Construction Equipment Market to Grow Gradually by Achieving a Valuation of USD 237.66 Billion by 2030 with a CAGR of 6.6% during the Forecast Period

The construction equipment market size is projected to grow from USD 151.60 billion in 2023 to USD 237.66 billion by 2030. As per a report by Fortune Business Insights™ titled “Construction Equipment Market Size, Share & COVID-19 Impact 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, 2023-2030.” The market stood at USD 142.39 billion in 2022. It is set to exhibit a CAGR of 6.6% during 2023-2030.

COVID-19 to Hinder Partial or Complete Closure of Construction Activities

The COVID-19 pandemic impacted economic activities negatively globally, and the building & construction industry was the worst affected. The abrupt closure of construction sites consequently congested the equipment rental industry. Moreover, key players temporarily shut down their factory activities globally in 2020.

Growing Investments in Construction & Infrastructure Globally to Drive the Demand for Equipment

The private and government sectors globally are anticipated to invest largely in the construction of new residential & commercial buildings and public infrastructure, supporting the growth of the construction industry. According to the Institute of Civil Engineers, the global construction market is estimated to reach a massive amount by 2030. Growing urbanization, particularly in Latin American and Asian countries, creates a massive demand for residential infrastructure, contributing to the construction equipment market share.

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

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

Doosan Infracore Acquired by Hyundai Heavy Industries to Foster Market Growth

Hyundai Heavy Industries, during its acquisition of Doosan Infracore, agreed to strengthen its global position as a construction equipment manufacturer. Both South Korean-based companies are expected to work independently. Doosan ranked 10^th while Hyundai ranked 22^nd as per the 2021 KHL Yellow Table.

Competitive Landscape:

Prominent Players are Choosing for Next-Generation Products to Grow their Product Portfolio

The market leaders such as Komatsu, Caterpillar Inc., JCB, Liebherr, and AB Volvo dominate the global market, controlling up to 40% of the market share. Their dominance is due to the strong customer base of these companies globally and increasing investments for product development, resulting in aiding the construction equipment market growth.

Notable Industry Development:

• March 2023: Clairemont Equipment Company collaborated with Komatsu to grow its geographical presence in Los Angeles.

List of the Companies Profiled in the Report:

• AB Volvo (Sweden)


• Caterpillar Inc. (U.S.)


• Komatsu Ltd. (Japan)


• Doosan Infracore Co. Ltd. (South Korea)


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


• J.C. Bamford Excavators Ltd. (U.K.)


• Liebherr Group (Switzerland)


• CNH Industrial N.V. (U.K.)


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


• SANY Group (China)

Further Report Findings:

• Asia Pacific is estimated to dominate the market, holding the biggest share during the projected period. Growth witnessed in the region is likely to be driven by the emergence of the availability of machinery on a rental basis, presence of online retail facilities, enhancement in capital investments, and rising government investments in infrastructure development.


• China is anticipated to dominate the Asia Pacific market due to various emerging market players manufacturing technology-driven construction machines. The Chinese government are investing actively in rural construction activities for rapid urbanization, with emerging public-private partnerships expected to foster the demand for this equipment.

Table of Segmentation: