Global Heavy Construction Equipment Market Projected to Reach USD 286.51 Billion by 2030

According to the report "Heavy Construction Equipment Market by Equipment Type – Global Forecast to 2030" published by MarketsAndMarkets, the market is projected to grow from USD 224.49 billion in 2025 to USD 286.51 billion by 2030, registering a compound annual growth rate (CAGR) of 5.0% during the forecast period.

Key Growth Drivers

One of the primary factors expected to drive growth in the heavy construction equipment market is the increasing demand from the mining and construction sectors. With infrastructure expansion and urbanization continuing at a strong pace globally, the need for advanced machinery is growing rapidly.

Major Market Players

Some of the key players shaping the industry include:

• Caterpillar Inc. (USA)
• Liebherr AG (Germany)
• Terex Corporation (USA)
• Volvo Group (Sweden)
• Komatsu Ltd. (Japan)
• Hitachi Construction Machinery Co., Ltd. (Japan)

Recent Developments

• February 2025: Liebherr AG unveiled its latest generation of luffing jib cranes at an event in Munich, Germany, as an upgrade to the HC-L series. The new models promise improved performance and reduced downtime.
• January 2025: Volvo Group launched a new range of articulated trucks equipped with advanced digital solutions aimed at enhancing operational efficiency, reducing service times, and meeting the latest EU emissions standards.
• November 2024: Caterpillar introduced its autonomous off-road truck, the CAT 777, at the Luck Stone quarry, marking a significant step toward delivering autonomous haulage solutions for quarry and aggregate operations.
• March 2024: Caterpillar rolled out updated versions of its compact track loaders and skid steer loaders, touting enhanced performance, improved fuel efficiency, and increased operator comfort.

Asia-Pacific Leads the Market

The Asia-Pacific region remains the largest market in terms of value for heavy construction equipment. The region’s dominance is driven by a high volume of construction projects and a growing demand for more advanced and efficient machinery.

With increasing R&D efforts focused on battery capacity and electrification, smaller equipment like mini excavators and compact loaders are becoming more electric-powered.

Companies like AB Volvo (Sweden) and Hitachi Construction Machinery (Japan) are offering tethered electric construction equipment that overcomes traditional charging limitations.