Meticulous Research®—a leading global market research company, published a research report titled, ‘Construction Equipment Market by Type (Material Handling, Earth Moving, Concrete and Road Construction, Others), Propulsion Type (ICE, Electric, Others), End User (Construction, Government, Private Contractor, Others), Geography - Global Forecast to 2031.’
According to the latest publication from Meticulous Research®, the construction equipment market is projected to exceed $236.9 billion by 2031, growing at a CAGR of 5.3% from 2024 to 2031. This growth is driven by increased government spending on construction and infrastructure, and a rising need to enhance efficiency, productivity, and safety in construction projects. Additionally, the increasing automation of construction equipment presents further opportunities for market expansion. However, challenges such as stringent international trade policies, high equipment costs, and a shortage of skilled operators remain significant.
Key trends in the market include the rising demand for compact construction equipment and the adoption of electric construction equipment. The market is segmented by type, propulsion type, and end user, with detailed analyses of competitors and regional markets.
By type, the market includes material handling equipment, concrete and road construction equipment, earth-moving equipment, and other construction equipment. In 2024, material handling equipment is expected to hold the largest market share at 40.0%, driven by rapid industrialization, infrastructure modernization, and the need to enhance productivity. Market players are focusing on product launches, such as Hyundai Construction Equipment India's recent introduction of several new models.
The earth-moving equipment segment is projected to have the highest CAGR, fueled by increasing investments in various construction projects and the demand for versatile equipment. Strategic partnerships, like the one between CanLift Equipment Ltd. and Xuzhou Construction Machinery Group Co., Ltd, are also boosting this segment.
By propulsion type, the market includes ICE, electric, and CNG/LNG. ICE equipment is expected to dominate in 2024 with a 53.0% market share due to its ease of use and cost advantages. However, the electric segment is anticipated to grow the fastest, supported by lower operating costs, minimal maintenance, and favorable government initiatives. Companies such as Action Construction Equipment Ltd. are launching new electric models to capitalize on this trend.
By end user, construction companies are expected to lead with a 55.0% market share in 2024, driven by global infrastructure investments and the adoption of advanced equipment. This segment is also projected to grow the fastest due to investments in new technology, exemplified by Skanska's pilot project with a zero-emissions electric excavator.
Geographically, Asia-Pacific is projected to hold the largest market share at 45.0% in 2024, driven by investments in construction, sustainability efforts, and infrastructure expansion. The region is also expected to have the highest CAGR of 7.0%, with companies like Volvo CE expanding their presence to meet growing demand.

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Key questions answered in the report-
• Which are the high-growth market segments based on type, propulsion type, and end user?
• What was the historical market size for construction equipment?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the construction equipment market?
• Who are the major players, and what shares do they hold in the construction equipment market?
• What is the competitive landscape like?
• What are the recent developments in the construction equipment market?
• What are the different strategies adopted by the major players in the construction equipment market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the construction equipment market, and how do they compete with other players?
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