The construction equipment market is projected to grow from USD 149.7 billion in 2023 to USD 194.7 billion by 2030, at a CAGR of 3.8%. The construction industry is rapidly changing in the wake of exploring the benefits of electric-powered construction equipment which will create a new era of smarter and efficient construction projects.
Key manufacturers are investing in new product development and collaborating with other potential players and providers to improve the construction equipment ecosystem. For example, In June 2023, Caterpillar Inc. launched the new Cat® 995 Wheel Loader which increased up to 19% productivity from the previous model it delivers up to 13% lower hourly fuel consumption and offers an additional 8% efficiency gain.
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The construction equipment market is led by established players such as Caterpillar (US), Komatsu Ltd. (Japan), Deere & Company (US), Hitachi Construction Machinery Co., Ltd., Xuzhou Construction Machinery Group (China), SANY Group (China), and AB Volvo. These companies have adopted strategies such as product launches, expansions, collaborations, partnerships, and mergers & acquisitions to gain traction in the global construction equipment market. Caterpillar is one of the key players considering its product innovations. In May 2022, the company launched the next-generation Cat 906, 907, and 908 compact wheel loaders, understanding the trend for compact construction equipment in the construction industry.
Caterpillar is among the largest conglomerates in the world that manufactures construction & mining equipment. The construction industries category aids users of equipment for building and infrastructure projects. Most sales in this segment are in the heavy & general construction, rental, quarry & aggregates, and mining markets. The company reported various developments such as new product launches, expansions, and acquisitions in 2019-2023. In 2023, the company announced its production of the Cat M318 wheel excavator which is a 50,000th excavator. Also, it launched its new Cat 995 Wheel Loader, Cat D10 Dozer, Next Generation of Cat 926, 930, and 938 Wheel Loaders, etc. which strengthened its market position in the global construction equipment market.
Deere & Company is among the top manufacturers of construction equipment owing to its significant investments in R&D to enhance the functionality and quality of its existing products by meeting regulatory requirements and its strong global network. The company's strategy involves working with important industry players and spending money on R&D to stay on the cutting edge of technological advancement. In March 2023, the company unveiled its 85 P-Tier and 510 P-Tier generation excavators models at CONEXPO-CON/AGG 2023 to extend advanced features and smart solutions to its full line-up of John Deere excavators, which helps to revolutionize the portfolio.
Xuzhou Construction Machinery Group (XCMG) is the largest producer of construction machinery in China. The company offers the products which comprises of road machinery, pile construction machinery, hoisting equipment, shovel equipment, compaction equipment and construction equipment spare components. The company has 300+ distributors globally and 14 production facilities. Globally, the company covered more than 183 nations for the sales of construction equipment, its pre-sales and post sales services. The company offers wheeled loaders, crawler dozers, backhoe loaders, excavators and others. A subsidiary of Hitachi Ltd., Hitachi Construction Machinery Co., Ltd. serves as the company's construction department. equipment division. It provides crawler dozers, wheeled excavators, backhoe loaders, and among other things, cranes.
Hitachi Construction Machinery Co., Ltd is a subsidiary of Hitachi Ltd.. The company operates the construction equipment division and offers product which is inclusive of wheeled loaders, wheeled excavators, backhoe loaders, crawler dozers, and cranes. The company has manufacturing facilities in Asia, European countries and North America. i Through strong sales in various countries and its investment in advanced construction equipment which is autonomous and electric excavators, and adoption of products and services that meet the regional demand the company competing in the global construction equipment market.
Komatsu Ltd offers a wide range of products, services, and solutions including mining and construction equipment for use in mining and construction workplaces throughout the world through its Construction, Mining, and Utility Equipment segment which helps the company to cater large customer base globally. Komatsu Ltd. is a major player due to its focus on new product developments, partnerships, and collaborations. In June 2022, the company and Cummins Inc. collaborated on the development of zero-emission haulage equipment. Building on the legacy of diesel engine partnership across a wide variety of mining and construction equipment, Cummins Inc. and Komatsu Ltd. focused on zero emissions power technologies that serve their global customers.
Construction Equipment Market by Equipment Type (Excavator, Loader, Dozer, Dump Truck, Compactor, Crane), Propulsion, Power Output, Engine Capacity, Application, Electric Construction Equipment, Battery Chemistry & Region - Global Forecast to 2030
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