The construction equipment market size is estimated to grow from USD 180.4 billion in 2022 to reach USD 223.1 billion by 2027, at a CAGR of 4.3% over the forecast period.
The market is expected to witness growth due to an increase in urban infrastructure projects and the adoption of advanced technologies in the construction industry.
CNG/LNG/RNG construction equipment would be the fastest growing segment over the forecast period
The upcoming emission regulations have much-lowered emission limits, requiring advanced engine technologies and after-treatment devices. It would eventually increase equipment costs between 15-25%, resulting in increased capital investment for fleet owners and lowered ROIs. Additionally, the battery technology needs more time to address the issues related to charging time, range, and cost. Hence, alternate fuel equipment is the option for OEMs in the near future. The CNG/LNG/RNG are the best options for construction equipment in the coming years. Compressed Natural Gas emits 25% less sulphur, nitrogen, and carbon pollutants than gasoline engines. RNG emits 70% lesser Greenhouse Gases than diesel or gasoline, making it the most environment-friendly fuel. Liquefied natural gas (LNG) is mostly methane that has been cooled down to convert it into liquid form. Many major construction equipment manufacturers are focusing on developing the alternate fuel models.
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Crawler excavators would be the largest construction equipment type over the forecast period.
The crawler excavators are estimated to showcase a market share of >25% in 2022 and are projected to grow by 2027. Rapid urbanization is the key factor contributing to the growth of the crawler excavator market. The crawler excavator due to its chain belt setup offer stability in operation specially in rough terrain and muddy areas. The stronger gradeability of crawler excavators make is capable for usage in residential constructions as well as the underground mining projects. The crawler excavator act as an all-round construction equipment that can be used to dig sites, demolish structures and surfaces, carry out trenching and also lifting heavy objects. The excavators are available in wide range of engine capacities like below 5 tons, 5-10 tons and above 10 tons of capacity. Asia is expected to be the largest market for crawler excavators, owing to the increase in infrastructural developments and the rapidly growing real estate business in the region. Thus, heavy investment in infrastructure development in the construction and mining industry would drive the demand for crawler excavators during the forecast period.
Asia is projected to be the largest market by 2027
Asia is projected to be the largest construction equipment market by 2027 due to large investments in construction projects in growing economies such as India and Indonesia. At the same time, other countries in the region, such as China and Japan, are also implementing many new development projects to improve the country’s infrastructure. Furthermore, many global construction equipment OEMs have their base of operations in the region. Therefore, due to such impressive growth in the construction activities across the region, Asia is projected to have the largest market share of the market during the forecast period.
Key Market Players & Start-ups
The construction equipment companies are Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and SANY Group (China). These companies have strong distribution networks at the global level. These companies have adopted comprehensive expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing market.
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