Heavy Construction Equipment Market Size, Segment and Growth by Forecast Period: (2021-2031)

Heavy Construction Equipment Market

Heavy Construction Equipment Market Overview

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% from 2025 to 2031.

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Market Definition and Scope

Heavy construction equipment includes large machinery and vehicles designed for tasks such as excavation, lifting, material handling, and demolition. These machines are critical for large-scale construction and civil engineering projects, enhancing efficiency and productivity on job sites.

Key Growth Drivers

1. Government Investments in Infrastructure
• Rising funding for transportation, renewable energy, and public infrastructure in developing nations like India, Mexico, and Brazil is boosting demand.
• According to the World Bank, over US$ 3.7 trillion is invested annually in infrastructure to support growing populations.
2. Expanding Clean Energy Sector
• Increasing global investments in clean energy infrastructure are driving market growth.
• The International Energy Agency (IEA) reports that over US$ 3 trillion was invested in clean energy projects worldwide in 2024.

Heavy Construction Equipment Market: Segmentation, Drivers, and Opportunities

Market Segmentation Analysis

The heavy construction equipment market is analyzed based on type, propulsion type, power output, and end-use industry.

By Machinery Type

• Earthmoving Equipment (e.g., excavators, bulldozers, backhoe loaders)
• Material Handling Equipment
• Heavy Construction Vehicles
• Others

The earthmoving equipment segment dominated the market in 2024, driven by increasing infrastructure investments globally.

By Propulsion Type

• Internal Combustion Engine (ICE) (Diesel/Gasoline)
• Electric

The ICE segment held the largest market share in 2024 due to its fuel efficiency and widespread availability in heavy-duty applications.

By Power Output

• Less than 100 HP
• 101–200 HP
• 201–400 HP (Largest market share in 2024)
• Above 401 HP

By End-Use Industry

• Building & Construction (Largest market share in 2024)
• Forestry & Agriculture
• Energy & Power
• Mining
• Others

Market Drivers and Opportunities

1. Rising Investments in Global Construction

• Governments worldwide are increasing infrastructure spending, fueling demand for heavy construction equipment.
• US: ~US$1.4 trillion annual construction investment (AGC).
• EU: US$828.8 billion allocated for infrastructure development.
• Asia Pacific: Construction industry valued at US$4.36 trillion (2022), driven by rapid urbanization in India, China, and Southeast Asia.

2. Infrastructure Development in Emerging Economies

• Key projects boosting demand:
• Argentina: Riachuelo water system, Salado River waterworks.
• China: Hong Kong-Zhuhai-Macau Bridge, Beijing Subway expansion.
• Europe: Baltic Offshore Pipeline, Crossrail (UK).
• Governments in India, Brazil, and Mexico are also investing heavily in transportation and urban infrastructure.

Market Size and Share Insights

Earthmoving Equipment Leads Demand

• Germany’s Federal Transport Infrastructure Plan 2030 includes US$280.68 billion in transportation investments.
• Volvo CE launched the electric L120 wheel loader (2024), signaling a shift toward sustainable equipment.

ICE Segment Dominates Due to Reliability

• Diesel-powered equipment remains preferred for:
• Higher fuel efficiency in heavy-duty tasks.
• Widespread availability and established service infrastructure.

Growth Opportunities in Electric Equipment

• Increasing focus on zero-emission construction machinery presents future growth potential.

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

Heavy Construction Equipment Market Overview

The Heavy Construction Equipment market is analyzed across five key regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America. Among these, the Asia Pacific region is projected to experience significant growth during the forecast period.

Asia Pacific Market Segmentation

The Asia Pacific heavy construction equipment market is segmented into:

• Major Economies: China, India, Japan, South Korea, Australia
• Southeast Asia: Indonesia, Singapore, Malaysia, the Philippines, Vietnam
• Rest of Asia Pacific

Market Drivers in Asia Pacific

• The region accounted for ~45% of global construction output in 2022, valued at ~US$ 4.36 trillion.
• In January 2025, infrastructure investments in Singapore and Malaysia (covering transportation, renewable energy, and manufacturing) reached US$ 21.9 billion.
• New Zealand is prioritizing infrastructure development, including water/wastewater systems, road/rail networks, electricity transmission, and telecommunications.
• The government has allocated ~US$ 47 billion for infrastructure projects between 2023–2027.
• Urbanization and population growth are driving demand for upgraded infrastructure, boosting construction activity and heavy equipment usage.

Heavy Construction Equipment Market Report Structure

The report provides qualitative and quantitative analysis by type, vehicle type, end-user, and geography:

1. Key Takeaways (Chapter 2) – Highlights market trends and outlook.
2. Research Methodology (Chapter 3) – Explains the study’s approach.
3. Ecosystem & Porter’s Analysis (Chapter 4) – Examines industry dynamics.
4. Market Dynamics (Chapter 5) – Covers drivers, restraints, opportunities, and future trends, with impact analysis.
5. Market Scenario (Chapter 6) – Historical revenue data and forecasts up to 2031.
6. Regional & Segment Analysis (Chapters 7-9) – Covers North America, Europe, Asia Pacific, MEA, and South & Central America, including revenue forecasts and growth factors.
7. Competitive Analysis (Chapter 10) – Includes heat map analysis of key players.
8. Industry Landscape (Chapter 11) – Details market initiatives, mergers, joint ventures, and competitive developments.
9. Company Profiles (Chapter 12) – Profiles major players with business overviews, financials, SWOT analysis, and key developments.
10. Appendix (Chapter 13) – Includes abbreviations, disclaimer, and company summaries.

Recent Industry Developments

• Hitachi Construction Machinery (Dec 2024)
• Established Hitachi Construction Machinery Development Center India to enhance R&D capabilities.
• Plans to hire 200 engineers and designers by 2027 to strengthen product development.
• HD Hyundai Construction Equipment (Aug 2024)
• Expanded its HX crawler excavator line with two new models:
• HX800A L (82-ton, 528 hp)
• HX1000A L (100-ton, 620 hp)
• Designed for earthmoving, mining, and quarrying applications.

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