Executive Summary and ASEAN Heavy Construction Equipment Market Analysis
The heavy construction equipment market is projected to grow significantly, reaching USD 13.36 million by 2031 from USD 8.10 million in 2024, at a compound annual growth rate (CAGR) of 7.4% during the forecast period.
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In the ASEAN region, the construction industry is experiencing rapid expansion fueled by urbanization, population growth, and substantial infrastructure investments. The ten ASEAN member countries—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam—are seeing a surge in development projects driven by economic growth and increased public and private sector investment.
This growth is particularly evident in countries like Indonesia, Vietnam, Thailand, and the Philippines, where large-scale infrastructure projects and government initiatives are accelerating demand. As the region continues to invest heavily in transportation, housing, and industrial infrastructure, the need for heavy construction equipment—including excavators, cranes, bulldozers, wheel loaders, and dump trucks—is expected to rise steadily in the coming years.
ASEAN Heavy Construction Equipment Market Segmentation Analysis
Key segments that contributed to the derivation of the Heavy Construction Equipment Market analysis are machinery type, propulsion type, power output, and end use industry.
- By machinery type, the heavy construction equipment market is segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, others. The earthmoving equipment segment held a larger share of the market in 2024.
- In terms of propulsion type, the market is segmented into ICE, electric. The ICE segment held the largest share of the market in 2024.
- In terms of power output, the market is segmented into less than 100 HP, 101-200 HP, 201-400, 401 HP. The 201-400 HP segment held the largest share of the market in 2024
- By end use industry, the market is segmented into building and construction, forestry and agriculture, energy and power, mining, others. Building and construction segment held the largest share of the market in 2024.
ASEAN Heavy Construction Equipment Market Outlook
The ongoing expansion of Changi Airport, including the construction of Terminal 5, is likely to increase the airport’s capacity to accommodate 135 million passengers annually, reinforcing Singapore’s position as a major air hub in Asia. Singapore is redeveloping the Jurong Lake District into a vibrant business, residential, and leisure hub. The district will feature green buildings, smart mobility, and sustainable infrastructure. Cambodia is developing the Phnom Penh-Sihanoukville Expressway, a key project aimed at improving connectivity between the capital city and the country’s main port. This project is expected to boost trade, tourism, and investment in the region. The Philippines is developing its first-ever subway system in Metro Manila to tackle traffic congestion and promote sustainable urban mobility. The project is expected to improve transport accessibility in one of the most densely populated cities in the world. Vietnam is investing heavily in expanding its aviation infrastructure with the development of Long Thanh International Airport in Dong Nai Province. This will become the country’s largest airport, with a capacity of 100 million passengers per year, aimed at boosting Vietnam’s connectivity with the world. Thus, growing infrastructure development is driving the growth of heavy construction equipment market.
ASEAN Heavy Construction Equipment Market Country Insights
Based on Geography, the ASEAN Heavy Construction Equipment Market comprises of Indonesia, Singapore, Malaysia, Thailand, Vietnam, Philippines. Indonesia held the largest share in 2024.
Rising infrastructure projects and increasing government funding are major factors driving the heavy construction equipment market in Indonesia. In September 2024, Millennium Challenge Corporation (MCC) and the Government of Indonesia launched an investment of US$ 649 million for Indonesia’s infrastructure development for the next five years up to 2028.
The grant focused on improving the quantity infrastructure and increasing access to finance for small and medium enterprises, drivers of the heavy construction equipment market growth. The construction sector in Indonesia plays a crucial role in the country’s economy, contributing significantly to employment, infrastructure development, and overall economic growth. In recent years, Indonesia’s construction industry has experienced steady growth driven by both government and private sector investments in various infrastructure projects, including roads, bridges, airports, and urban development. The sector has been pivotal in supporting the government’s initiatives to modernize infrastructure, enhance connectivity, and promote industrial development, particularly under the National Medium-Term Development Plan (RPJMN).
The ongoing push for infrastructure development to address the challenges of urbanization, population growth, and the need for enhanced regional connectivity is fueling the expansion of the construction sector. The government’s infrastructure spending has increased, with a focus on transportation (highways, railways, ports, and airports), energy (power plants, renewable energy projects), and public housing projects. The construction of toll roads has been a major initiative, easing traffic congestion and improving transportation efficiency across the archipelago.
ASEAN Heavy Construction Equipment Market Report Highlights
| Attribute | Details |
| Market Size (2024) | US$ 8.10 Million |
| Market Size (2031) | US$ 13.36 Million |
| CAGR (2025–2031) | 7.4% |
| Historical Data | 2022–2023 |
| Forecast Period | 2025–2031 |
| Segments Covered | Machinery Type, Propulsion Type, Power Output, End Use Industry |
| Machinery Type | Earthmoving, Material Handling, Heavy Construction Vehicles |
| Propulsion Type | ICE, Electric |
| Power Output | <100 HP, 101–200 HP, 201–400 HP, 401+ HP |
| End Use Industry | Building & Construction, Forestry & Agriculture, Energy & Power, Mining |
| Regions/Countries | ASEAN: Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam |
ASEAN Heavy Construction Equipment Market Company Profiles
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.
ASEAN Heavy Construction Equipment Market Research Methodology :
The following methodology has been followed for the collection and analysis of data presented in this report:
- Secondary Research
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:
- Company websites, annual reports, financial statements, broker analyses, and investor presentations.
- Industry trade journals and other relevant publications.
- Government documents, statistical databases, and market reports.
- News articles, press releases, and webcasts specific to companies operating in the market.
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Akshay
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