surge in infrastructure megaprojects. Notable developments
include:
- Argentina:
Salado River waterworks, National Route 9 upgrades
- China:
Hong Kong–Zhuhai–Macau Bridge, Beijing Subway expansion, Giant Wind
Turbines
- India:
Multiple Smart Cities and metro rail networks
- Europe:
Projects such as the Edge East Side Tower, Flamanville 3, and Crossrail
are fueling demand for advanced equipment.
These activities present vast growth opportunities for heavy
construction equipment manufacturers, particularly in supplying high-powered,
efficient machinery.
Segment-Specific Insights
Earthmoving Equipment
This segment holds the dominant share due to its extensive
use in foundational tasks across infrastructure and construction projects.
Significant investments such as Germany’s Federal Transport Infrastructure
Plan 2030 (valued at US$ 280.68 billion) and its US$ 59.34
billion allocation for green infrastructure projects further boost demand.
In response, key players are launching electric earthmoving
models. For example, in September 2024, Volvo Construction Equipment
unveiled its L120 Electric Wheel Loader in Indonesia, signaling a move
toward sustainable machinery options.
Internal Combustion Engine (ICE) Equipment
Despite a growing interest in electric models, ICE-powered
machines—particularly diesel-driven—remain the market mainstay due to their
power output, reliability, and established fueling infrastructure. These
machines are indispensable in applications such as mining, roadwork, and
large-scale construction.
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
The geographic scope of the Heavy Construction Equipment market report is
divided into five regions: North America, Asia Pacific, Europe, Middle East
& Africa, and South & Central America. The Heavy Construction Equipment
market in Asia Pacific is expected to grow significantly during the forecast
period.
The heavy construction equipment market in Asia Pacific is
segmented into Australia, China, India, Japan, South Korea, Indonesia,
Singapore, Malaysia, the Philippines, Vietnam, and the Rest of Asia Pacific.
The construction sector in Asia Pacific recorded ~US$ 4.36 trillion of output
in 2022, representing approximately 45% of the global construction sector.
However, in January 2025, infrastructure investments related to transportation,
renewable energy, and manufacturing reached US$ 21.9 billion in Singapore and
Malaysia. Further, the government of New Zealand is emphasizing the development
of infrastructure networks such as water and wastewater systems, road and rail
networks, electricity transmission, and telecommunication infrastructure.
Growing population and increasing urbanization are a few factors boosting the
need to expand and upgrade important infrastructure facilities in the country.
The government of New Zealand plans to offer ~US$ 47 billion for infrastructure
development over the coming five years 2023-2027. The growing focus on
infrastructure development is anticipated to propel the growth of construction
activities, along with the application of heavy construction equipment, across
the country in the coming years.
Heavy Construction Equipment Market Research Report
Guidance
- The
report includes qualitative and quantitative data in the Heavy
Construction Equipment market across type, vehicle type, end user and
geography.
- The
report starts with the key takeaways (chapter 2), highlighting the key
trends and outlook of the Heavy Construction Equipment market.
- Chapter
3 includes the research methodology of the study.
- Chapter
4 further includes ecosystem analysis along with Porter’s analysis.
- Chapter
5 highlights the major industry dynamics in the Heavy Construction
Equipment market, including factors that are driving the market,
prevailing deterrents, potential opportunities as well as future trends.
Impact analysis of these drivers and restraints is also covered in this
section.
- Chapter
6 discusses the Heavy Construction Equipment market scenario, in terms of
historical market revenues, and forecast till the year 2031.
- Chapters
7 to 9 covers Heavy Construction Equipment market segments by type,
application and geography across North America, Europe, Asia Pacific,
Middle East and Africa, South and Central America. They cover market
volume revenue forecast, and factors driving the market.
- Chapter
10 describes the competitive analysis along with the heat map analysis for
the key players operating in the market.
- Chapter
11 describes the industry landscape analysis. It provides detailed
description of various business activities such as market initiatives, new
developments, mergers, and joint ventures globally, along with a
competitive landscape.
- Chapter
12 provides detailed profiles of the major companies operating in the
Heavy Construction Equipment market. The companies have been profiled on
the basis of their key facts, business description, products and services,
financial overview, SWOT analysis, and key developments.
- Chapter
13, i.e., the appendix is inclusive of a brief overview of the company,
list of abbreviations, and disclaimer.
Heavy Construction Equipment Market News and Key
Development:
The Heavy Construction Equipment market is evaluated by
gathering qualitative and quantitative data post primary and secondary
research, which includes important corporate publications, association data,
and databases. A few of the key developments in the Heavy Construction
Equipment market are:
- Hitachi
Construction Machinery Co., Ltd. (TSE: 6305; “Hitachi Construction
Machinery”) announced the establishment of Hitachi Construction Machinery
Development Center India Private Limited (“Hitachi Construction Machinery
Development Center India”), a consolidated subsidiary that will develop
and design construction machinery in India, in late December to strengthen
the product development capabilities of the Hitachi Construction Machinery
Group. The company will target and hire exceptional talent within India in
the fields of IT and mechanical engineering and expand to a scale of 200
engineers and designers by FY2027. (Source: Hitachi Construction
Machinery Co., Ltd, Press release, December 2024)
- HD
Hyundai Construction Equipment North America has continued expansion of
its HX crawler excavator product line with the availability of two new
large frame mass excavators. The 82-ton HX800A L, and the 100-ton HX1000A
L are designed to meet the needs of high-volume earthmoving, mining and
quarrying applications. The HX800A L is powered by a 528 net hp (389 kW)
engine, while the HX1000A L is equipped with a 620 net hp (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
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