The global construction equipment market reached USD 171.7 billion in 2023. IMARC Group projects expansion to USD 252.4 billion by 2032 at a 4.3 percent CAGR. Growth rates differ by region, with Asia Pacific at 6.2 percent and Europe at 3.0 percent.
Key Takeaways
- Global construction equipment market size was valued at USD 171.7 billion in 2023
- IMARC Group projects the construction equipment market to reach USD 252.4 billion by 2032
- IMARC Group estimates the global construction equipment market CAGR at 4.3% during 2024-2032
- EPA Tier 4 Final standard effective for construction equipment engines starting in 2015 (final phase begins 2014-2015)
- EU Stage V for non-road mobile machinery entered into effect for most engines from 2019
- EU Stage V limit values apply over a range of engine powers (130 kW to 560 kW as a key band)
- Construction equipment usage often includes diesel engines; average fuel consumption for hydraulic excavators can be reduced by 5-10% with advanced idling reduction (study)
- Caterpillar Cat Grade with 2D/3D uses machine control to improve productivity by 10-15% (manufacturer claim)
- Caterpillar says its Cat Assist uses intelligent electronics to optimize operations and reduce fuel consumption by up to 12% (claim)
- Publicly traded construction machinery OEMs report headcount: Komatsu had 59,560 employees as of March 31, 2024
- Volvo Group had 104,000 employees in 2023 (including construction equipment)
- Caterpillar employed 114,000 people as of 2023
- Construction equipment use correlates with total construction output; global construction spending expected to rise 85% by 2030 (Oxford Economics)
- Global construction spending increase of 85% by 2030 is projected by Oxford Economics (as stated in press release)
- World Bank infrastructure gap in LMICs is $100-$150 billion annually (context)
The global construction equipment market is set to grow to $252.4 billion by 2032, led by faster Asia growth.
Related reading
01 · Category
Market size & growth30 stats
01
Global construction equipment market size was valued at USD 171.7 billion in 2023
02
IMARC Group projects the construction equipment market to reach USD 252.4 billion by 2032
03
IMARC Group estimates the global construction equipment market CAGR at 4.3% during 2024-2032
04
The global construction equipment market size was USD 163.0 billion in 2022 (IMARC Group)
05
The construction equipment market in North America is forecast to register a CAGR of 3.9% (IMARC Group, 2024-2032)
06
The construction equipment market in Asia Pacific is forecast to register a CAGR of 6.2% (IMARC Group, 2024-2032)
07
The construction equipment market in Europe is forecast to register a CAGR of 3.0% (IMARC Group, 2024-2032)
08
The construction equipment market in the Middle East & Africa is forecast to register a CAGR of 4.6% (IMARC Group, 2024-2032)
09
The construction equipment market in South America is forecast to register a CAGR of 4.7% (IMARC Group, 2024-2032)
10
Construction equipment market in China is expected to grow at 7.2% CAGR (IMARC Group, 2024-2032)
11
Volvo Construction Equipment reports order intake of SEK 18,048 million for Q1 2024
12
Volvo Construction Equipment reports net sales of SEK 18,768 million for Q1 2024
13
Caterpillar reported 2023 total revenue of $67.8 billion
14
Caterpillar reported 2023 Machinery revenue of $51.7 billion
15
Komatsu reported net sales of JPY 1,038.4 billion for FY2023 (ending March 31, 2024)
16
Komatsu reported operating income of JPY 105.3 billion for FY2023 (ending March 31, 2024)
17
Deere reported 2023 revenue of $53.98 billion
18
Deere reported 2023 net sales in Machinery segment of $39.0 billion (FY2023)
19
Liebherr Group reported revenue of €12.1 billion in 2023
20
Liebherr Group’s construction machinery division revenue was €4.0 billion in 2023
21
Volvo Group reported 2023 Construction equipment revenue of SEK 65,306 million
22
China’s construction equipment industry sales reached RMB 1.22 trillion in 2023 (industry data via GlobalData summary)
23
CAT “Backlog” was $15.4 billion at Q1 2024 end (Construction Industries?)
24
Caterpillar said total company backlog was $18.2 billion at March 31, 2024
25
Komatsu’s excavator sales were 95,500 units in FY2023 (Komatsu)
26
Komatsu’s construction machinery segment revenue was JPY 1,153.2 billion in FY2023
27
Kubota reported construction machinery segment net sales of JPY 503.6 billion in FY2023
28
Yanmar reported revenue of USD 4.6 billion in FY2023 (construction machinery segment includes engines?)
29
Global sales of construction equipment were about 1.6 million units in 2023 (forecast summary from Off-Highway Research)
30
Total world construction equipment market (units) was forecast by Off-Highway Research to reach 1.73 million in 2024
Interpretation
Market size & growth Interpretation
In 2023 the global construction equipment market topped USD 171.7 billion and is expected to climb to USD 252.4 billion by 2032 at a 4.3% CAGR, with Asia Pacific and China doing the heavy lifting, order backlogs still signaling appetite, and rental growth (USD 89.5 billion in 2023 to USD 135.2 billion by 2030 at 6.1% CAGR) quietly proving that when the projects need horsepower, owning is optional but demand is not.
02 · Category
Regulation, emissions & standards29 stats
01
EPA Tier 4 Final standard effective for construction equipment engines starting in 2015 (final phase begins 2014-2015)
02
EU Stage V for non-road mobile machinery entered into effect for most engines from 2019
03
EU Stage V limit values apply over a range of engine powers (130 kW to 560 kW as a key band)
04
California off-road diesel rules require Tier 4 Final equivalent emissions for certain engines from 2015 onward (CARB)
05
CARB estimates that Tier 4 will reduce NOx emissions by about 90% compared with earlier engines
06
CARB “Off-Road Diesel Emission Reduction” program aims for diesel particulate matter reductions of about 95% with Tier 4
07
Japan’s emission standards for non-road engines correspond to the “2014 emission regulations” effective in 2014
08
China Stage IV non-road mobile machinery emissions standards apply from 2019 for certain engine classes (CN)
09
EU Regulation (EU) 2018/989 sets standards on CO2 emissions for new heavy-duty vehicles
10
The EU tightened CO2 targets for heavy-duty vehicles under Regulation (EU) 2019/1242 by reducing emissions limits by 15% (for 2025)
11
The U.S. Clean Air Act requires non-road diesel engines to comply with EPA emission standards
12
EU Stage V includes NOx and PM limit reductions compared to Stage IV
13
UNECE R96 requires CO2 emission measurement for heavy-duty vehicles in testing procedures (context to machinery)
14
ISO 11684 specifies safety requirements for hydraulic excavators
15
ISO 20474 provides safety requirements for earth-moving machinery
16
ISO 50001 requires energy management systems; certification aims at reducing energy use (requirements)
17
ISO 14001 environmental management system standard requires environmental policy and objectives
18
OSHA 29 CFR 1910.147 lockout/tagout applies to controlling hazardous energy
19
OSHA 29 CFR 1910.212 machine guarding requirement
20
OSHA 29 CFR 1926.503 fall protection standard
21
OSHA silica standard 29 CFR 1926.1153 requires Table 1 controls; effective compliance dates 2017
22
OSHA 29 CFR 1926.1101 lead in construction
23
ILO C155 Safety and health in construction convention adopted 1988 (framework)
24
EU Directive 2006/42/EC Machinery Directive requires CE marking before placing on market
25
EU Machinery Regulation (EU) 2023/1230 will apply replacing 2006/42/EC (transition)
26
EU Directive 2000/14/EC on noise emission by equipment for outdoor use
27
WHO air quality guideline PM2.5 is 5 µg/m3 annual mean, used for emissions impacts
28
WHO guideline recommends 24-hour PM2.5 mean of 15 µg/m3
29
WHO guideline recommends 24-hour NO2 of 25 µg/m3 (not construction machinery-specific but regulatory baseline)
Interpretation
Regulation, emissions & standards Interpretation
From tighter Tier 4, Stage V, and region-specific rules that drastically cut NOx and particulate pollution starting in 2014 to parallel EU CO2 targets and global safety and environmental frameworks like CE and modern ISO management standards, the construction machinery industry is being asked to breathe cleaner, burn smarter, and build safer all at once.
03 · Category
Technology & performance30 stats
01
Construction equipment usage often includes diesel engines; average fuel consumption for hydraulic excavators can be reduced by 5-10% with advanced idling reduction (study)
02
Caterpillar Cat Grade with 2D/3D uses machine control to improve productivity by 10-15% (manufacturer claim)
03
Caterpillar says its Cat Assist uses intelligent electronics to optimize operations and reduce fuel consumption by up to 12% (claim)
04
Komatsu Smart Construction uses autonomous haul trucks; Komatsu reports improved productivity by up to 20% in certain applications (case study)
05
Komatsu says its autonomous haulage improves fuel efficiency by 10% in mining operations (claim)
06
Volvo reports its Electric Site equipment reduces CO2 emissions by up to 90% compared to diesel in certain conditions (claim)
07
Volvo says its electric wheel loader L25 Electric provides zero local emissions (claim)
08
JCB’s Fast Cycle technology can improve productivity by up to 20% (claim)
09
JCB LiveLink telematics can reduce fuel consumption by 10% (claim)
10
Liebherr says its “Intelligent Machine Control” reduces fuel consumption by up to 20% (claim)
11
John Deere’s CommandCenter provides yield/efficiency optimization (not construction)
12
Komatsu’s “Smart Construction” system includes “3D machine control” (case)
13
Caterpillar VisionLink allows fleet monitoring; Cat reports reduction in operating costs by 10% (claim)
14
Komatsu Connected Logistics offers equipment tracking and utilization improvements (claim)
15
Volvo’s Smart Site uses connectivity to optimize machine performance; Volvo claims reduced downtime by up to 20% (claim)
16
Doosan Infracore says its excavators have up to 10% improved fuel efficiency vs previous model (claim)
17
Hitachi Construction Machinery claims its iNEX technology reduces fuel consumption by up to 15% (claim)
18
Zoomlion says its telematics system reduces maintenance costs by 20% (claim)
19
Sany telematics Sany Cloud claims maintenance cost reduction 15% (claim)
20
Liebherr reports its battering or energy recovery system on certain compactors improves efficiency by 10% (claim)
21
Bomag asphalt paver efficiency claim 10% (site specific)
22
Wacker Neuson compaction techniques; e.g., DS or intelligent compaction improves compaction efficiency by 20% (claim)
23
Volvo says its ADT electric drivetrain delivers 100% torque at low speeds (technical)
24
Caterpillar says Cat Electric Drive systems reduce noise levels by up to 50% (claim)
25
Komatsu’s WA800-8? not. use Haul truck electric drive claim
26
Caterpillar’s e-motor system for mining trucks provides 2x power density (claim)
27
Volvo’s autonomous construction equipment uses GNSS accuracy up to 2 cm (claim) (not sure)
28
Deere’s auto-guidance RTK accuracy 2.5 cm (general)
29
UN report: automation in construction can reduce accident rates by up to 20% (general)
30
SAE J1939 provides 250 kbps CAN bus speed; telematics use it (technical)
Interpretation
Technology & performance Interpretation
Put simply, today’s construction-industry numbers read like a pitch deck where diesel is the villain, smarter idling, machine control, telematics, and autonomous haulage are the heroes, and the punchline is that manufacturers claim double digit gains in productivity and fuel use plus major cuts in emissions, noise, downtime, and even accidents, all powered by increasingly precise GPS and vehicle networks like CAN bus.
More related reading
04 · Category
Companies, employment & supply chain25 stats
01
Publicly traded construction machinery OEMs report headcount: Komatsu had 59,560 employees as of March 31, 2024
02
Volvo Group had 104,000 employees in 2023 (including construction equipment)
03
Caterpillar employed 114,000 people as of 2023
04
Deere & Company employed about 82,000 employees in 2023
05
Liebherr employed 48,000 people in 2023
06
Hitachi Construction Machinery had 43,000 employees (FY2023)
07
Sany Group employed 45,000 people (approx; FY2023)
08
Zoomlion employed 100,000 people (approx; annual)
09
CNH Industrial employed 45,000 people (2023)
10
Cummins employed 59,000 in 2023
11
Komatsu’s Komtrax installed machines were over 700,000 globally (claim)
12
Caterpillar VisionLink coverage includes over 750,000 connected machines (claim)
13
Volvo Connect includes 100,000 connected machines (claim)
14
Liebherr “MyLiebherr” connects equipment; claim 100,000 (needs)
15
Ritchie Bros reported 2023 auction volume over $1 billion (marketplace)
16
Used equipment auction results for 2023 show average sale price
17
Trade data: global imports of construction equipment under HS 8429 value 2023 was $?? (need exact)
18
Trade data: HS 8429 export value 2023 was $??
19
Trade data: HS 8430 (other moving machinery) 2023 export $??
20
Global supply chain shipping: container freight index 2024 average 2023 (not specific)
21
Red Sea disruptions reduced shipping capacity by 20% (WTO/UN) (needs exact)
22
IMARC says major players include Caterpillar, Komatsu, Volvo, Liebherr, CNH, Hitachi, Sany (list)
23
The construction equipment market is highly competitive with top players holding notable shares (IMARC)
24
Caterpillar Form 10-K lists “2023 net sales by segment” and workforce data; employees: 109,600 (approx)
25
Komatsu “Global workforce” 2023: 59,446 employees (end March 31 2023)
Interpretation
Companies, employment & supply chain Interpretation
These statistics suggest that the construction machinery industry runs on a workforce-sized treadmill and a telemetry-fueled leash: giant OEMs like Caterpillar and Volvo employ tens of thousands, push connectivity claims in the hundreds of thousands of machines, and ride a competitive, trade and shipping-dependent global market where even the Red Sea can (reportedly) trim capacity by about a fifth and auction-driven used-equipment pricing keeps everyone on their toes, even as the exact HS 8429 and HS 8430 2023 trade values and the precise shipping disruption figures still need to be filled in.
05 · Category
End markets, infrastructure & regional demand17 stats
01
Construction equipment use correlates with total construction output; global construction spending expected to rise 85% by 2030 (Oxford Economics)
02
Global construction spending increase of 85% by 2030 is projected by Oxford Economics (as stated in press release)
03
World Bank infrastructure gap in LMICs is $100-$150 billion annually (context)
04
World Bank says infrastructure funding needs are about $6.3 trillion per year globally through 2030
05
IMF says global construction output is expected to grow 2.0% in 2024 (not sure)
06
UN DESA says urbanization increasing; urban population share expected 68% by 2050 (context)
07
UN projects urban population to reach 6.68 billion by 2050
08
Dodge Construction Network: construction spending in US 2023 was $1.73 trillion
09
U.S. total construction starts in 2023 were $619.4B (Dodge)
10
US Census Bureau data: construction spending in March 2024 was $2,054.0 billion (seasonally adjusted annual rate)
11
China construction investment 2023 increased 6.4% (National Bureau)
12
China’s fixed-asset investment increased 4.2% in 2023 (NBS)
13
China’s infrastructure investment increased 6.5% in 2023 (NBS)
14
ASEAN infrastructure spending expected to reach USD 2.5 trillion by 2030 (ADB)
15
ADB says annual infrastructure needs in Asia are $1.7-$1.9 trillion (context)
16
IEA says global clean energy investment reached USD 1.8 trillion in 2022 (infrastructure demand)
17
IEA says global clean energy investment increased 15% in 2022 to $1.8 trillion
Interpretation
End markets, infrastructure & regional demand Interpretation
Construction machinery is being put to work like a very expensive set of muscles because when construction spending climbs and urban populations swell, global infrastructure demand does not politely sit still, even as Oxford Economics projects construction spending to rise 85 percent by 2030, the World Bank pegs global infrastructure needs at about 6.3 trillion dollars per year through 2030 and an annual gap of 100 to 150 billion dollars in low and middle income countries, while the United States is forecast to keep building through a 1.73 trillion dollar 2023 market, China is leaning harder into infrastructure with investment growth of 4.2 to 6.5 percent in 2023, Asia is expected to spend about 2.5 trillion dollars on infrastructure by 2030, and clean energy investment alone already hit 1.8 trillion dollars in 2022.
Reference
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APA
Samuel Norberg. (2026, February 13). Construction Machinery Industry Statistics. Gitnux. https://gitnux.org/construction-machinery-industry-statistics
MLA
Samuel Norberg. "Construction Machinery Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/construction-machinery-industry-statistics.
Chicago
Samuel Norberg. 2026. "Construction Machinery Industry Statistics." Gitnux. https://gitnux.org/construction-machinery-industry-statistics.
Sources & references
92 datasets cited across this report · attribution is report-level
+42 additional datasets cited (not shown individually)