Heavy Construction Equipment Market Research Report Information By Equipment Type (Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Others), By Application (Excavation & Demolition, Heavy Lifting, Tunneling, Material Handling, Recycling & Waste Management), By End User (Infrastructure, Construction, Mining, Oil & Gas, Manufacturing, Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

Global Heavy Construction Equipment Market Overview

The  Heavy Construction Equipment Market Size was valued at USD 206.24 Billion in 2022. The Heavy Construction Equipment industry is projected to grow from USD 219.76 Billion in 2023 to USD 321.41 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.77% during the forecast period (2023 - 2030). For heavy operations, duties such as material handling, excavation, lifting, and other heavy operations, heavy construction equipment or machinery are employed. The market for heavy construction equipment is being driven by the commercial, residential, and industrial sectors, as well as expanded public-private partnerships and worldwide economic expansion. Although there are many various types of heavy construction equipment available, choosing the right equipment is crucial. Companies take into account the material, quality, complexity of the project, and safety while selecting heavy construction equipment.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Heavy Construction Equipment Market Trends

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  Renting or Leasing of equipment is high in demand

  
  

For construction contracting firms, renting or leasing heavy construction equipment is advantageous since it satisfies the client's need for the equipment without incurring the whole cost. One benefit of renting or leasing is that it may be done under the user's preferences, equipment needs, and expected earnings. The decision to rent or lease heavy construction equipment is influenced by many variables, including the asset's intended usage term, technological advancements over that time, and the tax advantages associated with leasing or renting the equipment. These reasons make renting more cost-effective for contractors than buying unless the equipment can be used for more than 75% of the year. Contractors who lease are also able to access a wider variety of equipment while leveraging cutting-edge technologies. As a result, this gives participants in the market for heavy construction equipment a chance to utilize the equipment without having to pay for it outright.

Heavy Construction Equipment Market Segment Insights

Heavy Construction Equipment Type Insights

The market segmentation, based on Equipment Type, includes Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, and Others. The Material Handling Equipment segment holds the majority share in 2022, contributing to the global Heavy Construction Equipment revenue. Owing to the increase in the number of high-rise buildings being built has increased the need for material-handling equipment. High-rise building construction uses a variety of material-handling equipment, such as dozers, cranes, telescopic handlers, and forklifts.

Heavy Construction Equipment Application Insights

Based on Application, the market segmentation includes Excavation & Demolition, Heavy Lifting, Tunneling, Material Handling, Recycling & Waste Management. The Excavation & Demolition segment dominated the market. This segment includes equipment such as excavators, bulldozers, and demolition equipment, which are used for digging, grading, and removing debris from construction sites. The demand for excavation and demolition equipment is driven by various factors such as the growth of the construction industry, increasing demand for infrastructure development, and the need for efficient and safe excavation and demolition operations.

Heavy Construction Equipment End-User Insights

Based on End-User, the market segmentation includes ​​​​​​Infrastructure, Construction, Mining, Oil & Gas, Manufacturing, and Others. The Infrastructure segment is the largest segment of the market. The infrastructure industry uses heavy-duty construction equipment often, thus this market segment will hold the top rank in the next years. The need for cutting-edge transportation systems has increased due to the rate of urbanization accelerating. The global infrastructure industry will expand significantly in the years to come as governments develop new plans to meet this demand. This demand will primarily come from China and India.

Figure 2:  Heavy Construction Equipment Market, by Equipment Type, 2022 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Heavy Construction Equipment Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The market in the Asia Pacific will grow at the fastest CAGR because of the various nations in the region's rapid economic development. The enormous concentration of wealthy companies in the area and their propensity to embrace cutting-edge technology will further accelerate the development rate of the regional market. The national high-speed train and the 7918 Network, also known as the National Trunk Highway System, are two initiatives the Chinese government is working on to improve the country's transportation infrastructure. As a result, the nation's rail infrastructure will grow at the quickest rate. The economy of the nation is booming quickly, and commercial development activity has increased significantly. global warming.

Figure 3:  HEAVY CONSTRUCTION EQUIPMENT MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Heavy Construction Equipment Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Heavy Construction Equipment industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Heavy Construction Equipment industry to benefit customers and expand the market sector. Major market players, including Hitachi Machinery Construction, CNH, Liebherr, Caterpillar Inc, Hyundai Heavy Industries, and others, are attempting to increase market demand by funding R&D initiatives.

An international manufacturer of construction equipment is Hitachi Construction Machinery. It produces a variety of items, including hydraulic excavators, wheel loaders, rigid dump trucks, road construction equipment, and double-arm working machines. The company offers a Fleet Management System with real-time monitoring of each dump truck, an Autonomous Haulage System (AHS) that enables unmanned, autonomous operation of mining dump trucks, an ICT Construction Solution that supports all processes of Information and Communication Technology (ICT) construction operations from initial construction surveys through as-built data delivery, and ConSite, a technology that tracks the status of machines. Together with new and used equipment, leasing services, remanufactured parts, maintenance, and technical support, Hitachi Construction Machinery also sells items including hydraulic filters and high-pressure hoses.

CNH Industrial works in the capital goods market. It works on designing, manufacturing, marketing, selling, and financing trucks, buses, commercial vehicles, and specialty vehicles for firefighting, defense, and civil protection as well as agricultural and construction equipment. The business also specializes in maritime and power-generating applications for engines, gearboxes, and axles. CNH engages in business operations in the sectors of agriculture, construction, commercial and specialized vehicles, powertrain, and financial services.

Key Companies in the Heavy Construction Equipment market include

• Hitachi Machinery Construction


• CNH


• Liebherr


• Caterpillar Inc


• Hyundai Heavy Industries


• Doosan Infracoe


• Kobelco Construction Machinery


• John Deere


• Komatsu


• JCB

Heavy Construction Equipment Industry Developments

January 2022: Hitachi announced that it is selling its 50% ownership in a fleet of construction equipment valued at US$ 1.6 billion. Furthermore, Itochu will partner with Japan Industrial Partners to purchase Hitachi's shareholding for 3,300 yen per share. Moreover, Hitachi now holds a 51.5% share in the fleet of construction equipment.

January 2021: Caterpillar introduced two ultra high definition demolition (UHD) machines together with three new huge excavators for the European, Asian, and African markets. The huge excavators are the Cat 352, 374, and 395, which have respective weights of 50, 72, and 94 tonnes.

Heavy Construction Equipment Market Segmentation

Heavy Construction Equipment Type Outlook

• Earthmoving Equipment


• Material Handling Equipment


• Heavy Construction Vehicles


• Others

Heavy Construction Equipment Application Outlook

• Excavation & Demolition


• Heavy Lifting


• Tunneling


• Material Handling


• Recycling & Waste Management

Heavy Construction Equipment End-User Outlook

• Infrastructure


• Construction


• Mining


• Oil & Gas


• Manufacturing


• Others

Heavy Construction Equipment Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America