Picture a trillion-dollar juggernaut where colossal excavators scrape the sky and a rental fleet worth over $120 billion hums across continents—welcome to the construction machinery industry, a dynamic global powerhouse constantly reshaping our world.
Key Takeaways
- The global construction equipment market size was valued at USD 195.85 billion in 2023 and is expected to grow at a CAGR of 4.2% from 2024 to 2030.
- In 2022, the construction machinery market in North America reached approximately USD 45.6 billion.
- Asia-Pacific dominated the construction equipment market with a 41.5% revenue share in 2023.
- North American construction equipment market projected to reach USD 58.9 billion by 2030 at CAGR 4.1%.
- Asia-Pacific construction machinery market share was 42% of global in 2023.
- Europe's construction equipment sales volume declined by 12% in 2023 to 189,000 units.
- Caterpillar Inc. reported net sales of USD 67.1 billion in 2023, with construction industries segment at USD 28.2 billion.
- Komatsu Ltd. achieved construction equipment sales of JPY 2.45 trillion in FY2023.
- Volvo Construction Equipment net sales reached SEK 133 billion in 2023.
- Global excavator sales totaled 1.2 million units in 2023.
- Wheel loaders market shipment 400,000 units worldwide in 2023.
- Bulldozers global sales 85,000 units in 2023.
- The global construction equipment market is projected to reach USD 280 billion by 2030 at a CAGR of 5.1%.
- Electrification trend: Electric construction equipment sales to grow at 25% CAGR to 2030.
- Autonomous machinery adoption expected to capture 15% market by 2030.
The global construction machinery industry is large and steadily growing.
Equipment Segments
- Global excavator sales totaled 1.2 million units in 2023.
- Wheel loaders market shipment 400,000 units worldwide in 2023.
- Bulldozers global sales 85,000 units in 2023.
- Dump trucks for construction sold 120,000 units globally 2023.
- Backhoe loaders market 150,000 units shipped in 2023.
- Skid steer loaders sales reached 140,000 units in 2023.
- Crawler cranes market revenue USD 8.5 billion in 2023.
- Mobile cranes global sales 45,000 units in 2023.
- Concrete pumps market 12,000 units sold globally 2023.
- Asphalt pavers shipments 25,000 units worldwide 2023.
- Road rollers market sales 35,000 units in 2023.
- Telehandlers global sales 55,000 units in 2023.
- Rough terrain cranes 8,000 units shipped 2023.
- Compact excavators sales 450,000 units globally 2023.
- Hydraulic excavators dominated with 1.05 million units in 2023.
- Motor graders market 22,000 units sold 2023.
- Trenchers sales 5,500 units worldwide 2023.
- Pile drivers market revenue USD 4.2 billion 2023.
- Drilling rigs for construction 18,000 units 2023.
- Vibratory compactors segment grew 6% to 28,000 units 2023.
- Aerial work platforms sales 200,000 units globally 2023.
- Forklifts in construction 850,000 units shipped 2023.
- Tower cranes installations 15,000 units worldwide 2023.
- Scissor lifts 120,000 units sold 2023.
- Boom lifts market 80,000 units 2023.
- Pipe layers sales 4,200 units globally 2023.
- Mining dump trucks 12,000 units for construction overlap 2023.
Equipment Segments Interpretation
Humanity's ambition to reshape the planet is measured in millions of excavators and forklifts, but is still fine-tuned by the thousands of machines handling our bulk earthmoving, precision pipe-laying, and everything in between.
Key Players
- Caterpillar Inc. reported net sales of USD 67.1 billion in 2023, with construction industries segment at USD 28.2 billion.
- Komatsu Ltd. achieved construction equipment sales of JPY 2.45 trillion in FY2023.
- Volvo Construction Equipment net sales reached SEK 133 billion in 2023.
- Deere & Company construction and forestry segment revenue USD 13.7 billion in FY2023.
- Hitachi Construction Machinery sales JPY 1.32 trillion in FY2023.
- SANY Group global revenue exceeded CNY 200 billion in 2023.
- XCMG reported construction machinery sales CNY 145 billion in 2023.
- LiuGong Machinery sales revenue CNY 65 billion in 2023.
- Kobelco Construction Machinery net sales JPY 450 billion in FY2023.
- Terex Corporation construction segment revenue USD 4.2 billion in 2023.
- CNH Industrial construction equipment sales USD 3.8 billion in 2023.
- Hyundai Construction Equipment sales KRW 4.5 trillion in 2023.
- Doosan Infracore construction equipment revenue KRW 7.2 trillion in 2023.
- JCB global turnover GBP 5.7 billion in 2023.
- Liebherr Group construction machines division sales EUR 10.2 billion in 2023.
- Zoomlion Heavy Industry revenue CNY 52 billion in 2023.
- Shantui Construction Machinery sales CNY 28 billion in 2023.
- SDLG (Shandong Lingong) sales CNY 18 billion in 2023.
- Caterpillar held 16.5% global market share in construction equipment in 2023.
- Komatsu market share 8.2% in excavators globally 2023.
- Volvo CE market share 7.1% in Europe 2023.
- SANY overtook Caterpillar in China market share at 12.4% in 2023.
- Hitachi 9.3% share in hydraulic excavators Asia-Pacific 2023.
- XCMG exported 20,000+ units overseas in 2023.
- JCB produced 100,000 backhoe loaders in 2023.
- Liebherr delivered 1,500 cranes in 2023.
- Terex aerial work platforms sales 15,000 units in 2023.
- CNH Industrial compact track loaders sales up 12% in 2023.
- Hyundai R&D investment USD 300 million for construction equipment in 2023.
- Doosan Bobcat sales USD 6.5 billion in 2023.
- LiuGong overseas sales grew 25% to CNY 15 billion in 2023.
Key Players Interpretation
While Caterpillar still rules the global construction jungle by revenue, the landscape is fiercely contested with Chinese giants like SANY dominating their home turf and regional specialists carving out impressive niches, proving that in this industry, size, share, and specialization all dig their own paths to success.
Market Size & Growth
- The global construction equipment market size was valued at USD 195.85 billion in 2023 and is expected to grow at a CAGR of 4.2% from 2024 to 2030.
- In 2022, the construction machinery market in North America reached approximately USD 45.6 billion.
- Asia-Pacific dominated the construction equipment market with a 41.5% revenue share in 2023.
- The earthmoving equipment segment accounted for over 45% of the global construction machinery market in 2023.
- Global construction equipment sales revenue grew by 5.8% year-over-year in 2023 to USD 210.4 billion.
- The U.S. construction machinery market was valued at USD 38.2 billion in 2023.
- Europe's construction equipment market size stood at EUR 25.6 billion in 2022.
- China's construction machinery industry output value reached CNY 8,000 billion in 2023.
- The material handling equipment market within construction was USD 52.3 billion in 2023.
- Global rental market for construction equipment hit USD 120.5 billion in 2023.
- India's construction equipment market grew to USD 6.5 billion in FY2023.
- Japan’s construction machinery market value was JPY 2.1 trillion in 2023.
- The Middle East construction equipment market size was USD 12.4 billion in 2023.
- Latin America's construction machinery sector valued at USD 18.7 billion in 2022.
- Australia's construction equipment market reached AUD 15.2 billion in 2023.
- South Korea's construction machinery exports contributed to a market size of USD 10.8 billion in 2023.
- The global used construction equipment market was valued at USD 135.2 billion in 2023.
- Construction equipment aftermarket size projected at USD 85.6 billion by 2028.
- In 2023, the compact construction equipment market globally was USD 45.9 billion.
- Heavy construction equipment market valued at USD 156.4 billion in 2023.
- The mining construction equipment segment market size was USD 42.1 billion in 2023.
- Global road construction equipment market stood at USD 28.7 billion in 2023.
- Concrete equipment market globally valued at USD 15.3 billion in 2023.
- Cranes market in construction reached USD 52.6 billion in 2023.
- Excavator market size was USD 52.96 billion globally in 2023.
- Loader market valued at USD 31.4 billion in 2023 worldwide.
- Bulldozer market size hit USD 4.8 billion in 2023.
- Dump truck market for construction was USD 12.5 billion in 2023.
- Backhoe loader market globally USD 22.7 billion in 2023.
- Skid steer loader market size was USD 11.2 billion in 2023.
Market Size & Growth Interpretation
The world's construction machinery industry is building itself into a colossal, earthmoving behemoth, with a market worth nearly $200 billion that keeps digging its way to growth, driven by Asia-Pacific's dominance and humanity's insatiable appetite for moving dirt and shaping skylines.
Regional Analysis
- North American construction equipment market projected to reach USD 58.9 billion by 2030 at CAGR 4.1%.
- Asia-Pacific construction machinery market share was 42% of global in 2023.
- Europe's construction equipment sales volume declined by 12% in 2023 to 189,000 units.
- China's construction machinery sales reached 587,000 units in 2023.
- U.S. construction equipment market grew 6% in 2023 to 250,000 units sold.
- India's construction equipment sales surged 40% in FY2023 to 118,000 units.
- Japan construction machinery exports totaled 45,000 units in 2023.
- Middle East construction equipment market expected CAGR 5.2% to 2028.
- Latin America construction machinery sales recovered 15% in 2023 to 95,000 units.
- Australia construction equipment market sales hit 35,000 units in 2023.
- South Korea construction machinery production was 78,000 units in 2023.
- Germany's construction equipment market value EUR 6.5 billion in 2023.
- Brazil's construction machinery sector sales 52,000 units in 2023.
- Saudi Arabia construction equipment imports USD 3.2 billion in 2023.
- Russia construction machinery market shrank 20% in 2023 due to sanctions.
- UAE construction equipment rental market USD 2.1 billion in 2023.
- Mexico construction machinery sales 28,000 units in 2023.
- Indonesia construction equipment market grew 8% to USD 2.5 billion in 2023.
- UK construction equipment sales 22,000 units in 2023.
- France construction machinery market EUR 3.8 billion in 2023.
- Turkey construction equipment production 15,000 units in 2023.
- South Africa construction machinery sales 12,000 units in 2023.
- Canada construction equipment market USD 8.4 billion in 2023.
- Thailand construction machinery imports 18,000 units in 2023.
- Vietnam construction equipment market USD 1.2 billion growing at 7% CAGR.
- Poland construction machinery sales 14,500 units in 2023.
Regional Analysis Interpretation
While the West is patiently building a steady future, Asia-Pacific is already pouring the foundation and framing the house, with North America dutifully supplying the tools from its impressive workshop, as Europe does some light renovation and everyone else is either sprinting ahead or tripping over a geopolitical rake.
Trends & Forecasts
- The global construction equipment market is projected to reach USD 280 billion by 2030 at a CAGR of 5.1%.
- Electrification trend: Electric construction equipment sales to grow at 25% CAGR to 2030.
- Autonomous machinery adoption expected to capture 15% market by 2030.
- Sustainability: Low-emission equipment share to rise from 10% in 2023 to 35% by 2030.
- Digitalization: Telematics-equipped machines to reach 60% penetration by 2028.
- Rental penetration forecasted to increase to 55% of market by 2030.
- Asia-Pacific CAGR highest at 5.5% through 2030.
- Compact equipment segment to grow fastest at 6.2% CAGR to 2030.
- Infrastructure spending boost: Global projects to drive 4.8% annual growth 2024-2028.
- Used equipment market CAGR 4.7% to USD 180 billion by 2030.
- Hydrogen-powered equipment pilots to commercialize by 2027.
- AI integration in predictive maintenance to save 20% costs by 2030.
- 3D printing construction machinery demand up 30% CAGR.
- Robotics in construction to grow from USD 200M to 5B by 2030.
- Battery-electric excavators sales to hit 100,000 units annually by 2030.
- Global supply chain resilience to add 2% premium to equipment costs by 2027.
- Modular construction equipment demand CAGR 7.1% to 2030.
- IoT sensors in equipment to reach 1 billion units by 2030.
- Labor shortages to accelerate automation adoption by 40% by 2028.
- Recycled materials in machinery manufacturing to 25% by 2030.
- Fleet management software market CAGR 12% to USD 15B by 2030.
- Drones for site surveying to become standard on 70% projects by 2030.
- Carbon-neutral equipment certifications to triple by 2027.
- AR/VR training for operators to cut training time 50% by 2030.
- Global chip shortage recovery to stabilize prices by 2025.
- Mega-projects in Middle East to drive 8% regional CAGR to 2030.
- Circular economy practices to reduce waste 30% in manufacturing by 2030.
Trends & Forecasts Interpretation
The construction site of the future is charging up, renting smarter, and letting robots do the heavy lifting, all while desperately trying to build more with less waste before the planet politely asks us to stop.
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