Construction

The global construction market, valued at around USD 215 billion in 2024, stands as a cornerstone of infrastructure development industry, civil engineering, and large-scale construction projects spanning commercial, residential, road construction, and urban development. Construction market growth is fueled by rising demand in the construction industry, increased mechanization, and adoption of smart construction machinery. Key trends such as construction automation, IoT-enabled telematics, AI-driven predictive maintenance, and digital project management platforms are reshaping operations. Meanwhile, the rental equipment market is expanding rapidly, supported by leasing solutions and growing demand for used heavy machinery. Product segments such as earthmoving equipment (excavators, loaders, bulldozers, graders), material handling equipment (cranes, forklifts, conveyors), concrete machinery (mixers, batching plants, pumps), and road construction equipment (pavers, rollers) continue to dominate demand. At the same time, mining machinery, lifting equipment, hybrid/electric heavy machinery, and power tools are emerging as fast-growth categories. Innovations such as 3D printing, robotics, drones, and autonomous machinery further enhance safety, efficiency, and sustainability.

Regional insights of construction market highlight that North America and Europe are mature, automation-led markets, while Asia-Pacific, Africa, and Latin America are beholding strong growth through infrastructure development, fleet modernization, and real estate expansion. The Asia-Pacific construction industry leads globally, with China and India serving as manufacturing hubs and major demand centers, supported by government infrastructure spending and EPC (Engineering, Procurement, and Construction) projects. Construction market trade flows remain significant, with China exporting USD 3.8 billion of equipment and the U.K. shipping USD 1.537 million in 2024. Pricing strategies differ widely, shaped by tariffs, raw material costs, emission rules, and building material inflation, ranging from 192 index points in Syria to 61 in Suriname.

The competitive landscape of the construction market is dominated by OEMs such as Caterpillar, Komatsu, Deere & Company, Hitachi, Liebherr, JCB, Doosan, Sany, Zoomlion, CNH Industrial, and Hyundai. These players invest in electric and hybrid equipment, Stage V and EPA Tier 4-compliant designs, and sustainable machinery innovations. Supply chains rely on steel, hydraulics, and electronics from Tier 1 and Tier 2 suppliers, with OEMs investing in greenfield projects, capacity expansions, and M&A strategies to ensure resilience. Looking forward, sustainable construction, modular building, net-zero infrastructure, and prefabricated solutions are driving the future. Coupled with global safety (OSHA), quality (ISO), and emission standards, the industry is steadily shifting toward green equipment and smart city development, ensuring long-term competitiveness and growth.

The construction market includes heavy machinery, cranes, concrete mixers, earthmoving equipment, and advanced construction tools that enable efficient and safe project execution. Key segments include residential projects, commercial buildings, and large-scale industrial infrastructure, supported by products such as bulldozers, excavators, hoists, and automated systems. Major providers like Caterpillar (earthmoving machinery), Komatsu (cranes and excavators), and Liebherr (construction equipment and services) also deliver solutions like equipment installation, technical support, training, and predictive maintenance. By combining innovative machinery with service-oriented value, the construction market continues to drive productivity, sustainability, and quality in infrastructure development worldwide.