Global Heavy Construction Equipment Market To Be Driven By The Growing Government Investments In Construction In The Forecast Period Of 2021-2026
Global Heavy Construction Equipment Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global heavy construction equipment market, assessing the market based on its segments like types, applications, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 170 billion
• Forecast CAGR (2021-2026): 6.2%
• Forecast Market Size (2026): USD 244 billion
The heavy construction equipment market is positively affected by the increasing government investments in construction activities and global economic growth. The market is expected to witness a significant boost due to the increased infrastructural developments and private-public partnerships in the sector. Growth in the real-estate sector is further projected to fuel the demand for heavy construction equipment. In addition, the growing population in emerging economies, such as China and India, has led to increased residential and commercial construction, which is also expected to aid the market growth of heavy construction equipment.
Industry Definition and Major Segments
Heavy construction equipment are large scale machineries used in construction activities to reduce the need for manpower, increasing efficiency, and reducing the time taken in activities. These are also used in mining, agriculture, and the military, along with construction activities.
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Based on type, the market is divided into:
• Earth Moving Equipment
o Excavators
o Loaders
o Dozers
o Motor Graders
o Others
• Heavy Construction Vehicles
o Dumpers
o Tippers
• Material Handling Equipment
o Cranes
o Telescopic Handlers
o Others
• Others
The market is segregated on the basis of application, into:
• Heavy Lifting
• Material Handling
• Transportation
• Excavation and Demolition
• Tunneling
• Recycling and Waste Management
• Others
The market is divided on the basis of end use into:
• Mining
• Infrastructure
• Forestry and Agriculture
• Construction and Manufacturing
• Vehicle Transport
• Public Works
• Others
The regional markets for heavy construction equipment include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Heavy construction equipment are witnessing a high demand due to the growth of the residential construction sector owing to the growing population and urbanisation in emerging economies like India and China. Urbanisation also triggers the growth of institutional and commercial infrastructure, such as school buildings, hotels, and malls, among others, wherein heavy construction equipment are used heavily.
With countries preparing for hosting international events , such as Qatar hosting the next FIFA World Cup and Japan hosting the next Olympics, they are going to witness a significant growth in the demand for heavy construction equipment due to the further development of infrastructure to prepare for these events. Increased investments in mining, as well as infrastructure and construction activities, by governments are also expected to be the major growth driver of heavy construction equipment market in the coming years.
Key Market Players
The major players in the market are Deere & Company, Komatsu Ltd., AB Volvo, Doosan Infracore Co., Ltd., Hitachi Construction Machinery Co., Ltd., Caterpillar Inc, and Liebherr-International AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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