Press Release
December 27, 2024

Heavy Construction Equipment Market to Hit $273.5 Billion by 2030

According to Allied Market Research, the global heavy construction equipment market, valued at $176.2 billion in 2020, is projected to grow to $273.5 billion by 2030, achieving a CAGR of 4.4% from 2021 to 2030. The report offers an extensive analysis of the key investment opportunities, strategies, market size estimates, competitive landscape, and current market trends.

Growth in construction sector investments, an increased focus on public-private partnerships, and expansion in the mining industry are major factors driving the market's expansion. However, challenges such as rising carbon emissions, fluctuating oil prices, and weak economic conditions in Latin America may impact growth. Nonetheless, innovations in low-emission, fuel-efficient equipment are expected to provide significant opportunities.

COVID-19 Impact

The COVID-19 pandemic led to production delays due to lockdown measures, affecting sectors such as oil & gas, construction, and infrastructure, where heavy construction equipment is heavily utilized. However, the market is anticipated to recover quickly.

The market is further segmented by equipment type, end-use industry, and region.

Market Segments

By Equipment Type

Earthmoving equipment dominated in 2020, holding over half of the market share, while the material handling equipment segment is expected to grow at the fastest CAGR of 6.0% during the forecast period.

By End-Use Industry

The construction industry accounted for over 40% of the market in 2020 and is expected to maintain dominance by 2030. The manufacturing sector is projected to grow at the fastest CAGR of 5.3% from 2021 to 2030.

By Region

Asia-Pacific accounted for more than two-fifths of the global market in 2020 and is expected to grow at the fastest CAGR of 5.2% from 2021 to 2030.

Leading Players in the Market

Key players in the heavy construction equipment market include CNH Industrial N.V., Deere & Company, Doosan Infracore Co Ltd., J C Bamford Excavators Ltd., Caterpillar Inc., Komatsu Ltd., Liebherr International AG, Volvo Group, XCMG Group, and Hitachi Construction Machinery Co. Ltd. These companies are adopting strategies such as partnerships, expansions, and collaborations to strengthen their position in the market.

For more information, visit Allied Market Research.