Global Heavy Construction Equipment Market Size Analysis - Market Share, Forecast Trends and Outlook Report (2024-2032)

Global Heavy Construction Equipment Market Growth

One of the major factors driving the heavy construction equipment market growth is rapid urbanisation, especially in emerging economies in the Asia Pacific, Latin America, and the Middle East. Increasing investments in infrastructural development activities such as railway, road, residential building, and airport construction are further surging the demand for heavy construction equipment, including cranes, dozers, and loaders, among others. In October 2024, the Indian government approved INR 6,798 crore investments in two railway projects of nearly 313 kilometres.

Key players in the market are increasingly adopting 3D printing technology to create customised machinery parts with enhanced efficiency and precision while lowering material waste and facilitating faster production. In the forecast period, the growing adoption of robotics in heavy construction equipment is expected to improve the precision of tasks such as grading, digging, and levelling, among others.

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Global Heavy Construction Equipment Market Trends

Increasing Emphasis on Sustainability

The growing emphasis on sustainability amid increasing environmental concerns is boosting the heavy construction equipment market revenue. Governments worldwide are imposing stringent regulations regarding waste management, emissions, and resource consumption, driving the development of cleaner and energy-efficient machinery. Electric construction equipment that minimises emissions and lowers the dependence on fossil fuels is also increasingly gaining significant traction. In February 2023, ACE announced the launch of its electric cranes with a lifting capacity of 180 tonnes that offer optimum power and productivity and improved stability and safety for use in rough terrains. Moreover, manufacturers are adopting sustainable production methods and utilising eco-friendly and recyclable materials in their equipment to lower the carbon footprint and waste of production facilities. They are further investing in renewable energy systems, such as solar and wind power, to lower the carbon footprint of manufacturing processes.

Global Heavy Construction Equipment Market Overview

Growing Adoption of Advanced Technologies

Technological advancements and the rising adoption of automation are shaping the heavy construction equipment market trends and dynamics. In large-scale mining and construction projects, autonomous heavy machinery is gaining popularity in earthmoving, digging, and grading applications to improve safety, lower labour costs, surge productivity, and operate in hazardous or harsh environments. In March 2023, Komatsu introduced its intelligent Machine Control 2.0 (iMC 2.0) dozers that can streamline onboarding and facilitate automation throughout the dozing process to maximise the efficiency of operations. Key players are also integrating technologies such as artificial intelligence (AI) and machine learning (ML) into heavy construction equipment that can analyse data to make data-driven decisions regarding predictive maintenance, fuel usage, and machine operations. The increasing launch of smart equipment equipped with sensors and cameras is aiding the market. In June 2022, Doosan launched its first smart crawler excavator, DX225LC-7X, equipped with semi-automatic 2D machine control, full electric hydraulic (FEH) technology, and integrated 2D machine guidance.

Market News

September 2024

Mammoet launched the SK6000, the world's strongest land-based crane that aims to deliver reduced integration times to offshore floating projects and increased uptime to onshore new build and expansion projects. The crane has a maximum capacity of 6,000t, offers full electric power capability from a battery or supply from the grid, and utilises 4,200t of ballast to lift with a maximum ground bearing pressure of 30t/m2.

April 2024

Sany India launched the SKT105E, its first fully electric dump truck manufactured domestically. The dump truck, with a payload capacity of 70 tonnes, aims to meet the requirements of open-cast mining operations with energy efficiency and cost-effectiveness.

Global Heavy Construction Equipment Market Outlook

The heavy construction equipment market is experiencing growth, driven by increasing sustainability efforts and technological advancements. Governments are enforcing stricter environmental regulations, and promoting the development of energy-efficient, low-emission machinery. Electric equipment, like the 180-tonne electric cranes launched by ACE in 2023, is gaining popularity for its reduced environmental impact. Manufacturers are also adopting sustainable production practices, using eco-friendly materials, and investing in renewable energy sources to lower their carbon footprint. Technologically, automation and advanced AI technologies are enhancing productivity and safety. Autonomous machinery is becoming common in mining and construction for earthmoving and grading tasks. Komatsu’s iMC 2.0 dozers, introduced in 2023, streamline operations, while Doosan’s smart excavators, launched in 2022, integrate advanced control systems for improved efficiency. These innovations are transforming the industry, reducing labour costs, improving machine performance, and supporting sustainability.

Global Heavy Construction Equipment Market Restraints

Heavy construction equipment requires high initial investment and ongoing fuel, maintenance, and repair costs, which can be a major barrier for small and medium-sized businesses with budget constraints. The growing shortage of skilled workforce capable of operating advanced, autonomous, and digitally integrated machinery can also impede the heavy construction equipment market expansion. The negative impact of economic downturns, supply chain disruptions, and geopolitical conflicts on the construction sector can lead to the cancellation or delay of large-scale projects, lowering the demand for heavy construction equipment. Furthermore, variations in government regulations, taxes, and tariffs in different regions can lead to complications in acquiring equipment, especially in emerging economies.

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Global Heavy Construction Equipment Industry Segmentation

The EMR’s report titled “Global Heavy Construction Equipment Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

In terms of type, the market is segmented into:

• Earth moving equipment, which is further divided by type into:
  • Excavators
  • Loaders
  • Dozers
  • Motor Graders
  • Others
• Heavy construction vehicles, which is further divided by type into:
  • Dumpers
  • Tippers

Material handling equipment, which is further divided by type into:

• Cranes
• Telescopic Handlers
• Others
• Others

On the basis of application, the market is divided into:

• Heavy Lifting
• Material Handling
• Transportation
• Excavation and Demolition
• Tunneling
• Recycling and Waste Management
• Others

By end use, the market is divided into:

• Mining
• Infrastructure
• Forestry and Agriculture
• Construction and Manufacturing
• Vehicle Transport 
• Public Works
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Heavy Construction Equipment Market Share

By Type Insights

Earth moving equipment, including loaders, excavators, motor graders, and dozers, among others, are used for digging, excavating, lifting, and transporting materials during mining and construction activities. Rapid urbanisation, especially in developing countries, is surging the demand for earth moving machinery to support site development, land preparation, and infrastructure projects, aiding the heavy construction equipment market growth. The increasing launch of innovative earth moving equipment is fuelling the market expansion. In June 2024, CASE Construction Equipment launched its Made-in-India Skid Steer Loader (SSL), a 49hp, BS3 compliant model equipped with a Perkins engine, boasting a rated operating capacity (ROC) of 590kg, and operating weight of 2.3 tonnes.

Heavy construction vehicles, such as dumpers and tippers, are used for transporting debris, materials, and equipment to and from construction sites. Key players are introducing automation vehicles that can improve productivity and safety. In December 2023, Eicher Trucks & Buses launched a new tipper with E-smart Shift - Automated Manual Transmission (AMT), improving driver safety and increasing the profitability and productivity of customers.

Meanwhile, material handling equipment such as cranes and telescopic handlers, is used to control, move, and protect materials during manufacturing, industrial, and construction processes. The rising demand for material handling equipment in the rapidly growing e-commerce sector is driving the heavy construction equipment market development.

By Application Insights

The rising utilisation of machines such as forklifts, cranes, and hoists for heavy lifting in the energy, manufacturing, construction, and infrastructure sectors is boosting the heavy construction equipment market revenue. Key players are developing heavy construction equipment with longer reach and improved load capacities to enable them to handle heavier loads in complex and confined spaces. The integration of technologies such as telematics and IoT to facilitate real-time data collection regarding load capacities, machine health, and operational performance is further driving the segment’s expansion.

In sectors such as logistics, mining, manufacturing, and construction, heavy construction equipment, such as cranes, excavators, forklifts, and loaders, is extensively deployed for material handling to efficiently and safely move bulk, large, or heavy materials. With the growing trend of sustainability, there is a rising demand for heavy construction equipment with improved fuel-efficiency, reduced emissions, and lowered environmental impact for use in material handling applications.

Meanwhile, there is a rising use of machines such as compactors, bulldozers, excavators, cranes, and loaders for efficient collection, transportation, sorting, and processing of waste materials. The expansion of landfill management systems and recycling facilities globally amid the introduction of stringent regulations on waste disposal is shaping the heavy construction equipment market dynamics.

By End Use Insights

As per the heavy construction equipment market analysis, there is a rising demand for heavy construction equipment, such as excavators and loaders, that can handle large-scale and tough operations in resource extraction, processing, and reclamation. Key players are increasingly developing innovative machines that can improve the efficiency of mining operations while offering enhanced safety and durability. In March 2023, Tata Hitachi launched a Mining Excavator ZX670H, manufactured and designed to meet customer demands for improved efficiency, high durability, ease of maintenance, enhanced safety, high level of comfort, and maximum safety.

Heavy construction machines also play a crucial role in the construction, maintenance, and improvement of infrastructure projects like bridges, roads, airports, utilities, ports, and tunnels. Such machines improve the safety of infrastructural development projects while lowering labour costs and boosting construction speed. The increasing adoption of autonomous and semi-autonomous construction equipment such as robotic excavators, self-driving dump trucks, and autonomous bulldozers in infrastructure development activities is providing lucrative heavy construction equipment market opportunities.

Meanwhile, the forestry and agricultural sector utilises heavy construction equipment to handle the rugged terrain for land clearing and tree harvesting. Farmers deploy heavy construction equipment to optimise crop yield, bolster the speed of large-scale agricultural operations, and reduce the requirement for manual labour. With the growing focus on sustainability in the sector, low-emission and alternative energy-powered heavy construction equipment is gaining popularity. In August 2023, JCB launched the JCB Loadall 530-60 AGRISuper, a new 3-tonne lift capacity compact telescopic handler that meets the demand for livestock farms with narrow aisles and passages by combining high levels of power and traction with compact dimensions for productive performance.

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Global Heavy Construction Equipment Market Regional Insights

North America Heavy Construction Equipment Market Dynamics

Increasing investments in infrastructural development activities and renewable energy infrastructure by governments in the United States and Canada are driving the heavy construction equipment demand growth. In October 2024, the United States government announced an investment of over USD 4.2 billion for the construction of bridges, expansion of port capacities, and redesigning of interchanges. The surging launch of innovative heavy construction equipment is further fuelling the market. In July 2024, HD Hyundai Construction Equipment North America introduced the HD100, its latest crawler dozer model, which is designed to deliver more power and superior tractive ability, provide greater operator comfort, and reduce wear.

Europe Heavy Construction Equipment Market Overview

In the European Union, the mining and quarrying sector generated EUR 101.9 billion of net turnover in 2021, witnessing a y-o-y surge of 40%. Heavy construction equipment plays a crucial role in facilitating the extraction, processing, and transportation of minerals and raw materials. The growing focus on sustainable urban development and improvements in public transportation, smart cities, and green energy infrastructure are also fuelling the heavy construction equipment market expansion. With the increasingly stringent environmental regulations surrounding greenhouse gas emissions, manufacturers in the region are investing in electric-powered equipment.

Asia Pacific Heavy Construction Equipment Market Trends

The heavy construction equipment demand forecast in the Asia Pacific is being fuelled by rapid urbanisation and industrialisation and increasing investments in construction activities in countries such as India and China. In the Asia Pacific, there is a rising adoption of automated construction machinery to enhance safety and productivity, lower operational costs, improve efficiency, and reduce reliance on manual labour. In August 2022, Chinese construction equipment manufacturer, Shantui, along with researchers from the Huazhong University of Science and Technology (HUST), developed the world’s first unmanned bulldozer to deliver various safety benefits and labour savings.

Competitive Landscape

Key heavy construction equipment market players are actively investing in the development of autonomous vehicles that can enable fully autonomous and remote operations to improve the safety and productivity of operations while reducing the need for manual labour. They are also diversifying their product portfolios to add new equipment types and improve the functionality of existing machines.

Key Industry Players

Deere & Company.

Deere & Company., founded in 1837 and headquartered in Illinois, United States, is a company that manufactures construction, agricultural, lawn care, and forestry equipment. The company focuses on automation, precision farming, and sustainable practices and has played a crucial role in revolutionising the construction, agriculture, and landscaping sectors.

Komatsu Ltd.

Komatsu Ltd., headquartered in Tokyo, Japan, is a leading manufacturer of mining, construction, and industrial equipment. Founded in 1921, the company also provides aftermarket services such as maintenance, repair, spare parts, and equipment rental to support the long-term performance of its machine.

AB Volvo

AB Volvo, headquartered in Gothenburg, Sweden, is a prominent company that designs, manufactures, and markets a diverse range of commercial vehicles, heavy-duty equipment, and construction machinery. The company is renowned for its commitment to safety and actively invests in new technologies such as autonomous equipment and robotics for mining and construction projects.

Other key players in the heavy construction equipment market are Doosan Infracore Co., Ltd., Hitachi Construction Machinery Co., Ltd., Caterpillar Inc., and Liebherr-International AG, among others.

Recent Developments

June 2023

JCB launched its first full electric wheeled loader, supporting customers to meet their carbon reduction goals. The loader boasts a 20kWh lithium-ion battery pack, 20kW hydraulic pump (peak power) with shovel and fork modes, digital dashboard, ZF axles with an integrated drop-box, 33.4kW drive motor (peak power) with three driving modes, and a rotary controller.

February 2023

Volvo Construction Equipment announced the launch of its 30-ton EC300E Straight Boom demolition excavator. With a reinforced frame made of heavy-duty plate steel, fitted with a 23-foot-long straight boom and purpose-built arm, and various standard features such as a quick fit and oil drain line, X1 and X3 auxiliary piping, and heavy counterweight, the excavator provides significant height and reach advantages.