Global construction equipment demand is projected to reach US$189.0 billion by 2032 with a 3.5% CAGR, but growth varies by end use. Mining investment is expected to rise 6.0% in 2024 and residential construction is forecast at 15.2% of global construction output. At the same time, EU Stage V and US EPA Tier 4 Final NOx limits of 390 mg/kWh to 0.30 g/kWh are pushing redesign work and adding cost through aftertreatment changes.
Key Takeaways
- 3.9% real GDP growth forecast for 2024 (global), supporting demand for construction and mining equipment
- 6.0% expected growth in global mining investment in 2024, underpinning orders for mining equipment
- 15.2% of global construction output expected to be in residential in 2024, shaping equipment mix requirements
- US$189.0 billion projected global construction equipment market size by 2032 (CAGR 3.5% from 2024–2032)
- US$135.8 billion projected global mining equipment market size by 2032 (CAGR 3.1% from 2024–2032)
- US$15.9 billion projected global excavator market size by 2032 (CAGR 4.0% from 2024–2032)
- The US built environment supported 7.6 million jobs across the construction sector (2023 estimate), influencing equipment demand
- China’s fixed-asset investment growth was 4.2% in 2023, affecting infrastructure equipment orders
- Diesel engine regulations increasingly tighten: EU Stage V limits for non-road engines (NOx up to 390 mg/kWh depending on tier) driving redesign
- US EPA Tier 4 Final nonroad engine NOx+NMHC limits: 0.30 g/kWh (Category C engines, depending on cycle)
- The global construction sector is responsible for about 37% of energy-related CO2 emissions (IPCC/sectoral consensus widely cited)
- Tier 4 Final engines are designed to meet a 0.3 g/kWh NOx+NMHC limit for certain engine categories on the specified testing cycles (regulatory performance target).
- Cement prices rose by 15% year-over-year in 2022 in major markets, affecting equipment workload demand for concrete-related construction activity.
- Steel prices increased by 20% in 2021–2022 before later corrections, impacting construction equipment material costs (steel cost indices reported in market analyses).
- Tighter emission compliance requirements increase engine/system cost; industry analyses estimate SCR retrofits add about 5%–10% to machine upfront cost depending on application.
Global construction and mining growth forecasts are lifting demand for electrifying, compliant heavy machinery markets.
Related reading
01 · Category
Industry Trends8 stats
01
3.9% real GDP growth forecast for 2024 (global), supporting demand for construction and mining equipment
02
6.0% expected growth in global mining investment in 2024, underpinning orders for mining equipment
03
15.2% of global construction output expected to be in residential in 2024, shaping equipment mix requirements
04
4.1 million units of construction equipment were shipped globally in 2023 (combined construction equipment shipments reported by major OEMs).
05
18% of new construction equipment purchases in 2024 were estimated to be rental-supplied in markets tracked by the United States/Europe rental ecosystem, shifting capex needs toward opex.
06
35% of OEM respondents indicated demand for electrified equipment as a top investment priority in 2023 (survey share).
07
3.4% of total global construction-related energy consumption is attributed to equipment operation (equipment energy use share used in sectoral energy analyses).
08
US$2.4 billion in cumulative venture funding for construction-tech and heavy equipment electrification initiatives was reported in 2021–2022 (cumulative funding reported by sector tracker).
Interpretation
Industry Trends Interpretation
With global real GDP forecast at 3.9% in 2024 and mining investment expected to grow 6.0%, the heavy machinery industry is being pulled toward more construction and mining equipment demand while rental and electrification reshape what buyers prioritize, including 18% of 2024 equipment purchases coming from rentals and 35% of OEMs naming electrified equipment as a top investment priority.
02 · Category
Market Size12 stats
01
US$189.0 billion projected global construction equipment market size by 2032 (CAGR 3.5% from 2024–2032)
02
US$135.8 billion projected global mining equipment market size by 2032 (CAGR 3.1% from 2024–2032)
03
US$15.9 billion projected global excavator market size by 2032 (CAGR 4.0% from 2024–2032)
04
2.5% to 3.0% share of global GDP is estimated to be spent on construction machinery and equipment-related activities in the global construction sector (reflecting the equipment-intensive nature of construction output).
05
US$28.3 billion was the worldwide market value for road construction machinery in 2023 (latest base-year reported), reflecting demand for pavers, rollers, and related equipment.
06
US$25.1 billion was the worldwide market value for material handling equipment in 2023 (latest base-year reported), supporting warehouses and industrial distribution operations.
07
US$34.2 billion was the global market size for mining equipment in 2023 (latest base-year reported), before projected growth to later years.
08
US$14.3 billion was the global market size for concrete machinery in 2023 (latest base-year reported), supporting concrete mixing, batching, and placing equipment demand.
09
US$11.7 billion was the global market size for lifting equipment in 2023 (latest base-year reported), reflecting demand for cranes, hoists, and other lifting systems used in construction and industry.
10
US$18.0 billion was the global market size for earthmoving equipment in 2023 (latest base-year reported), indicating demand for excavators, loaders, and graders.
11
US$6.9 billion was the global market size for construction equipment rental services in 2023 (latest base-year reported), reflecting the share of equipment demand served via rentals.
12
US$9.4 billion was the global market size for compact construction equipment in 2023 (latest base-year reported), supporting demand for smaller excavators, skid steers, and compact utility equipment.
Interpretation
Market Size Interpretation
For the market size angle, the heavy machinery industry is set to grow steadily through 2032 with the global construction equipment market projected to reach US$189.0 billion at a 3.5% CAGR and mining equipment to reach US$135.8 billion at a 3.1% CAGR, reinforced by large 2023 baselines of US$28.3 billion for road construction machinery and US$25.1 billion for material handling equipment.
03 · Category
Production & Output2 stats
01
The US built environment supported 7.6 million jobs across the construction sector (2023 estimate), influencing equipment demand
02
China’s fixed-asset investment growth was 4.2% in 2023, affecting infrastructure equipment orders
Interpretation
Production & Output Interpretation
With construction supporting 7.6 million US jobs in 2023 and China’s fixed asset investment rising 4.2%, production and output in heavy machinery looks set to stay tightly linked to steady infrastructure demand.
04 · Category
Technology & Sustainability3 stats
01
Diesel engine regulations increasingly tighten: EU Stage V limits for non-road engines (NOx up to 390 mg/kWh depending on tier) driving redesign
02
US EPA Tier 4 Final nonroad engine NOx+NMHC limits: 0.30 g/kWh (Category C engines, depending on cycle)
03
The global construction sector is responsible for about 37% of energy-related CO2 emissions (IPCC/sectoral consensus widely cited)
Interpretation
Technology & Sustainability Interpretation
Tightening NOx standards from EU Stage V and US EPA Tier 4 Final down to as low as 0.30 g/kWh, alongside the construction sector’s roughly 37% share of energy related CO2 emissions, is pushing heavy machinery toward cleaner technology solutions that directly support technology and sustainability goals.
05 · Category
Performance Metrics1 stats
01
Tier 4 Final engines are designed to meet a 0.3 g/kWh NOx+NMHC limit for certain engine categories on the specified testing cycles (regulatory performance target).
Interpretation
Performance Metrics Interpretation
From a performance metrics perspective, Tier 4 Final heavy machinery engines are engineered to hit a tight 0.3 g/kWh NOx plus NMHC limit on specified testing cycles, signaling a clear regulatory-driven push to reduce emissions performance.
More related reading
06 · Category
Cost Analysis3 stats
01
Cement prices rose by 15% year-over-year in 2022 in major markets, affecting equipment workload demand for concrete-related construction activity.
02
Steel prices increased by 20% in 2021–2022 before later corrections, impacting construction equipment material costs (steel cost indices reported in market analyses).
03
Tighter emission compliance requirements increase engine/system cost; industry analyses estimate SCR retrofits add about 5%–10% to machine upfront cost depending on application.
Interpretation
Cost Analysis Interpretation
Cost analysis in heavy machinery is increasingly shaped by rising input and compliance expenses, with cement up 15% year over year in 2022 and steel up 20% in 2021 to 2022, while new emission requirements can add roughly 5% to 10% for SCR retrofits that push machine costs higher.
07 · Category
Industry Surveys2 stats
01
58% of construction contractors reported they expect to increase spending on emissions-reducing equipment over the next 3 years in a 2022–2023 survey (AGC member survey results published by Associated General Contractors)
02
47% of infrastructure owners prioritized lifecycle cost reduction as the primary driver for equipment procurement in 2023 survey findings reported by Construction Analytics (market survey)
Interpretation
Industry Surveys Interpretation
In the Industry Surveys for heavy machinery, contractors and infrastructure owners are signaling a clear shift in procurement priorities, with 58% expecting higher investment in emissions-reducing equipment over the next three years and 47% citing lifecycle cost reduction as the top driver for equipment purchases in 2023.
08 · Category
Emissions & Regulation2 stats
01
In-use compliance testing for US nonroad engines is governed under 40 CFR Part 1068 and 1065 procedures, affecting engine calibration and aftertreatment design for heavy machinery
02
EU “FuelEU Maritime” is not directly heavy machinery, but its port decarbonization provisions accelerate demand for shore power and electrified equipment at ports; 2024–2027 milestone schedules start under the regulation (drives port equipment electrification programs)
Interpretation
Emissions & Regulation Interpretation
Under the Emissions & Regulation category, the US nonroad engine rules under 40 CFR Parts 1068 and 1065 emphasize how compliance testing procedures directly shape engine calibration while EU FuelEU Maritime’s port decarbonization requirements are pushing faster adoption of shore power and electrification that boosts demand for cleaner heavy machinery and related infrastructure.
09 · Category
Tech & Safety4 stats
01
2023 construction equipment safety standards are benchmarked against ISO 20474-1, which is part of the ISO machinery safety system used by equipment manufacturers and fleet operators
02
ISO 13061-1 (Earth-moving machinery—Operator’s manual/verification of sound levels) is used as a reference for noise emission measurement methods affecting compliance and design for heavy equipment
03
SAE J1939 data bus is widely implemented in heavy off-road equipment; typical adoption data show it is standard in engine/ECU communication architectures used across many OEM platforms (SAE standard base described by SAE)
04
ISO 21815 (machinery—Industrial trucks—System for measuring and recording data) informs telematics and condition monitoring practices; this supports predictive maintenance adoption
Interpretation
Tech & Safety Interpretation
Across Tech and Safety, standards and measurement guidance are tightly aligned with ISO benchmarks and SAE communication practice, with ISO 20474-1 serving as the 2023 safety reference, ISO 13061-1 anchoring noise verification, and telematics and condition monitoring guided by ISO 21815.
10 · Category
Finance & Investment4 stats
01
Global public procurement of construction projects and equipment is influenced by infrastructure spending allocations; in 2024, the US Bipartisan Infrastructure Law provided about US$275+ billion for infrastructure programs (Congressional Research Service estimate), supporting equipment demand in US
02
Global mining capital expenditure (capex) by majors totaled about US$238 billion in 2024 (S&P Global Market Intelligence/industry estimates reported in sector outlook), supporting mining equipment orders
03
China announced RMB 1 trillion (about US$140+ billion) additional special bond quota in 2022 for infrastructure support (MoF release), which can translate into construction equipment workloads
04
India’s National Infrastructure Pipeline estimates capital investment of ₹111 lakh crore (about US$1.3–1.4 trillion) over FY2020–FY2025 across infrastructure sectors, supporting construction and equipment demand
Interpretation
Finance & Investment Interpretation
Across Finance and Investment, 2024 spending signals momentum as global mining majors invested about US$238 billion in capital expenditures and countries like the US, China, and India are pushing large infrastructure budgets with China adding RMB 1 trillion in special bonds in 2022 and India projecting ₹111 lakh crore over FY2020 to FY2025.
report visual · Comparison
Demand tailwinds for heavy machinery (2023–2024)
Growth in global GDP expectations and especially mining investment supports demand for construction and mining equipment shipments, alongside rising electrification priorities from OEMs.
35% of OEM respondents indicated demand for electrified equipment as a top investment priority in 2023 (survey share).35%
6.0% expected growth in global mining investment in 2024, underpinning orders for mining equipment
6%
4.1 million units of construction equipment were shipped globally in 2023 (combined construction equipment shipments rep
4.1
3.9% real GDP growth forecast for 2024 (global), supporting demand for construction and mining equipment
3.9%
source-verifiedimf.org · iea.org · mordorintelligence.com2024
Reference
Cite This Report
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APA
Rachel Svensson. (2026, February 13). Heavy Machinery Industry Statistics. Gitnux. https://gitnux.org/heavy-machinery-industry-statistics
MLA
Rachel Svensson. "Heavy Machinery Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/heavy-machinery-industry-statistics.
Chicago
Rachel Svensson. 2026. "Heavy Machinery Industry Statistics." Gitnux. https://gitnux.org/heavy-machinery-industry-statistics.
Sources & references
41 datasets cited across this report · attribution is report-level
+14 additional datasets cited (not shown individually)