Market Forecast for Heavy Construction Equipment till 2030

Market Forecast for Heavy Construction Equipment till 2030

The estimated size of the heavy construction equipment market in 2023 was 197618.9 million USD. The Heavy Construction Equipment market is expected to grow at a compound annual growth rate (CAGR) of 4.7% over the forecast period, from USD 206708.4 million in 2024 to USD 298201.2 million in 2030.

Globally, heavy construction equipment plays a crucial role in shaping the existing state of affairs, implementing intricate foundation plans and major transportation routes overall. These tools range from loaders and cranes to tractors and tractors. Urbanization, population growth, increased productivity, and a faster framework It is obliged to have this urge. As emerging economies invest in massive construction projects, the global market for heavy construction equipment continues to grow. Mechanical advancements like the telematics and computerization synchronization give these devices accuracy, security, and efficacy. Furthermore, considerations related to maintainability influence the development of environmentally benign machinery, contributing to a construction sector that is increasingly environmentally aware. With its expanding range of uses and unwavering pursuit of innovation, the global heavy equipment market is poised to play a major role in global economic growth and industry expansion.

Market Segment Insight

The earthmoving equipment, material handling, heavy vehicles, crushers, and other. categories comprise the segmentation of the global heavy construction equipment market based on type.
The excavation and demolition, material handling, heavy lifting, recycling & waste management, and tunnelling segments make up the global heavy construction equipment market. These segments are based on application.
The Heavy Construction Equipment industry's end-use section Metal, mineral, coal, aggregate, real estate, oil & gas, mining, forestry, and agriculture are among the industries with a sizeable market.

Region Specific Analysis

The market for heavy construction equipment in Asia-Pacific held the most market share in 2022 and is predicted to increase at a substantial CAGR during the study. The Asia-Pacific Heavy Construction Equipment market is expected to be driven by the region's population expansion and rising per capita disposable income during the forecast period, which will also contribute to the growth of the industry.

Major markets including the US, Canada, and Mexico are found in the region of North America. The North American market is primarily driven by the United States. The house market in the United States is growing as the nation's disposable income is rising swiftly. According to projections from the U.S. government's Bureau of Economic Analysis, Americans' disposable income climbed from US$ 11,608 billion in January 2010 to US$ 15,174 billion in January 2020, or a compound annual growth rate of 2.71%. According to the US Census Bureau, the average household income in some regions, such as Silicon Valley, which is home to significant tech companies like Google Inc. and Facebook Inc., was US$ 125,987 in 2018, about twice as high as the US$ 61,937 national average.

Principal Players

Sany Heavy Industry Co., Ltd., JCB, CNH Industrial N.V., Volvo Group, Xuzhou Construction Machinery Group Co., Ltd., Terex Corporation, Wacker Neuson SE, Hitachi Construction Machinery Co., Ltd., Deere & Company, Doosan Bobcat, and Komatsu Ltd. are the major players in the market.