BRICS Heavy Construction Equipment Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031239 | Category: Manufacturing and Construction
No. of Pages: 150 | Report Code: BMIRE00031239 | Category: Manufacturing and Construction
The BRICS Heavy Construction Equipment Market size is expected to reach US$ 105.16 million by 2031 from US$ 64.80 million in 2024. The market is estimated to record a CAGR of 6.23 % from 2023 to 2031.
The BRICS heavy construction equipment market has been experiencing steady growth. This growth can be attributed to several key factors, such as government initiatives for infrastructure development, growing construction activities, and rapid urbanization. The construction and infrastructure industry in China has witnessed transformative developments driven by rapid economic growth and the nation's ascent as a global economic powerhouse. China is one of the largest construction markets worldwide.
In March 2024, the government of China announced its target to fund US$ 173 billion (CNY 1.2 trillion) in transport infrastructure projects by the end of 2024. Furthermore, in March 2024, the Yangtze River Delta region government announced an investment of US$ 19.6 billion (CNY 140 billion) to build 32 railway infrastructure projects. In February 2024, the Shanghai government announced its target to initiate work on 24 projects with a combined investment of US$ 5.8 billion (CNY 42.1 billion).
According to the government's transportation network planning outline, China aimed to add 400 airports by 2035, an increase from ~240 airports in 2022. China's 32 large and busy airports are suffering from capacity overload, and 40 of the country’s 50 largest airports need renovation or expansion, according to the Civil Aviation Administration of China (CAAC). China's 14th Five-Year Plan covers 140 airport projects, including greenfield construction, relocation, renovation, and expansion by the end of 2025. With such sustained investments and a focus on innovation toward infrastructure, China continues to shape its construction sector to accommodate escalating development and assert its positive impact on the heavy construction equipment market.
Key segments that contributed to the derivation of the Heavy Construction Equipment market analysis are type and application.
The infrastructure and construction industry in India has experienced significant growth and transformation in recent years, spurred by a surge in the country's economic development. The construction industry comprises real estate and urban development. The real estate segment covers office, residential, retail, leisure parks, and hotels, while urban development largely consists of subsegments such as sanitation, water supply, schools, urban transport, and healthcare development.
India plans to invest ~US$ 1.723 trillion (INR 143 trillion) in infrastructure between FY2024 and FY2030. In the Interim Budget 2024–2025, capital investment outlay for infrastructure has been increased by ~11.1% to US$ 133.86 billion, i.e., ~3.4% of India’s GDP.
The rise of smart cities and modern infrastructure to meet the developing needs of the urban population is boosting the application of construction equipment in India. Cities such as Bangalore, Hyderabad, and Mumbai are focusing on developing proper water and wastewater treatment facilities, which is driving the construction activities in the city. Key airports such as Indira Gandhi International Airport in Delhi and Chhatrapati Shivaji Maharaj International Airport in Mumbai have undergone substantial expansions and modernization efforts. The rise in infrastructure development projects in India has created a massive demand for the heavy construction equipment market growth during the forecast period.
Based on Geography, the BRICS Heavy Construction Equipment Market comprises of Brazil, Russia, India, China, South Africa, Egypt, Indonesia, and UAE. The China held the largest share in 2024.
According to the government's transportation network planning outline, China aimed to add 400 airports by 2035, an increase from ~240 airports in 2022. China's 32 large and busy airports are suffering from capacity overload, and 40 of the country’s 50 largest airports need renovation or expansion, according to the Civil Aviation Administration of China (CAAC). China's 14th Five-Year Plan covers 140 airport projects, including greenfield construction, relocation, renovation, and expansion by the end of 2025. With such sustained investments and a focus on innovation toward infrastructure, China continues to shape its construction sector to accommodate escalating development and assert its positive impact on the heavy construction equipment market.
The government of China plays a pivotal role in driving the demand for heavy construction equipment through its extensive infrastructure investment programs. Major initiatives such as the Belt and Road Initiative (BRI), Made in China 2025, and the 13th Five-Year Plan prioritize large-scale infrastructure projects, including highways, railways, airports, ports, and bridges. These projects are crucial for China’s economic development and require construction machinery for site preparation, construction, and maintenance.
Some of the key players operating in the market includes Caterpillar Inc., Komatsu Ltd., Volvo Construction Equipment, Liebherr Group, and Hitachi Construction Machinery among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisition to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note:
All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
The Insight Partners’ conduct a significant number of primary interviews each year with industry stakeholders and experts to validate its data, analysis, and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 64.80 Million |
| Market Size by 2031 | US$ 105.16 Million |
| Global CAGR (2025 - 2031) | 6.23 % |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Machinery Type
|
| Regions and Countries Covered | BRICS
|
The BRICS Heavy Construction Equipment Market is valued at US$ 64.80 Million in 2024, it is projected to reach US$ 105.16 Million by 2031.
As per our report BRICS Heavy Construction Equipment Market, the market size is valued at US$ 64.80 Million in 2024, projecting it to reach US$ 105.16 Million by 2031. This translates to a CAGR of approximately 6.23 % during the forecast period.
The BRICS Heavy Construction Equipment Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the BRICS Heavy Construction Equipment Market report:
The BRICS Heavy Construction Equipment Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The BRICS Heavy Construction Equipment Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the BRICS Heavy Construction Equipment Market value chain can benefit from the information contained in a comprehensive market report.
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