iCrowd Newswire – Jul 13, 2020
The Global Heavy Construction Equipment Market is estimated to grow at a CAGR of 4.2% during the forecast period 2020-2027. As per the detailed market study, the global heavy construction equipment industry is anticipated to reach $2,40,496.0 million by the end of the year 2027.
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Heavy construction equipment includes vehicle and equipment which are designed for various operations and construction applications such as paving, hauling, excavating, drilling and grading. The heavy construction equipment are used by various end-user industries such as infrastructure, forestry, manufacturing, construction, oil & gas and mining.
The global heavy construction equipment industry is driven by various growth factors such as increasing demand of heavy construction equipment amongst various countries owing to high investment in the infrastructure segment and increasing urbanization in region such as India and China. Whereas, operation of these heavy machineries on diesel cause environmental concerns related to emission of CO2 and other harmful gases impede the market growth. On contrary, development of fuel-efficient equipment and low emission machineries offer lucrative opportunities for the market players operating in the global heavy construction equipment industry.
Geographical Overview of the Global Heavy Construction Equipment Market
The Asia-Pacific heavy construction equipment market dominated with 2/5th of the market share in the global marketplace in the year 2019 and is anticipated to maintain the dominance over the forecast period. Additionally, the regional market is also estimated to grow at the fastest growth rate of ~5.3% during the forecast period 2020-2027. The regional market dominance is attributed to rise in focus to develop infrastructure and increased funding by the government agencies in the region. Moreover, the North America heavy construction equipment market study shows that the region held ~1/5th of the share in the global marketplace.
Segmentation Overview of the Global Heavy Construction Equipment Market
The global heavy construction equipment market is categorized on the basis of various market segments such as equipment type, end-user and application. These major market segments are further categorized into various sub-segments to study the market in detail. The segmentation study is on the basis of market determinants and geographical dynamics.
The Equipment Type Segment of the Global Heavy Construction Equipment Market is Sub-Segmented into:
- Heavy Construction Vehicles
- Material Handling
The End-User Segment of the Global Heavy Construction Equipment Market is Sub-Segmented into:
- Oil & Gas
The Application Segment of the Global Heavy Construction Equipment Market is Sub-Segmented into:
- Recycling & Waste management
- Material Handling
- Heavy Lifting
- Excavation & Demolition
Competitive Insights of the Global Heavy Equipment Construction Equipment Market
Sany, Liebherr AG, Komatsu, JCB, Hitachi Machinery Construction, Doosan Infracoe, Deere & Company, CNH, Caterpillar Inc. and AB Volvo are some major market players included in the research study of the global heavy construction equipment market. Key companies such as AB Volvo and Caterpillar Inc. are inclined towards development of advanced earthmoving machines with improved performance and advance technologies. For instance, Caterpillar Inc. developed a newly commercialized earth moving solutions such as computer aided earthmoving system (CAES) and AccuGradeTM grade control system to reduce operating costs.
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Keywords: Heavy Construction Equipment Market