Construction equipment market seen reaching $322 billion by 2031

Allied Market Research says the global construction equipment market will grow from $201.9 billion in 2021 to $322.0 billion by 2031, led by demand for services, earth-moving equipment and Asia-Pacific expansion. The report points to infrastructure spending, maintenance needs and manufacturing investment as key drivers, even as labor shortages remain a restraint.

Why it matters: - The forecast points to steady demand across construction, mining and infrastructure markets through 2031. - The market’s projected rise to $322.0 billion suggests continued spending on equipment, maintenance and fleet expansion. - Public and private investment in roads, bridges and industrial projects could shape buying decisions for contractors and manufacturers.

What happened: - Allied Market Research published a report on the global construction equipment market on June 11, 2026. - The report values the market at $201.9 billion in 2021 and projects $322.0 billion by 2031. - Allied Market Research expects the market to grow at a compound annual growth rate of 4.8% from 2022 to 2031. - The report covers products, services, heavy construction equipment, compact construction equipment, loaders, cranes, forklifts, excavators, dozers and other categories. - The report also breaks the market down by application and end user, including excavation and mining, lifting and material handling, earth moving, transportation, oil and gas, construction and infrastructure, manufacturing and mining. - A sample PDF is available here.

The details: - Public-private partnerships in developing countries and expansion of building and construction industries are boosting market growth. - A lack of skilled workers is restraining the market. - Higher investment in highways, bridges and road upgrades is creating new opportunities. - The COVID-19 pandemic hurt the sector because of lockdown restrictions and workforce shortages. - Resumed construction activity and vaccination efforts are helping demand recover. - The services segment is projected to post the highest CAGR at 5.1% through 2030 because of rising demand for maintenance and repair. - The products segment held the largest share in 2021, with more than three-fourths of the market, supported by advanced equipment and rapid technological progress. - The earth moving segment held nearly two-fifths of the market in 2021, helped by excavators that improve output, cost-effectiveness, performance and flexibility. - The lifting and material handling segment is projected to grow at the fastest pace, with a 7.1% CAGR, as seaborne trade expands. - Asia-Pacific held more than two-fifths of the global market in 2021. - Asia-Pacific is projected to post the highest regional CAGR at 5.6%, supported by new manufacturing units serving construction, oil and gas and mining industries. - The report lists AB Volvo, Caterpillar, CNH Industrial, Deere, Doosan Infracore, Hitachi, J C Bamford Excavators, Komatsu, Liebherr and XCMG among major market players. - More details are available in the company’s customization request and purchase inquiry page.

Between the lines: - The strongest growth areas are not the biggest segments today. - That gap suggests aftermarket services, logistics-related equipment and Asia-Pacific manufacturing capacity may capture more value than traditional product sales. - The labor shortage could keep pressure on automation, maintenance contracts and equipment efficiency.

What’s next: - Construction and infrastructure spending will remain the main drivers to watch. - Market gains will likely depend on whether governments continue funding transport upgrades and whether private developers keep building activity elevated. - The services segment and lifting and material handling segment appear positioned for faster growth than the broader market. - Asia-Pacific is likely to stay the key regional growth engine through 2031.