Singapore Construction Equipment Market to Grow at 5.09% CAGR from 2024 to 2030

Strategic Insights -

Singapore's construction equipment market is expected to experience significant growth over the next six years, driven by government initiatives, urban development, and the expansion of the data center and semiconductor manufacturing facilities. The market is forecast to grow at a compound annual growth rate (CAGR) of 5.09% from 2024 to 2030, reaching a value of approximately USD 1.45 billion by 2030. This growth will be fueled by the increasing demand for electric construction equipment, smart and autonomous construction equipment, and the rise of construction activities in the country.

Key Takeaways:

  • The Singapore construction equipment market is expected to grow at a CAGR of 5.09% from 2024 to 2030.
  • Earthmoving equipment accounted for the largest market share in 2024, with excavators in the earthmoving segment accounting for the largest share.
  • The demand for material handling equipment is growing due to the booming manufacturing sector, driving the development of warehouses and logistics parks across the country.
  • The earthmoving segment is estimated to reach 2 thousand units by 2030, while the road construction equipment segment is estimated to surpass USD 14 million by value by 2030.
  • The land transport authority (LTA) has awarded a contract to Quek and Quek Civil Engineering Pte Ltd for the construction of a new vehicular flyover at PIE/Jurong Canal Dr, including an at-grade road connecting Jurong Canal Dr with Tengah Blvd.
  • Construction equipment utilization in the construction industry by end-user (volume) has the largest market share in 2024.
  • The Building and Construction Authority (BCA) projects the total construction demand, i.e., the value of construction contracts to be awarded, to range between $36.5 billion and $41.2 billion in nominal terms in 2025.

Statistics:

  • The Singapore construction equipment market is expected to grow at a CAGR of 5.09% from 2024 to 2030.
  • The market is forecast to reach a value of approximately USD 1.45 billion by 2030.
  • Earthmoving equipment accounted for the largest market share in 2024, with 56.2% of the total market share.
  • Excavators in the earthmoving segment accounted for 32.5% of the market share in 2024.
  • The road construction equipment segment is estimated to reach USD 14.2 million by value by 2030.
  • The earthmoving segment is expected to grow at a CAGR of 5.6% from 2024 to 2030.
  • The road construction equipment segment is expected to grow at a CAGR of 4.8% from 2024 to 2030.

Sources:

  • ResearchAndMarkets.com, "Singapore Construction Equipment Market Research Report 2025-2030"
  • Singapore Green Building Masterplan (SGBMP), launched in February 2025
  • World Semiconductor Trade Statistics (WSTS)
  • Monetary Authority of Singapore (MAS)
  • Ministry of Trade and Industry (MTI)
  • Building and Construction Authority (BCA)
  • Land Transport Authority (LTA)
  • Businesswire.com, "Singapore Construction Equipment Market to Grow at 5.09% CAGR from 2024 to 2030"