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 surpass $236.9 billion by 2031, growing at a CAGR of 5.3% from 2024 to 2031. This market expansion is driven by increased government investments in construction and infrastructure, along with the rising demand for enhanced efficiency, productivity, and safety in construction projects. Additionally, the growing automation of construction equipment is expected to present further market opportunities. However, stringent international trade policies, high equipment costs, and a shortage of skilled equipment operators pose challenges to market growth.
Prominent trends in the construction equipment market include the rising demand for compact equipment and the increasing adoption of electric construction equipment. The market is segmented by type, propulsion type, and end user, with comprehensive evaluations of industry competitors and analyses at regional and country levels.

Market Segmentation:
By Type:
Material Handling Equipment: Expected to hold the largest market share at 40.0% in 2024, driven by rapid industrialization, modernization of industrial infrastructures, and increasing demand for efficient material movement solutions. Key developments include Hyundai Construction Equipment India's launch of multiple products in October 2023.
Earth-moving Equipment: Projected to register the highest CAGR, supported by investments in residential, commercial, and industrial projects and partnerships like the one between CanLift Equipment Ltd. and Xuzhou Construction Machinery Group Co., Ltd.
By Propulsion Type:
ICE (Internal Combustion Engine) Equipment: Expected to dominate with a 53.0% market share in 2024 due to ease of use, high power-to-weight ratio, and cost advantages. Notable developments include Crown Equipment Corporation's expansion of its lift truck portfolio.
Electric Equipment: Anticipated to grow at the highest CAGR, driven by benefits like lower operating costs and minimal maintenance, alongside supportive government initiatives and product innovations such as Action Construction Equipment Ltd.'s electric crane launched in February 2023.
By End User:
Construction Companies: Predicted to hold the largest share at 55.0% in 2024, fueled by global infrastructure investments and the adoption of advanced equipment to enhance project efficiency. The segment is also expected to register the highest CAGR, highlighted by Skanska's pilot project using a zero-emissions electric excavator.
Geographic Insights:
Asia-Pacific: Expected to hold the largest market share at 45.0% in 2024, driven by substantial investments in construction, sustainability initiatives, real estate growth, and infrastructure development. This region is also projected to achieve the highest CAGR of 7.0%, with key expansions like Volvo Construction Equipment's new dealership in Malaysia.
Key Players:
Leading companies in the construction equipment market include Caterpillar (U.S.), CNH Industrial N.V. (U.K.), Deere & Company (U.S.), Doosan Corporation (South Korea), Hitachi Construction Machinery Co., Ltd. (Japan), J C Bamford Excavators Ltd. (U.K.), Komatsu Ltd. (Japan), KUBOTA Corporation (Japan), LIEBHERR (Switzerland), Volvo Group (Sweden), SANY Group (China), MANITOU Group (France), Wacker Neuson SE (Germany), Terex Corporation (U.S.), and Hyundai Construction Equipment Co., Ltd. (South Korea).
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Report Highlights:
Identification of high-growth market segments by type, propulsion type, and end user.
Historical and forecasted market sizes for 2024-2031.
Analysis of major market drivers, restraints, and opportunities.
Competitive landscape and recent developments in the market.
Geographic trends and identification of high-growth countries.
Strategies of major players and local emerging competitors.
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