Construction Equipment Market Segmentation:
Product Segment Analysis
The earth-moving machinery segment is predicted to hold 61% of the market share through 2038, as its inimitable application in infrastructure, mining, and mega development projects continues to drive it forward. Komatsu updated its crawler excavator cab in July 2024 with improved safety and visibility elements, allowing increased productivity and operator comfort. Earth moving equipment is irreplaceable in excavations to site preparation, and continued innovation in cab design and automation is driving segment growth. The segment growth is bolstered by investment in autonomous and electric models to pursue sustainability goals.
Power Output Segment Analysis
The 201-400 HP segment that includes equipment, such as bulldozers, heavy-duty excavators, and cranes, is anticipated to register a significant market share in the global construction equipment market. The consistent demand for the mentioned equipment fuels the growth of the segment in the global market. Involvement of organizations in the further development of equipment like excavators also fuels the growth of the segment. For instance, in July 2023, Liebherr collaborated with Leica Geosystems to extend its machine control systems’ range for the 8th-generation crawler excavator models.
Engine Capacity Segment Analysis
The up to 250 HP segment is predicted to hold a 44.1% market share by 2038, mirroring the wide uptake of mid-range machines by light industrial, commercial, and residential customers. In April 2025, Manitou Group launched two electric telehandlers, the MT 1440e and MT 1840e, with a 63 kWh lithium-ion battery to run them throughout the day. The up to 250 HP range strikes a balance between power, maneuverability, and energy efficiency, which underpins its strong market position. As the market for versatile, environmentally friendly equipment grows, the up to 250 HP segment will also continue to expand.
Propulsion Type Segment Analysis
The ICE segment is expected to expand at a significant CAGR during the forecast period and continue to carry its dominance in the global construction equipment market due to its higher power output. Continuous innovation to make ICE increasingly sustainable also fuels the segment’s growth. One such example is Toyota’s announcement of Hydrogen Powertrain Technology for a Pilot Program in November 2023 in Australia. The new powertrain technology offers ultra-low tailpipe emissions of CO2, which is the latest step of Toyota towards its decarbonization agenda.
Our in-depth analysis of the market includes the following segments:
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Power Output |
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Engine Capacity |
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