The Construction Equipment Market is projected to reach USD 250.4 Billion by 2026 from USD 208.3 Billion in 2021, at a CAGR of 3.8% during the forecast period. Asia is estimated to dominate the construction equipment market with a share of 59.0% in 2021.
With rapid infrastructural development and government investments in construction activities post-COVID-19 pandemic which is likely to fuel the demand for construction equipment. The market is dominated by global players such as Caterpillar Inc. (US), Komatsu Ltd. (Japan), Xuzhou Construction Machinery Group (XCMG) (China), Sany Heavy Industries (China), and Zoomlion (China). These companies develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in the construction equipment market.
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Caterpillar Inc. is estimated as a leading player in the construction equipment market due to its wide product portfolio and diversified regional presence. The company provides more than 24 types of construction machinery through its construction industries business division. The company reported various developments such as new product launches, expansions, and acquisitions during last few years. Consistently developing new products as per market needs is the key reason behind company’s top ranking, where it has launched close to 17 new construction equipment or their facelifts from Aug 2019 to September 2021.
Komatsu Ltd. is a ranked player due to its focus on new product developments and joint ventures. The company provides approximately 20 types of construction machinery through its construction equipment business division. The company entered into a joint-development agreement with Honda Motors to electrify Komatsu’s micro excavators using the swappable Honda Mobile Power Pack (MPP).
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Xuzhou Construction Machinery Group (XCMG) is the largest construction equipment manufacturer in China. The company has six business divisions to manufacture horizontal directional drillers, levelers, road mixers, hydraulic auxiliaries, milling machines, and slurry seal machines. It has 14 manufacturing bases and 300+ distributors worldwide. The company has launched 5 new equipment from Jun 2019 to September 2021. The company also entered into strategic partnership with Cummins.
Sany Heavy Industries, a core company of the Sany Group, is one of the largest heavy equipment manufacturers in the world and has a presence in 120 countries. The company offers concrete machinery, hydraulic excavators, hoisting, road, piling, wind turbines, port, and mining machinery. The company offers construction equipment such as hydraulic, mini & medium excavators, as well as crawler, mobile, tower, and truck-mounted cranes. It also offers wind turbines, motor graders, rollers, pavers, wheels, excavator loaders, and cold planers. The company has launched 4 new construction equipment between Aug 2019 to May 2021 period.
Zoomlion specializes in infrastructure construction, construction engineering, manufacturing, and research. Its products include concrete machinery, cranes, road machinery, and other heavy construction equipment. It has manufacturing operations in China, Europe, West Asia, South Asia, Southeast Asia, and North America. It operates under construction machinery, agriculture machinery, and financial services segments. The construction machinery business focuses on road construction & pile foundation machinery, earth working machinery, material handling machinery & systems, and others.
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