Global Heavy Construction Equipment Market Envisioned to Generate $257.2 Billion, Rapid Urbanization and Industrialization in the Developing Countries Lead to Economic Growth - Exclusive Report [180 Pages] by Research Dive
The global heavy construction equipment market is expected to see striking growth by 2028, owing to the rapid economic growth. The earth-moving sub-type is expected to be most lucrative. The Asia-Pacific region is expected to dominate the market.
NEW YORK, Nov. 15, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Heavy Construction Equipment Market by Type (Earth Moving, Material Handling, and Heavy Construction Vehicles), End-use Industry (Construction, Mining, and Oil & Gas), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the Global Heavy Construction Equipment Market is expected to generate a revenue of $257.2 billion and grow at a CAGR of 4.8% over the estimated timeframe from 2021-2028.
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Dynamics of the Market
With the increasing urbanization and industrialization majorly in the developing countries to boost the economic growth and create employment opportunities, the market is anticipated to witness significant growth during the forecast period. Moreover, the factors like high digging strength, dump heights, ground clearance are some major factors further expected to bolster the growth of the heavy construction equipment market throughout the forecast period. Besides, the equipment rentals option for the individual businesses and the heavy construction equipment manufacturers are further predicted to fortify the growth of the market during the forecast period. However, the requirement of skilled labor and high heavy construction equipment is may impede the growth of the market over the analysis period.
Covid-19 Impact on the Heavy Construction Equipment Market
The rise of the Covid-19 pandemic has had a negative impact on the heavy construction equipment market, similar to several other industries all across the globe. Because of the stringent lock-down imposed by the government of many countries worldwide, many manufacturing companies have shut down their operations. This is major because of the drastic decline in the demand, unavailability of raw materials due to disrupted supply chain, and also the shortage of laborers. These are factors that have caused declination in the growth of the heavy construction equipment market during the crisis.
Segments of the Market
The report has been divided the heavy construction equipment market into segments namely, type, end-user, and region.
- By type, the earth moving sub-type is expected to be most lucrative and is projected to generate $138.6 billion and during the forecast timeframe. The increasing rate of manufacturing various earth moving equipment for various construction and mining works is further expected to fortify the growth of the heavy construction equipment market's sub-segment during the forecast period.
- By end-user, the construction sub-segment is anticipated to be most profitable and is expected to garner a revenue of $128.6 billion throughout the forecast period. The rapid evolving of infrastructure and construction projects and huge ongoing construction projects are vital factors expected to amplify the growth of the market's sub-segment during the forecast period.
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- By region, the Asia-Pacific region is expected to rise at a CAGR of 5.6% and is predicted to hold the maximum market share during the forecast period. This is mainly due to the economic development of many countries in this region. Furthermore, the existence of leading manufacturers of heavy construction equipment and innovative initiatives to adopt the latest technology is further expected to augment the regional growth of the heavy construction equipment market throughout the forecast timeframe.
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Top 10 Prominent Key Players of the Heavy Construction Equipment Market Include -
- SANY Group
- XCMG Group
- Volvo Construction Equipment
- John Deere
- Hitachi Construction Machinery, Co., Ltd.
- Komatsu Ltd.
- Liebherr
- Caterpillar Inc.
- Hyundai Doosan Infracore
- JCB
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These players are majorly working on the development of new business tactics and strategies to acquire leading positions in the global industry.
For instance, in May 2021, Infra. Market, a leading Indian manufacturer, and designer of technology-based construction materials have bought a majority stake in Equiphunt, a renowned Hyderabad-based heavy construction equipment rental service provider. With this acquisition, the companies have aimed to provide a one-stop solution for all equipment and service requirements for B2B customers globally.
Further, the report also summarizes the other important aspects such as the financial performance of the key players, latest strategic developments, product portfolio, and SWOT analysis.
More about Heavy Construction Equipment Market:
- Heavy Construction Equipment Market to Witness Considerable Growth Owing to Rapid Urbanization and Growing Focus on Sustainability
- The Heavy Construction Equipment Market to Witness Marvelous Growth with Growing Technological Advancements
- How do Heavy Construction Equipment Uplift the Flexibility of Performing Construction Works in Deadlines?
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