Market Insights
The construction equipment market was estimated at USD 180.2 billion in 2022 and is likely to grow at a CAGR of 4.26% during 2023-2028 to reach USD 231.53 billion in 2028.
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Market Dynamics
Introduction
Construction equipment refers to a broad category of machinery and vehicles designed to perform various tasks in construction projects. These equipment are specialized tools utilized to excavate, move, and shape materials such as soil, rock, and concrete, as well as to perform tasks like lifting heavy loads, compacting surfaces, and transporting materials across construction sites.
Examples of construction equipment include excavators, bulldozers, cranes, loaders, dump trucks, and compactors. These machines play a vital role in increasing efficiency, productivity, and safety on construction sites, enabling construction companies to undertake projects of varying scales and complexities with precision and effectiveness.
Construction Equipment Market Report Overview
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Market Size in 2022
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USD 180.2 billion
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Market Size in 2028
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USD 231.53 billion
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Market Growth (2023-2028)
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4.26% CAGR
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Base Year of Study
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2022
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Trend Period
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2017-2021
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Forecast Period
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2023-2028
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Market Drivers
The key factors driving the growth of the construction equipment market are:
- The market growth is mainly attributed to the high demand for robust residential and commercial infrastructure along with growing urbanization across the world.
- Market revenue will be positively influenced by the high concentration of regional government authorities on investment in significant public infrastructure projects which act as a major growth driver for economic development.
- For instance, the US government spent US$ 353.0 billion for public construction in October 2021, which was 1.8 percent above the previous month’s spending.
- Moreover, technological advancement coupled with strategic partnerships between several market players to develop new smart construction equipment solutions and services is resulting in the digital transformation of the industry, which will ultimately support the growth of the market.

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Key Players
The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.
The following are the key players in the construction equipment market (arranged alphabetically):
- Caterpillar, Inc.
- CNH Industrial
- Hitachi Construction Machinery Co. Ltd.
- John Deere
- Kobelco Construction Machinery Ltd.
- Komatsu Ltd.
- Sany Group
- Terex Corporation.
- Volvo Construction Equipment
- XCMG Group
Note: The above list does not necessarily include all the top players in the market.
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Segment Analysis
Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Product Type
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Earthmoving & Road Building Equipment, Material Handling & Cranes, and Concrete Equipment.
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The earthmoving and road-building equipment segment dominates the market and is expected to maintain its dominance.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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Asia-Pacific is expected to dominate the market.
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By Product Type
“The earthmoving and road-building equipment segment dominates the market with a share of more than 55% during the forecast period.”
The construction equipment market is segmented into earthmoving and road-building equipment, material handling & cranes, and concrete equipment. The earthmoving and road-building equipment segment led the market and is expected to maintain its dominance during the forecast period. Compaction equipment, excavators, loaders, and backhoes are the machines included in this segment.
- The government authority’s strong emphasis on the development of a well-connected road network to support growing freight transport will propel the growth of the segment.
- Also, the backhoe segment is expected to grow at a significant rate on account of its ability to perform versatile operations which include clamping, dozing, digging, and back dragging at construction sites.
- Moreover, new product launches in the backhoe segment with advanced features, and technologies will drive the growth of the market.
Regional Insights
“Asia-Pacific dominates the market with its accounted share of more than 35% during the forecast period.”
In terms of regions, Asia-Pacific is expected to register a CAGR of more than 4.1% in 2022, owing to the emergence of online retail services, availability of machines on a rental basis, and increasing government investments in infrastructure development in the region.
- Furthermore, China is likely to hold the largest share of the market on account of the large number of emerging companies in the market that are manufacturing technology-driven construction machines.
- The government in China is investing in public infrastructure and renewable energy, along with residential projects, which is ultimately increasing the demand for construction machinery in the region.

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Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s construction equipment market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our construction equipment market report from the industry stakeholders, we have tried to further accentuate our research scope on the construction equipment market to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as in formulating the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Market Segmentation
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The construction equipment market is segmented into the following categories:
By Product Type
- Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, and Others]
- Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, and Bulk Material Handling Equipment]
- Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, and Batching Plants]
By Region
- North America (Country Analysis: the USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to 3 players).
- SWOT analysis of key players (up to 3 players).
Competitive Benchmarking
- Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirements related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.