Construction Equipment Market to Hit a Valuation of USD 271.30 Billion by 2032; John Deere Unveiled New P-Tier Articulated Dump Trucks to Broaden its Portfolio

The global construction equipment market size stood at USD 151.60 billion in 2023. The market value is slated to rise from USD 161.45 billion in 2024 to USD 271.30 billion by 2032 at a CAGR of 6.7% during 2024-2032. Fortune Business Insights™ presents this information in its report titled

“Construction Equipment Market Size, Share & Industry Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment & Cranes, Concrete Equipment, Road Building Equipment, Civil Engineering Equipment, Crushing and Screening Equipment, and Other Equipment), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2024 – 2032”.

The market is inclusive of a diverse array of equipment, including loaders, dozers, cranes, excavators, and others, which are necessary for large-scale infrastructure development, construction projects, and commercial, industrial, and residential buildings. Technological innovations, including the deployment of telematics, automation, and electrification in construction machinery, are driving market growth by decreasing emissions, lowering operational costs, and enhancing efficiency.

The COVID-19 pandemic led to a temporary decrease in the market growth, which can be credited to disruptions in supply chains and a halt in projects. However, the market started witnessing recovery due to the initiation of infrastructure projects by governments coupled with a surge in the uptake of digital technologies in the construction industry.

John Deere Released New P-Tier Articulated Dump Trucks to Expand its Portfolio

In January 2023, John Deere announced the expansion of its P-Tier portfolio by launching the 410 P-Tier articulated dump truck and the 460 P-Tier truck. These new vehicles provide a more modern style such as different stylistic and visual updates. These machines also have a wide range of standard onboard settings to improve efficiency and facilitate easy operation during an application.

Focus of Market Leaders on Uptake of Robust Strategies Foster Market Growth

Hitachi, Volvo Group, SANY Group, Komatsu, and Caterpillar lead the market. After witnessing the demands of end-user, they are engaged in deploying different business strategies to improve customer experience. End-users across developing nations frequently emphasize product price for investing and customers in developed economies favor productivity and other performance criteria to reduce the lifetime operating costs of the machine.

Despite such opportunities, the huge incorporation of construction machinery causes an imbalance in the environment, which may impede construction equipment market growth.

Top Players Sign MoUs to Reinforce Their Industry Position

Prominent companies provide a diverse array of products to meet varied construction requirements, such as specialized equipment, material handling, and earthmoving for different applications. Many players are also emphasizing the signature of MoUs to offer enhanced capabilities of solutions.

List of Key Players Profiled:

• AB Volvo (Sweden)


• Caterpillar Inc. (U.S.)


• Komatsu Ltd. (Japan)


• Doosan Corporation (South Korea)


• Hitachi Construction Machinery Co., Ltd. (Japan)


• J.C. Bamford Excavators Limited (U.K.)


• Liebherr Group (Switzerland)


• CNH Industrial N.V. (U.K.)


• Hyundai Construction Equipment Co., Ltd. (South Korea)


• SANY GROUP (China)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/construction-equipment-market-100521

Key Industry Development

• June 2024: Action Construction Equipment unveiled the signature of an MoU with the Bank of Baroda to provide tailored financing alternatives for construction equipment startups, entrepreneurs, and businesses across India.

Further Report Findings:

• Asia Pacific is the leading player in the construction equipment market, of which, China is the dominating country. The country’s leading position can be ascribed to huge infrastructure projects, robust industrial growth, and fast-paced urbanization. The emphasis of the government of China on large-scale infrastructure initiatives, including smart city development and the Belt and Road Initiative considerably impels the demand for construction machinery.


• Europe market is witnessing stability, propelled by a robust focus on energy efficiency and sustainability. This, along with the region’s dedication to encouraging green building practices and decreasing carbon emissions, bolsters the demand for environmentally friendly construction machinery.


• With respect to equipment type, the earthmoving equipment segment accounts for the largest construction equipment market share, which can be attributed to heightened demand for this equipment, impelled by growing urbanization, infrastructure development, and construction activities, especially in emerging economies.

Table of Segmentation