Heavy Construction Equipment Market Drivers: Urbanization and Population Growth
The global heavy construction equipment market size is expected to reach USD 289.3 billion in 2030 and is projected to grow at a CAGR of 5.2% from 2024 to 2030. Increased investment in infrastructure has been a major factor driving market growth.
Rise in infrastructural development around the world is the key catalyst that will propel market growth over the forecast period. Infrastructural development results in increased construction activities, which eventually creates a demand for heavy duty construction equipment. Developed infrastructure boosts economic growth by assisting cross-border trade and industrial growth.
Private financing is a key way to fund infrastructural development plans. For instance, infrastructure development in India has witnessed increased participation of private players in recent years. Moreover, the Indian government has increased its budget for infrastructural development.
Gather more insights about the market drivers, restrains and growth of the Global Heavy Construction Equipment Market
Heavy construction equipment market is likely to witness high demand due to various government initiatives to expand airports globally. As of January 2015, global investments for construction of airports was nearly USD 540.0 billion. For instance, news reports suggest that the total number of passengers traveling via Mumbai (India) airport has tripled in the last decade. To overcome this, the Indian government has approved an investment of USD 2 billion for the construction of the Navi Mumbai airport, which will help distribute domestic and international passengers. Development plans such as these are sure to give the global market a major boost.
Heavy Construction Equipment Market Report Highlights
- The global heavy construction equipment market size is expected to reach USD 289.3 billion in 2030 and is projected to grow at a CAGR of 5.2% from 2024 to 2030. Increased investments in the infrastructure sector, especially in developing countries such as India, Malaysia, and Indonesia, is a key factor
- The material handling equipment segment dominated the market and accounted for a revenue share of 51.0% in 2023. The material handling equipment segment dominated the market and accounted for a revenue share of 51.0% in 2023.
- Earth moving machinery is expected to experience the fastest CAGR of 5.9% during the forecast period. This can be attributed to rise in investments to develop airports across the globe
- Asia Pacific heavy construction equipment market is anticipated to witness the fastest growth from 2024 to 2030. This can be attributed to growth of construction activities in countries such as India, Malaysia, and China
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- Autonomous Construction Equipment Market: The global autonomous construction equipment market size was estimated at USD 12.72 billion in 2023 and is expected to grow at a CAGR of 9.6% from 2024 to 2030.
- Construction Equipment Rental Market: The global construction equipment rental market size was valued at USD 187.46 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.12% from 2023 to 2030.
Heavy Construction Equipment Market Segmentation
Grand View Research has segmented the global heavy construction equipment market report on the basis of product, application, and region:
Heavy Construction Equipment Machinery Outlook (Revenue, USD Billion, 2018 - 2030)
- Earthmoving Equipment
- Material Handling Equipment
- Heavy Construction Equipment
- Others
Heavy Construction Equipment Application Outlook (Revenue, USD Billion, 2018 - 2030)
- Excavation & Demolition
- Heavy Lifting
- Material Handling
- Tunneling
- Transportation
- Recycling & Waste Management
Heavy Construction Equipment Propulsion Outlook (Revenue, USD Billion, 2018 - 2030)
- ICE
- Electric
Heavy Construction Equipment Power Output Outlook (Revenue, USD Billion, 2018 - 2030)
- <100HP
- 101-200 HP
- 201 - 400 HP
- >400 HP
Heavy Construction Equipment Engine Capacity Outlook (Revenue, USD Billion, 2018 - 2030)
- <5L
- 5-10L
- >10L
Heavy Construction Equipment End Use Outlook (Revenue, USD Billion, 2018 - 2030)
- Building & Construction
- Forestry & Agriculture
- Infrastructure
- Mining
- Others
Heavy Construction Equipment Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Brazil
- Middle East and Africa (MEA)
- South Africa
- UAE
- South Africa
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