Global Construction

Machinery Market Briefing

2025

The Business Research Company

May 2025

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 Global Construction Machinery Market Briefing 2025 PAGE|2

Table of Contents
Construction Machinery Market Characteristics ................................................................................. 4
Construction Machinery Market Trends and Strategies ...................................................................... 6
Robotic Construction Machinery .................................................................................................... 6
Digital Transformation Through IoT ............................................................................................... 6
Electric Construction Machinery ......................................................................................................7
Construction Machinery Market Historic Growth ............................................................................... 8
Drivers Of The Market .................................................................................................................... 9
Restraints On The Market ............................................................................................................... 9
Construction Machinery Market Forecast Growth ............................................................................. 11
Drivers Of The Market ................................................................................................................... 11
Restraints On The Market ............................................................................................................. 12
Construction Machinery Market Segmentation ................................................................................ 14
Global Construction Machinery Market, Split By Segment, 2024, $ Billion ................................... 14
Global Construction Machinery Market, Historic And Forecast, Split By Segment, 2019-2029..... 16
Construction Machinery Market Geography Regional Comparison .................................................. 18
Global Construction Machinery Market, Split By Region, 2024, $ Billion ...................................... 18
Global Construction Machinery Market, Historic And Forecast Growth Rate, Split By Region, 2019-
2029 .............................................................................................................................................. 20
Appendix .......................................................................................................................................... 22
Market Data Sources .................................................................................................................... 22
Inflation Rates............................................................................................................................... 23
NAICS Definition Of The Industry Covered In This Report ............................................................ 25
Global Outlook Assumptions ........................................................................................................ 26
Abbreviations ................................................................................................................................27
Currencies ......................................................................................................................................27
Research Inquiries ..........................................................................................................................27
The Business Research Company...................................................................................................27
Copyright And Disclaimer ............................................................................................................. 28

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List Of Figures
Figure 1: Global Construction Machinery Market, Historic Market Size, 2019-2024, $ Billion ............. 8
Figure 2: Global Construction Machinery Market, Forecast Market Size, 2024-2029, $ Billion .......... 11
Figure 3: Global Construction Machinery Market, Split By Segment, 2024, $ Billion ........................ 14
Figure 4: Global Construction Machinery Market, Historic And Forecast, Split By Segment, 2019-
2029.................................................................................................................................................. 16
Figure 5: Global Construction Machinery Market, Split By Region, 2024, $ Billion ............................ 18
Figure 6: Global Construction Machinery Market, Historic And Forecast Growth Rate, Split By
Region, 2019-2029............................................................................................................................ 20

List Of Tables
Table 1: Global Construction Machinery Market, Historic Market Size, 2019-2024, $ Billion .............. 9
Table 2: Global Construction Machinery Market, Forecast Market Size, 2024-2029, $ Billion ........... 11
Table 3: Global Construction Machinery Market, Split By Segment, 2024, $ Billion...........................15
Table 4: Global Construction Machinery Market, Historic And Forecast, Split By Segment, 2019-2029
.......................................................................................................................................................... 17
Table 5: Global Construction Machinery Market, Split By Region, 2024, $ Billion ............................. 19
Table 6: Global Construction Machinery Market, Historic And Forecast Growth Rate, Split By Region,
2019-2029......................................................................................................................................... 21
Table 7: Construction Machinery Market Data Sources .................................................................... 22
Table 8: Inflation Data, 2019-2029 (% change, at average consumer prices) .................................... 23

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 Global Construction Machinery Market Briefing 2025 PAGE|4

Construction Machinery Market

Characteristics
Construction machinery is mechanical equipment used in residential, nonresidential, highway, street and other
infrastructure construction.

The construction machinery market consists of sales of construction machinery, surface mining machinery, and
logging equipment. The construction machinery market includes backhoes, bulldozers, construction and
surface mining-type rock drill bits, construction-type tractors and attachments, off-highway trucks, pile-driving
equipment, portable crushing, pulverizing and screening machinery, powered post hole diggers, road graders
and surface mining machinery (except drilling). Values in this market are ‘factory gate’ values, that is the value
of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream
manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this
market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the
specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless
otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by
organizations in the specified geography within the specified market, irrespective of where they are produced.
It does not include revenues from resales either further along the supply chain or as part of other products.

The construction machinery market is segmented into earthmoving, material handling, and building & road
construction equipment.

• Earthmoving

Earthmoving is heavy-duty vehicles, designed for construction activity which incorporate earthworks
such as dig foundations for landscaping, moving large amounts of earth and other such activities. The
earthmoving market consists of sales of machinery such as bulldozers, backhoe loaders, motor graders,
trenchers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the
manufacturers or creators of the goods, whether to other entities (including downstream
manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods
in this market includes related services sold by the creators of the goods.

• Material Handling

Material handling is mechanical equipment used for storage, controlling, and managing of materials
and goods. The material handling market consists of sales machinery such as jib crane, pallet jack,
vertical carousel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the
manufacturers or creators of the goods, whether to other entities (including downstream
manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods
in this market includes related services sold by the creators of the goods.

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• Building & Road Construction Equipment

Building equipment is mechanical equipment used in residential, nonresidential building. Road

construction equipment is self-propelled or towed equipment which is directly used in road
construction. The building & road construction market consists of sales of machinery such as road roller
machine, asphalt mixing plant, forklift truck, crawler excavator, truck crane. Values in this market are
‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods,
whether to other entities (including downstream manufacturers, wholesalers, distributors and
retailers) or directly to end customers. The value of goods in this market includes related services sold
by the creators of the goods.

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 Global Construction Machinery Market Briefing 2025 PAGE|6

Construction Machinery Market Trends

and Strategies
Major trends shaping the construction machinery market include the following –

Robotic Construction Machinery

Robotic construction machinery is increasingly being offered to cater to the growing demand for safe
construction equipment. construction machinery companies are working towards developing more reliable
and efficient automated or unmanned vehicles for the construction industry. Similar to the technology involved
in the autonomous vehicles, this machinery is equipped with lasers, sensors and cameras and is based on the
Information Communication Technology (ICT) that can be controlled through a remote or fixed setting set by
the useri. For instance, in 2021, Komatsu, a Japanese Construction Equipment Manufacturer, announced the
launch of teleoperated new hydraulic excavator, loading its autonomous concept truck in Arizona from a
remote console.ii

Construction machinery manufacturers should consider investing in the development of robotic construction
machinery to increase productivity and reduce human risk.

Digital Transformation Through IoT

The digitalization of construction machinery through IoT is the trend the market is moving towards. IoT
connects people, machines, and services enabling the flow of information and real-time decisions. IoT
technology offers benefits such as increased asset uptime, efficient predictive maintenance and faster
processing and delivery time. IoT works as an add-on for existing construction equipment developed by the
construction equipment manufacturing companies.iii In 2020, Komatsu, a Japan-based construction equipment
manufacturer launched four IoT devicesiv and eight new applicationsv, which help the construction managers
to monitor and analyze the work. These applications and IoTs have capabilities to provide reports on fuel saving
options, check completion of design execution according to the input design diagrams, and alert the user when
consumable parts need replacement. This enables customers to repair the machines before a serious damage
or breakdown and preventing larger repair costs in the future. The company aims to accelerate digital
transformation efforts under the SMART-CONSTRUCTION campaign.

Construction machinery companies should focus on implementing IoT technology in their machines to improve
efficiency.

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 Global Construction Machinery Market Briefing 2025 PAGE|7

Electric Construction Machinery

With increasing awareness regarding environment pollution and advancements in technology, manufacturers
are increasingly investing in the development of electric construction machinery. Majority of the construction
machinery available in market today work on fossil fuel-based engines that cause pollution. Hence, companies
have developed construction machinery that use electric energy. Electric construction machinery has special
applications in places of construction work near hospitals, schools, residential areas, inside tunnels or buildings,
where contractors have conventionally paid special attention to exhaust gas and noise during work. For
instance, in 2019, Komatsu, a Japan-based construction equipment manufacturer, launched Electric Mini
Excavatorvi that is equipped with an in-house developed new charger, high-voltage converter and other
devices. Komatsu claims that electric version offers excavation performance on par with the internal
combustion model of the same power output, while achieving zero exhaust gas emissions and a significant
reduction in noise levels.

Manufacturers should consider investing in the development and manufacture of electric construction machinery
for a sustainable future.

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 Global Construction Machinery Market Briefing 2025 PAGE|8

Construction Machinery Market Historic

Growth
Global construction machinery market was worth $334.9 billion in 2024. it was the largest segment within the
agriculture, construction, and mining machinery market accounting for 42.9%. In terms of per capita
consumption, the market was $42.0 and in terms of global GDP, the market was 0.30%. Construction
machinery was the largest segment within the agriculture, construction, and mining machinery market
accounting for 42.9% followed by agricultural implement at 32.8% and mining and oil and gas field machinery
at 24.1% respectively.

The chart and table below show the year-on-year growth of the global construction machinery market during
2019-2024.

Figure 1: Global Construction Machinery Market, Historic Market Size, 2019-2024,

$ Billion

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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

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 Global Construction Machinery Market Briefing 2025 PAGE|9

Table 1: Global Construction Machinery Market, Historic Market Size, 2019-2024,

$ Billion
Market 2019 2020 2021 2022 2023 2024 CAGR

Construction 252.27 218.45 248.89 277.28 303.62 334.94 5.83%

Machinery
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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The global construction machinery market grew from $252.27 billion in 2019 to $334.94 billion in 2024 at a
compound annual growth rate (CAGR) of 5.83%.

Drivers Of The Market

Growth In The Manufacturing Industry – The rapid growth in the manufacturing activity increased the
demand for industrial and commercial machinery globally. Many developed and developing countries took
steps to promote growth in the manufacturing industry and encouraged local production. Trade in
manufactured goods represented 71 percent of world merchandise exports in 2020, with a value of $12.1
trillion.vii Thus, increased manufacturing activity was one of the major drivers of this market during the historic
period.viii

Increased Spending On Construction Projects – The construction machinery market benefitted from the rise
in metal consumption by construction industry globally, during the historic period. Buildings with metal
structures have become a standard choice for the construction of commercial and industrial facilities. For
instance, U.S. spending on construction increased by 9.3% from November 2020 to November 2021. ix
According to the USA’s Metal Building Manufacturers Association (MBMA), 34% of its members’ sales are
generated from commercial buildings. This rise in metal consumption increased the demand for construction
machinery for, thus driving the construction machinery market during this period.

Rise In Construction Activity – The construction machinery market growth in the historic period was mainly
driven by the increase in construction activity in emerging markets. Emerging markets which registered robust
construction activity included China, Brazil, India, Saudi Arabia and Indonesia. For instance, the construction
industry in China is expected to grow by 9.7% to reach CNY 9,509 billion ($1,493.29 billion) in 2022. This rapid
growth in construction activity contributed to the growth of the machinery manufacturing market.

Restraints On The Market

Oil Price Volatility – Oil price volatility had a negative impact on the construction machinery market as
significant decline and increase in oil prices had a negative impact on government and consumer spending. The
decline in oil prices had a negative impact on government spending in countries such as Saudi Arabia, Nigeria
and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil
exports, whereas significant increase in oil prices had resulted in spurt in inflation, current account deficit and
fiscal deficit in countries such as India and China, which predominantly imports oil. For instance, the Saudi
government cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270
billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from
oil exports, thereby affecting the market.x

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 Global Construction Machinery Market Briefing 2025 P A G E | 10

Skilled Workforce Shortages – During the historic period the construction machinery market was affected by
shortages of skilled workers in major economies. Machinery fabrication and integration require specialized
skillsets relating to electronics and software. For instance, in early 2022, the manufacturing industry continues
to suffer from an acute labor shortage. By October 2021, employment across the industry was down by nearly
400,000 personnel from pre-pandemic levels. xi This shortage of skilled labor was a significant deterrent to the
growth of the construction machinery market.xii

Fluctuating Raw Material Prices – A major limitation for the construction machinery market during the historic
period was uncertainty over raw material prices. The cost of raw material represents a significant portion of
operational costs for manufacturers in this market, at around 15% to 20% of the total. For instance, steel is
extensively used in manufacturing, while other primary raw materials include iron ore. As only three iron-ore
firms (BHP Billiton, Rio Tinto, and Vale) control around 70% of the iron-ore trade, this significantly impacted
the price of iron-ore. In 2021, iron ore was valued at approximately $161.71 per dry metric ton unit (dmtu), as
compared to $108.92 per dmtu in 2020.xiii Increasing demand for metal products especially in emerging
markets due to rising manufacturing activity caused the demand to outstrip the supply of raw materials, thus
leading to significant increases in production costs. These raw material price fluctuations significantly increased
the operating costs of tool manufacturers during the historic period, thus negatively affecting the market.

Coronavirus Pandemic – The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on
the construction machinery market in 2020 as supply chains were disrupted due to trade restrictions and
manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious
disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified
in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western
Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts
and components from different countries across the globe. As many governments restricted the movement of
goods across countries, manufacturers had to halt production due to lack of raw materials and components.
The outbreak is continued to have a negative impact on businesses throughout 2020 and into 2021. However,
it is expected that the construction machinery market will recover from the shock across the forecast period as
it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global
economy.

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Construction Machinery Market Forecast

Growth
The chart and table below show the year-on-year growth of the global construction machinery market during
2024-2029.

Figure 2: Global Construction Machinery Market, Forecast Market Size, 2024-2029,

$ Billion

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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Table 2: Global Construction Machinery Market, Forecast Market Size, 2024-2029,

$ Billion
Market 2024 2025 2026 2027 2028 2029 CAGR

Construction 334.94 366.53 398.72 432.02 466.01 501.65 8.41%

Machinery
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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The global construction machinery market is expected to grow from $334.94 billion in 2024 to $501.65 billion
in 2029 at a CAGR of 8.41%.

Drivers Of The Market

Faster Economic Growth – The construction machinery market growth is aided by stable economic growth
forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that

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 Global Construction Machinery Market Briefing 2025 P A G E | 12

the global real GDP growth will be 3.4% over 2022 and 2023, and 3.3% from 2025 to 2026. Recovering
commodity prices, after a significant decline in the historic period is further expected to aid the market growth.
Developed economies are also expected to register stable growth during the forecast period. Additionally,
emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast
period. Stable economic growth is expected to increase investments in the end user markets, thereby driving
the market during forecast period. xiv

Technological Advances – Rapid advances in technology is expected to drive innovation in construction

machinery manufacturing, thus driving the market during the forecast period. Furthermore, technologies such
as 3D printing, artificial intelligence and big data analytics are being used in manufacturing thus resulting in
higher productivity, lower operating costs and higher margins. For instance, in 2020, 39% of large organizations
planned to invest in AI technology and 80% of retail executives expect their retail companies to adopt AI-
powered intelligent automation by 2027.xv Lower operating costs lead to higher margins, this allows companies
to increase product portfolio and to enter new markets by making investments made through cost savings. IoT
applications are also being integrated into these devices to enable services such as remote monitoring, central
feedback systems and to offer other services.xvi Mobile applications, advanced sensors and embedded software
also created new opportunities for companies in this market.xvii These factors are expected to drive the
construction machinery market during the forecast period.

Restraints On The Market

Removal Of Subsidies For Power Generation – Governments such as those of the US, the UK and Germany,
which have supported the development of renewable energy such as wind farms and solar with subsidies, are
beginning to remove or reduce those subsidies According to Quartz report, in a high renewables scenario,
energy sector subsidies is expected to fall to 0.2% of global GDP by 2050 from 1% in 2021 mainly due to reduced
subsidies in many countries.xviiiThis will restrain growth in the green area of the machinery manufacturing
market thus affecting the construction machinery market.xix

Rise In Interest Rates – Interest rates globally are forecasted to rise in most of the developing and developed
economies, during the forecast period; this is expected to limit new investments in the construction machinery
market. Most countries across the world are raising interest rates to control inflation and also to limit the flow
of capital out of the country. This is likely to affect new investments in terms of expansion, research and
development of new products. For instance, US interest rate stands at 1.25% by end of 1st quarter 2022 and US
Fed Funds Rate is projected to trend around 2.75% in 2023. xx These factors are expected to have a negative
impact on the market as borrowing money becomes expensive, thereby affecting the market growth during
the forecast period.xxi

Geo-Political Tensions – Geopolitical tensions are likely to have a negative impact on the construction
machinery market during the forecast period. Repercussions of geopolitical tensions included sanctions on
Russia, trade protectionism and heightened military tensions in the Middle East. Many countries placed trade
restrictions, especially on imports, to boost local production. For instance, Brexit is likely to lead to more trade
restrictions between the UK and other countries in Europe. The US is also implementing several trade
restrictions, especially with China, to boost its local production. For instance, the US imposed tariffs on more
than $300 billion worth of Chinese goods ranging from footwear and clothing from electronics and bicycles and
even pet food.xxii Such incidents are expected to have a negative impact on the machinery manufacturing
market.

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Russian-Ukrainian War - The Russia-Ukraine war is expected to hinder the growth of the construction
machinery market during the forecast period. The political turmoil between the two nations has led to material
shortage and supply disruptions of various products and services. Russia and Ukraine are key producers of
major agricultural commodities, minerals and other essentials. The ongoing conflict between the two countries
is causing anxiety among traders and manufacturers due to fear of continued shortage of products and services,
thus impacting the construction machinery market growth in the forecast period.

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Construction Machinery Market

Segmentation
Global Construction Machinery Market, Split By Segment, 2024, $ Billion
The chart and table below show the split of the construction machinery market by segment in 2024.

Figure 3: Global Construction Machinery Market, Split By Segment, 2024, $ Billion

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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

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 Global Construction Machinery Market Briefing 2025 P A G E | 15

Table 3: Global Construction Machinery Market, Split By Segment, 2024, $ Billion

Segment Segment Share Market Value

Building & Road Construction 59.54% 199.44

Equipment
Earthmoving 27.41% 91.80

Material Handling 13.05% 43.71

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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Building & Road Construction Equipment was the largest segment in the construction machinery market at
59.54% of the market worth about $199.44 billion.

Earthmoving was the second largest segment in the construction machinery market at 27.41% of the market
worth about $91.80 billion.

Material Handling was the smallest segment in the construction machinery market at 13.05% of the market
worth about $43.71 billion.

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 Global Construction Machinery Market Briefing 2025 P A G E | 16

Global Construction Machinery Market, Historic And Forecast, Split By Segment, 2019-
2029
The chart and table below show the construction machinery market historic and forecast growth rates by
segment during 2019-2029.

Figure 4: Global Construction Machinery Market, Historic And Forecast, Split By

Segment, 2019-2029

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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

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 Global Construction Machinery Market Briefing 2025 P A G E | 17

Table 4: Global Construction Machinery Market, Historic And Forecast, Split By

Segment, 2019-2029
Segment Historic CAGR (2019 - 2024) Forecast CAGR (2024 - 2029)

Building & Road Construction 6.64% 9.90%

Equipment
Material Handling 5.88% 9.52%

Earthmoving 4.18% 4.25%

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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Building & Road Construction Equipment had the highest CAGR of 6.64% during 2019-2024; this segment is
expected to grow at a CAGR of 9.90% during 2024-2029.

Material Handling had the second highest CAGR of 5.88% during 2019-2024; this segment is expected to grow
at a CAGR of 9.52% during 2024-2029.

Earthmoving had the smallest CAGR of 4.18% during 2019-2024; this segment is expected to grow at a CAGR
of 4.25% during 2024-2029.

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 Global Construction Machinery Market Briefing 2025 P A G E | 18

Construction Machinery Market

Geography Regional Comparison
Global Construction Machinery Market, Split By Region, 2024, $ Billion
The chart and table below show the split of the construction machinery market by region in 2024.

Figure 5: Global Construction Machinery Market, Split By Region, 2024, $ Billion

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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

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 Global Construction Machinery Market Briefing 2025 P A G E | 19

Table 5: Global Construction Machinery Market, Split By Region, 2024, $ Billion

Region Region Share Market Value

Asia Pacific 32.86% 110.07

North America 26.81% 89.79

Western Europe 23.11% 77.41

Eastern Europe 6.83% 22.86

South America 4.39% 14.71

Middle East 4.06% 13.60

Africa 1.94% 6.50

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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Asia Pacific was the largest region in the construction machinery market in 2024, accounting for $110.07 billion
or 32.86% of the global construction machinery market.

North America was the second largest region in the construction machinery market in 2024, accounting for
$89.79 billion or 26.81% of the global construction machinery market.

Africa was the smallest region accounting for $6.50 billion.

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 Global Construction Machinery Market Briefing 2025 P A G E | 20

Global Construction Machinery Market, Historic And Forecast Growth Rate, Split By
Region, 2019-2029
The chart and table below show the construction machinery market historic and forecast growth rates by
region during 2019-2029.

Figure 6: Global Construction Machinery Market, Historic And Forecast Growth

Rate, Split By Region, 2019-2029

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Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

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 Global Construction Machinery Market Briefing 2025 P A G E | 21

Table 6: Global Construction Machinery Market, Historic And Forecast Growth

Rate, Split By Region, 2019-2029
Region Historic CAGR (2019 - 2024) Forecast CAGR (2024 - 2029)

South America 16.21% 11.81%

Africa 11.39% 13.12%

Middle East 10.27% 8.81%

Eastern Europe 7.38% 6.25%

North America 6.37% 9.64%

Western Europe 4.44% 7.44%

Asia Pacific 4.35% 7.65%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

South America had the highest CAGR of 16.21% during 2019-2024; this region is expected to grow at a CAGR
of 11.81% during 2024-2029.

Africa had the second highest CAGR of 11.39% during 2019-2024; this region is expected to grow at a CAGR of
13.12% during 2024-2029.

Asia Pacific had the lowest CAGR of 4.35% during 2019 - 2024; this region is expected to grow at a CAGR of
7.65% during 2024 - 2029.

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 Global Construction Machinery Market Briefing 2025 P A G E | 22

Appendix
Market Data Sources
Table 7: Construction Machinery Market Data Sources
Source URL

National Statistic Offices https://www.indec.gob.ar/; http://www.abs.gov.au/;

https://www.statistik.at/web_en/; https://statbel.fgov.be/en;
https://ww2.ibge.gov.br/home/default.php; http://www.statcan.gc.ca/;
http://www.ine.cl; http://www.stats.gov.cn/english/;
http://www.dane.gov.co/index.php/en/;
http://kostat.go.kr/portal/eng/index.action; https://www.dst.dk/en;
http://www.capmas.gov.eg/?lang=2;
https://www.tilastokeskus.fi/index_en.html; https://www.insee.fr/en/accueil;
https://www.destatis.de/EN/Homepage.html;
https://www.censtatd.gov.hk/home/; http://mospi.nic.in/#;
https://www.bps.go.id/; http://www.cso.ie/en/index.html;
http://www.cbs.gov.il/reader/cw_usr_view_Folder?ID=141;
http://www.istat.it/en/; http://www.stat.go.jp/english/index.htm;
https://www.dosm.gov.my/v1/; http://en.www.inegi.org.mx/;
https://opendata.cbs.nl/statline/#/CBS/en/navigatieScherm/thema?themaNr=
5350; https://www.stats.govt.nz/; http://www.nigerianstat.gov.ng/;
https://www.ssb.no/en/; https://www.inei.gob.pe/; http://psa.gov.ph/;
http://stat.gov.pl/en/;
https://www.ine.pt/xportal/xmain?xpgid=ine_main&xpid=INE;
http://www.insse.ro/cms/en;
http://www.gks.ru/wps/wcm/connect/rosstat_main/rosstat/en/main/;
https://www.singstat.gov.sg/; https://www.stats.gov.sa;
http://www.statssa.gov.za/; https://www.czso.cz/csu/czso/home;
http://www.ine.es/en/welcome.shtml; http://www.scb.se/en/;
https://www.bfs.admin.ch/bfs/en/home.html; http://web.nso.go.th/;
http://www.turkstat.gov.tr/Start.do;jsessionid=nZhGhvpT3DQ7vWJt3c8HcMJ
GXjhyhPNh24yPpJzbnRFKwqHLGWrq!-270508800; http://fcsa.gov.ae/en-us;
https://www.ons.gov.uk/; https://census.gov/; http://www.ine.gov.ve/;
https://www.gso.gov.vn/Default.aspx?tabid=217
Directorate-General of https://ec.europa.eu/eurostat
the European
Commission
World Health https://www.who.int/
Organization
International Monetary https://www.imf.org/external/index.htm
Fund
Organisation for http://www.oecd.org/
Economic Co-operation
and Development
UN Comtrade Database https://comtrade.un.org/

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 Global Construction Machinery Market Briefing 2025 P A G E | 23

Inflation Rates
Table 8: Inflation Data, 2019-2029 (% change, at average consumer prices)
Country 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Israel 0.0084 - 0.0149 0.0439 0.0420 0.0308 0.0298 0.0235 0.0226 0.0218 0.0211
2 0.0058 2 5 8 2 3 6 3 6 7
7
Saudi - 0.0344 0.0306 0.0247 0.0232 0.0174 0.0188 0.0202 0.02 0.02 0.0199
Arabia 0.0209 5 3 4 7 4 8 7 6
3
Turkey 0.1517 0.1227 0.1959 0.7230 0.5385 0.6091 0.3297 0.1923 0.1596 0.1503 0.1500
7 9 6 9 9 6 4 8 5 5 4
United - - - 0.0482 0.0162 0.023 0.021 0.02 0.02 0.02 0.02
Arab 0.0193 0.0207 0.0011 7 3
Emirates 4 6 3
Australia 0.0156 0.0091 0.0279 0.0661 0.0561 0.0331 0.0327 0.0295 0.0254 0.0246 0.0247
6 2 8 5 6 5 3 4 7 3
China 0.0290 0.0249 0.0091 0.0197 0.0022 0.0042 0.0166 0.0201 0.0195 0.0202 0.0200
5 1 7 5 8 2 2 9 4 5
Hong 0.0288 0.0025 0.0156 0.0188 0.0209 0.0175 0.0225 0.024 0.025 0.025 0.025
Kong 3 1 9 1 7
India 0.0476 0.0616 0.0550 0.0665 0.0536 0.0437 0.0409 0.0409 0.04 0.04 0.04
9 5 6 3 1 4 7 2
Indonesia 0.0282 0.0203 0.0156 0.0413 0.0371 0.0248 0.0250 0.0252 0.0252 0.0252 0.0252
2 1 1 9 3 4 9 9 3 1 1
Japan 0.0046 - - 0.0249 0.0326 0.0223 0.0198 0.0196 0.0200 0.0201 0.0201
8 0.0002 0.0023 7 9 3 8 8 1 8 6
7 5
Malaysia 0.0066 - 0.0247 0.0337 0.0248 0.0279 0.025 0.022 0.02 0.02 0.02
3 0.0113 7 9 9 9
9
New 0.0162 0.0171 0.0394 0.0717 0.0573 0.0272 0.0221 0.0211 0.0201 0.0201 0.0201
Zealand 5 1 2 3 8 7 5 5 5
Philippine 0.0239 0.0239 0.0392 0.0582 0.0597 0.0332 0.0302 0.0298 0.03 0.03 0.03
s 2 3 7 1 8 8 2 6
Singapore 0.0056 - 0.0230 0.0612 0.0482 0.0258 0.0217 0.0197 0.0198 0.0198 0.0196
5 0.0018 5 1 1 1 5 8 4 4 4
2
South 0.0038 0.0053 0.0249 0.0509 0.0359 0.0252 0.02 0.02 0.02 0.02 0.02
Korea 3 7 8 7
Thailand 0.0070 - 0.0123 0.0607 0.0122 0.0053 0.0122 0.015 0.02 0.02 0.02
6 0.0084 1 7 8 5 4
7
Vietnam 0.0279 0.0322 0.0183 0.0315 0.0325 0.0414 0.0353 0.0339 0.0339 0.0339 0.0339
5 7 7 3 4 8
Canada 0.0194 0.0071 0.0339 0.0680 0.0387 0.0243 0.0187 0.0202 0.0200 0.0199 0.0201
9 7 5 3 9 9 4 4 2 8 5
Mexico 0.0363 0.0339 0.0569 0.0789 0.0552 0.0467 0.0379 0.0301 0.0300 0.0300 0.0300
5 8 3 8 5 6 3 6 7 2 1
USA 0.0181 0.0124 0.0468 0.0799 0.0412 0.0298 0.0185 0.0205 0.0210 0.0212 0.0214
3 9 2 2 8 7 2 2 5 3 3

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Egypt 0.1387 0.057 0.045 0.085 0.2439 0.3330 0.2119 0.1437 0.1043 0.0680 0.0528
5 2 2 2 8 5 5
Nigeria 0.1139 0.1324 0.1695 0.1884 0.2466 0.3245 0.2498 0.1519 0.1538 0.14 0.14
7 7 3 7 6 2
South 0.0412 0.0327 0.0455 0.0686 0.059 0.0470 0.0447 0.045 0.045 0.045 0.045
Africa 1 5 6 9 3 2
Argentina 0.5354 0.4201 0.4840 0.7243 1.3348 2.2982 0.6266 0.3181 0.1745 0.1038 0.0889
8 5 9 1 9 4 5 8 9 8 8
Brazil 0.0373 0.0321 0.0830 0.0928 0.0459 0.0427 0.0358 0.0313 0.0297 0.0296 0.0296
3 2 2 4 2 6 5 9 5 8
Chile 0.0224 0.0304 0.0452 0.1164 0.0758 0.0389 0.0419 0.0305 0.03 0.03 0.03
9 3 4 5 3 8 6 7
Colombia 0.0352 0.0252 0.0350 0.1018 0.1172 0.0671 0.0447 0.0307 0.0311 0.0295 0.0301
4 5 5 3 9 9 6 7 4 8
Peru 0.0213 0.0182 0.0397 0.0787 0.0626 0.0248 0.0189 0.0201 0.0201 0.0201 0.02
6 7 9 1 9 3 1 8 8 8
Russia 0.0447 0.0338 0.0669 0.1375 0.0585 0.0786 0.0591 0.04 0.04 0.04 0.04
2 4 9 1 5
Iran 0.3478 0.3645 0.4018 0.4575 0.4069 0.3166 0.295 0.275 0.2575 0.25 0.25
7 8 7 2 7
Ukraine 0.0788 0.0274 0.0936 0.2018 0.1285 0.0583 0.0897 0.0771 0.0503 0.05 0.05
6 1 3 1 6 6 4
Banglades 0.0547 0.0564 0.0555 0.0615 0.0901 0.0973 0.107 0.056 0.0498 0.055 0.055
h 5 8 8 6 5
Austria 0.0149 0.0139 0.0275 0.0861 0.0771 0.0304 0.0248 0.0234 0.0208 0.0205 0.0205
5 1 6 4 3 1 5 7 9 9
Belgium 0.0124 0.0042 0.0321 0.1032 0.0229 0.0431 0.0208 0.0197 0.0195 0.0203 0.0189
9 1 5 3 9 5 5 5
Denmark 0.0072 0.0033 0.0194 0.0853 0.0335 0.018 0.022 0.02 0.02 0.02 0.02
9 3 4 4 3
Finland 0.0113 0.0038 0.0206 0.0717 0.0434 0.0123 0.0186 0.02 0.02 0.02 0.02
7 3 6 2 7
France 0.0129 0.0052 0.0206 0.0590 0.0566 0.0231 0.0164 0.0176 0.0175 0.0181 0.0176
7 7 8 3 2 3 9 2 4
Germany 0.0135 0.0037 0.0321 0.0866 0.0603 0.0237 0.0202 0.0195 0.0195 0.0195 0.0198
4 1 2 6 4 8 3 2 2
Ireland 0.0086 - 0.0241 0.0804 0.0520 0.0165 0.0184 0.0195 0.0196 0.0198 0.02
0.0044 3 9 9 7 3
3
Italy 0.0063 - 0.0194 0.0873 0.0590 0.0126 0.0214 0.02 0.02 0.02 0.02
4 0.0014 1 6 3 5 2
5
Netherlan 0.0266 0.0110 0.0281 0.1161 0.0411 0.0317 0.0234 0.02 0.02 0.02 0.02
ds 9 6 9 7 7 1
Norway 0.0216 0.0128 0.0348 0.0576 0.0551 0.0325 0.024 0.02 0.02 0.02 0.02
8 7 4 4 8 9
Portugal 0.003 - 0.0094 0.0810 0.0526 0.0250 0.0205 0.0199 0.0200 0.0200 0.0200
0.0012 1 3 4 5 3 6 8 9 8
1

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 Global Construction Machinery Market Briefing 2025 P A G E | 25

Spain 0.0078 - 0.0300 0.0832 0.034 0.0275 0.0189 0.0202 0.02 0.02 0.02
0.0033 8 3 2 2 2
7
Sweden 0.0172 0.0065 0.0265 0.0805 0.0591 0.0205 0.02 0.02 0.02 0.02 0.02
8 1 5
Switzerla 0.0036 - 0.0058 0.0283 0.0213 0.0125 0.0103 0.0104 0.0103 0.0099 0.01
nd 2 0.0072 2 4 4 3 3 2 5 8
5
UK 0.0179 0.0085 0.0258 0.0906 0.0730 0.0262 0.0207 0.02 0.02 0.02 0.02
1 1 8 7 5 4 4
Czech 0.0284 0.0316 0.0384 0.151 0.1066 0.0233 0.0199 0.02 0.02 0.02 0.02
Republic 8 1 1 7 7
Poland 0.0224 0.0337 0.0512 0.1435 0.1142 0.0386 0.0446 0.0337 0.029 0.025 0.025
3 8 2 9 6 1 8 5
Romania 0.0382 0.0264 0.0504 0.138 0.1039 0.0532 0.0357 0.0331 0.0299 0.0300 0.0300
5 6 6 7 1 8 9 3 2
The Business Research Company

NAICS Definition Of The Industry Covered In This Report

Construction Machinery-Construction machinery is mechanical equipment used in residential, nonresidential,
highway, street and other infrastructure construction.

The construction machinery market consists of sales of construction machinery, surface mining machinery, and
logging equipment. The construction machinery market includes backhoes, bulldozers, construction and
surface mining-type rock drill bits, construction-type tractors and attachments, off-highway trucks, pile-driving
equipment, portable crushing, pulverizing and screening machinery, powered post hole diggers, road graders
and surface mining machinery (except drilling). Values in this market are ‘factory gate’ values, that is the value
of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream
manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this
market includes related services sold by the creators of the goods. The construction machinery market is
segmented into earthmoving, material handling and Building & Road Construction Equipment.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the
specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless
otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by
organizations in the specified geography within the specified market, irrespective of where they are produced.
It does not include revenues from resales either further along the supply chain or as part of other products.

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 Global Construction Machinery Market Briefing 2025 P A G E | 26

Global Outlook Assumptions

Our numbers in all markets reflect the current consensus for the global economic outlook for the next 3-5 years.
This includes the positive impact of post pandemic reopening in 22-23, high inflation in the short term, higher
energy prices in the short term and higher interest rate environment in the short term. Note that our market
estimates are 'nominal' and include the impact of inflation, (reflecting actual values paid not their theoretical
worth). The estimates and forecasts for Russia and Ukraine specifically are adjusted for the impact of war. Due
to the unusual economic situation in Russia (including sanctions, currency controls etc) the market size has
been reduced to reflect a truer idea of the USD value rather than the nominal local currency value.

Note on COVID-19: The effect of the coronavirus pandemic has led to forecasts in many markets being altered
away from long term historic trends based on the impact of COVID on specific markets and geographies.
Historic trend data continues to be used to forecast the longer-term development of these markets.

Research Methodology

The Business Research Company’s reports are based on the methodology below.

Data

Our datasets are created using a wide range of proprietary and public sources including leading government
bodies, associations, trade journals, market intelligence reports and trade magazines. Data is modelled based
on hard data, extrapolation, regression analysis based on known macro data inputs, interpolation between
hard figures, comparisons with other geographies and markets, price estimations, and qualitative inputs. Data
is triangulated within our unique market data model covering an exhaustive list of 200+ markets across 12
countries and 5 regions. Comparable data is used for sanity check and trend analysis. For example our global
market value data is compared to unit sales and price data for the relevant market as well as relevant macro-
economic datasets in order to establish validity.

Market Numbers-

Market value is defined as the revenues earned by organizations for products and services within the specified
market. The break down by geography is revenue generated within the specific industry by organizations in
the specified geography, irrespective of where they are produced.

Competitor Market Share Data-

The competitor market share data is intended to represent the companies that gain the most revenues from
the given market and the percentage share of the market that they hold. If a company derives most of its
revenues from the market, its revenues are given in full. If a large part of the company's revenues come from
other markets, only the division of the company which operates in this market is included. Where accurate
information is not available on the revenues a company generates from the market its market share is not
included, however a profile of the company may still be included if it is a significant competitor in the market.

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Analysis

Analysis is drawn from our Consultants’ wide range of industry and research experience as well as public and
proprietary sources. Consultants are trained in research techniques and ethics by the Market Research Society.

Verification Through Expert Interviews

Every year The Business Research Company carries out thousands of interviews with senior executives and
industry experts across hundreds of markets. Through these interviews we develop our internal understanding
of markets and geographies and cross reference our understanding of global markets with expert feedback
utilizing ‘Delphic’ research methodologies.

Referencing

The Business Research Company prides itself on the quality and validity of its data and analysis. Our unique
‘end noted’ referencing approach allows the user to trace our market numbers and analysis back to the specific
data sources they were derived from.

Note on Currency Conversions –

All currency conversions are done on the basis of 2024 exchange rates.

Abbreviations

Currencies
$ stands for US Dollar

€ stands for Euro

All other currencies are given with ISO currency codes.

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Please contact [email protected] for more information or call Europe +44 2071930708, Asia +91 8897263534,
Americas +1 3156230293

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 Global Construction Machinery Market Briefing 2025 P A G E | 28

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i https://www.terra-drone.net/en-media/2017/10/02/ict_construction_machinery/
ii https://www.forconstructionpros.com/equipment/earthmoving/excavators/press-release/21711057/komatsu-america-corp-komatsu-
to-teleoperate-excavator-in-arizona-from-minexpo-in-las-vegas
iii https://www.terra-drone.net/en-media/2017/10/02/ict_construction_machinery/

iv https://www.youtube.com/watch?v=McPaIOEdcqc

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vi https://home.komatsu/en/press/2019/technology/1202112_1836.html

vii https://www.wto.org/english/res_e/statis_e/wts2021_e/wts2021chapter02_e.pdf

viii https://www.nam.org/facts-about-manufacturing/

ix https://constructioncoverage.com/research/construction-sectors-with-biggest-increase-in-spending-since-covid

x https://m.economictimes.com/industry/cons-products/electronics/budget-2019-consumer-electronics-industry-expects-double-

digit-growth-rate-next-fiscal/articleshow/67794305.cms
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xii https://data.bls.gov/timeseries/JTU44000000JOL?amp%253bdata_tool=XGtable&output_view=data&include_graphs=true

xiii https://www.statista.com/statistics/282830/iron-ore-prices-since-2003/
xiv https://www.imf.org/en/Publications/WEO/Issues/2020/01/20/weo-update-january2020

xvhttps://www.semrush.com/blog/artificial-intelligence-stats/

xvi https://www.iotforall.com/iot-applications-in-agriculture/

xvii https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/growing-opportunities-in-the-internet-

of-things
xviii https://qz.com/1995355/the-era-of-subsidies-for-wind-and-solar-is-coming-to-a-close/
xix https://www.weforum.org/agenda/2019/09/global-renewable-energy-investment-slowing-down-worry/

xx https://tradingeconomics.com/united-states/interest-

rate#:~:text=Interest%20Rate%20in%20the%20United%20States%20is%20expected%20to%20be,according%20to%20our%20econometric%20models.

xxi https://www.imf.org/en/Publications/WEO/Issues/2019/01/11/weo-update-january-2019

xxii https://www.bloombergquint.com/global-economics/u-s-restores-64-of-product-exclusions-from-trump-china-duties

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