Construction Equipment Market Size

Construction Equipment Market size is poised to reach USD 243 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of construction equipment was over USD 149 Billion. Rapid urbanization in developing countries and an increased government emphasis on upgrading the existing infrastructure are expected to push up construction activity, raising demand for equipment such as excavators, wheel loaders, dump trucks, etc. According to the UN estimates about 55% of people live in urban areas.

The construction equipment is transportable, semi-permanent, and is primarily used for earthmoving, lifting containers or materials, drilling holes in the earth or rock, and concrete & paving applications. It is also used in other applications such as infrastructure, residential, commercial, and industrial buildings.