Construction Machinery Producers and Construction Machinery Market Trend
The construction machinery sector continues to play a vital role in the equipment industry, encompassing a comprehensive range of mechanical equipment necessary for various construction projects such as earthmoving, road construction and maintenance, and mobile lifting operations. Categorized by their primary applications, construction machinery includes excavators, loaders and haulers, cranes, compactors, piling machinery, concrete equipment, road-building machinery, aerial work platforms, and industrial vehicles.
According to HDIN Research, the global construction machinery market experienced a significant surge in demand, indicating its robust growth trajectory. In 2018, the market size stood at a substantial $183.2 billion USD. Over the next five years, it is projected to reach $240.3 billion USD by 2023, representing an impressive compound annual growth rate (CAGR) of 5.6%. Looking ahead, the market is expected to continue its expansion, reaching an estimated $285.9 billion USD by 2028, with a CAGR of 3.5% from 2023 to 2028.
Within the competitive landscape, the top ten global construction machinery manufacturers have made notable contributions to this industry's success. Leading the pack is Caterpillar, accounting for a significant market share of 13.9%. Close behind is Komatsu with an 11.0% market share, followed by Xugong Machinery at 7.7% and Sany Heavy Industry at 7.0%. Other prominent players include John Deere (4.8%), Volvo (4.5%), Zoomlion Heavy Industry Science and Technology (4.6%), Liebherr (4.2%), Hitachi Construction Machinery (3.9%), and Sandvik (3.0%).
These manufacturers have been instrumental in driving innovation and delivering cutting-edge machinery solutions to meet the evolving needs of the construction industry worldwide. They have demonstrated their commitment to providing reliable, efficient, and technologically advanced equipment, which has contributed significantly to their market share and global presence.
The growth of the construction machinery market is not limited to any specific region, as it continues to witness strong demand across multiple geographical areas. Major sales regions include North America, Europe, Asia Pacific, and the Middle East. North America and Europe have traditionally been significant contributors to the market, driven by ongoing infrastructure development and renovation projects. However, the Asia Pacific region is emerging as a dominant force, fueled by rapid urbanization and substantial investments in construction activities. The Middle East, with its ambitious infrastructure initiatives, is also experiencing a surge in demand for construction machinery.