The latest research study “Heavy Construction Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 ” by IMARC Group, finds that the global heavy construction equipment market size reached US$ 124.42 Billion in 2021.
Looking forward, IMARC Group expects the market to reach a value of US$ 169.22 Billion by 2027 exhibiting a CAGR of 5.10% during 2022-2027
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Heavy construction equipment represent large-scale machinery used for operations and tasks, such as tunneling, material handling, excavation, recycling, waste management, etc. Some of the commonly used variants include dumpers, tippers, motor graders, dozers, excavators, etc.
These machines aid in increasing the rate of output through work progress, reducing the need for manpower, enhancing speed, efficiency, and safety on a larger scale, minimizing the time limit of processes and overall construction costs, etc. Consequently, heavy construction equipment find extensive applications across various industries, such as mining, manufacturing, oil and gas, etc.
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Heavy Construction Equipment Market Trends and Drivers:
The widespread product adoption for demolition, river dredging, cutting trees, moving aside or loading materials, including demolition debris, asphalt, and snow, etc., is primarily driving the heavy construction equipment market.
Additionally, the escalating demand for cranes, owing to their power and precision to lift hefty materials with exactness, is further catalyzing the market growth. Besides this, the launch of several favorable policies by government bodies to promote residential, commercial, and infrastructural development is acting as another significant growth-inducing factor. Moreover, numerous technological advancements, such as the rising integration of the Internet of Things (IoT) and machine learning (ML) to optimize equipment utilization and improve operational efficiency, are also augmenting the global market.
Apart from this, the introduction of real-time data tracking and driver assistance systems to streamline processes and monitor the fuel usage, operating hours, location, and maintenance of the machinery is anticipated to fuel the heavy construction equipment market over the forecasted period
Heavy Construction Equipment Market Report Scope
|Market size value in 2021||US$ 124.42 Billion|
|Market forecast in 2027||US$ 169.22 Billion|
|Growth Rate||CAGR of 5.10% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Region, equipment type and end user|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.), Hyundai Doosan Infracore Co. Ltd., JCB Ltd., Komatsu Ltd., Liebherr AG, SANY Group Co. Ltd., Terex Corporation and XCMG Group|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup By Equipment Type:
· Earthmoving Equipment
· Material Handling Equipment
· Heavy Construction Vehicles
By End User:
· Oil and Gas
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Breakup by Geography:
· North America
o United States
o South Korea
o United Kingdom
· Latin America
· Middle East and Africa
List of Major Key Players:
The major players in the market are AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.), Hyundai Doosan Infracore Co. Ltd., JCB Ltd., Komatsu Ltd., Liebherr AG, SANY Group Co. Ltd., Terex Corporation and XCMG Group.
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