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What is the current size and annual growth rate of the building and road construction equipment market?
The building & road construction equipment market size has grown rapidly in recent years. It will grow from $203.1 billion in 2024 to $225.01 billion in 2025 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to economic growth, infrastructure development, urbanization, replacement and modernization.
The building & road construction equipment market size is expected to see rapid growth in the next few years. It will grow to $329.86 billion in 2029 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to infrastructure investment, smart construction, sustainable construction practices, urbanization trends, rental market expansion. Major trends in the forecast period include technological advancements, autonomous and remote-controlled equipment, digital twin technology, customization and versatility.
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Which major factors have contributed to the expansion of the building and road construction equipment market?
Infrastructure development in emerging and developed countries propelled the building and road construction equipment market. Emerging and developed countries’ governments and private sector are focusing on developing the infrastructure to keep up the GDP, meet the growing population needs, meet the levels of urbanization, and increase connectivity by developing highways and expressways. For instance, the total Indian investment in road construction was worth $22.4 billion with private investment accounting for 14% of the total investments. Furthermore, according to the World Bank, the private sector infrastructure investment commitments for low- and middle-income countries were valued at $76.2 billion in 2022, which was a 49% increase from 2021 globally. Governments and private sectors of developed and emerging sectors focus on infrastructure developments and require high-tech equipment for the construction process to make it easy and less time-consuming which further acts as a major driver for the growth of the building and road construction equipment market.
How is the building and road construction equipment market segmented?
The building and road construction equipment market covered in this report is segmented –
1) By Product Type: Motor Graders, Road Roller, Wheel Loaders, Concrete Mixer, Bulldozers, Other Product Types
2) By Equipment Category: Earthmoving Equipment, Material-Handling Equipment, Heavy Construction Vehicles, Other Equipment Categories
3) By Application: Building Construction, Road Construction
Subsegments:
1) By Motor Graders: Crawler Graders, Wheeled Graders
2) By Road Roller: Single Drum Rollers, Double Drum Rollers, Pneumatic Rollers
3) By Wheel Loaders: Small Wheel Loaders, Medium Wheel Loaders, Large Wheel Loaders
4) By Concrete Mixer: Drum Mixers, Pan Mixers, Twin-Shaft Mixers, Volumetric Mixers
5) By Bulldozers: Crawler Bulldozers, Wheel Bulldozers
6) By Other Product Types: Backhoe Loaders, Excavators, Skid Steer Loaders, Dump Trucks, Asphalt Pavers
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Who are the top competitors in the building and road construction equipment market?
Major companies operating in the building and road construction equipment market include Volvo Group, Caterpillar Inc., Komatsu Ltd., Liebherr Group, Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, Terex Corporation, Atlas Copco Group, Deere and Company, Sany Heavy Industry Co. Ltd., Wacker Neuson SE, CNH Industrial NV, Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Doosan Infracore Co. Ltd., Hyundai Heavy Industries Co. Ltd., Wirtgen Group, Kobelco Construction Machinery Co. Ltd., Manitowoc Company Inc., Bell Equipment Ltd., Astec Industries Inc., BopparderMaschinenbau-Gesellschaft mbH, Case Construction Equipment, FAYAT Group, Gomaco Corporation Inc., HAMM AG, JLG Industries Inc., Konecranes Oyj, Kubota Corporation, LiuGong Machinery Corp. Ltd., Manitou Group, Palfinger AG, Putzmeister Holding GmbH, SennebogenMaschinenfabrik GmbH, Tadano Ltd., Takeuchi Mfg. Co. Ltd.
Which key trends are expected to influence the building and road construction equipment market in the coming years?
Major companies operating in the building and road construction equipment market are focusing on developing innovative solutions, such as construction excavators and forklifts, to enhance productivity and efficiency on job sites. Construction excavators and forklifts refer to heavy machinery used for earthmoving, material handling, and lifting tasks on construction sites, with excavators focusing on digging and demolition, while forklifts handle the transportation and stacking of materials. For instance, in October 2023, HD Hyundai Construction Equipment, a South Korea-based provider of highest-quality equipment, launched a new lineup of products, including excavators, wheel loaders, and electric forklifts, at their factory in Chakan, Pune. The excavator range features the SMART Plus Series with three models (8-ton, 14-ton, and 15-ton) for infrastructure applications and the 50-ton HX520L for heavy-duty mining. Additionally, two wheel loader models (3 tons and 5 tons) and electric forklifts (2.5 tons and 3.0 tons) were introduced to enhance material handling efficiency.
Which regional trends are influencing the building and road construction equipment market, and which area dominates the industry?
Asia-Pacific was the largest region in the building and road construction equipment market in 2023. Western Europe was the second-largest region in the building and road construction equipment market. The regions covered in the building and road construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The Building And Road Construction Equipment Market Report 2025 Offer?
The building and road construction equipment market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Building and road construction equipment refers to self-propelled or towed equipment used directly in building and road construction.
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