Heavy Machinery Insurance Market Outlook - 2030

Heavy machinery insurance engages in the business of protecting a company from losses caused by events that occur during the normal course of business. Furthermore, it offers quick and convenient cashless services for repair and replacement of machinery. This insurance allows contractors to replace damaged or stolen equipment at no cost or filing an external claim. Moreover, higher customer satisfaction, cashless transactions, and prompt services in terms of claim settlements are expected to drive the growth of the heavy machinery insurance market.

The global heavy machinery insurance market is segmented on the basis of type, end user and region. Based on type, the market is divided into heavy construction vehicles, earthmoving, material handling, and others. On the basis of end user the market is divided into Public Work & Railroad, Construction & Manufacturing, Mining Heavy Machine, and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global heavy machinery insurance industry include Caterpillar, Liebherr worldwide, Terex Corporation, AB Volvo, Komatsu Ltd Doosan Infracore, Hitachi Construction Machinery Co. Ltd., The Bisouv Network, J.C. Bamford Excavators Ltd., SANY Group, and CNH Industrial.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global heavy machinery insurance market.

Market Scope and Structure Analysis

COVID-19 Impact Analysis

• In an ongoing financial crisis, during the COVID-19 pandemic, the heavy machinery insurance market forecast has experienced high alert for frauds and there has been an increase in the number of fraud claims during the pandemic. Moreover, government imposed lockdowns and business shutdown have severely affected the demand for heavy machinery insurance.
• The usage of artificial intelligence (AI) and virtual claims adjusters has helped to boost the market growth. Furthermore, the adoption of AI accelerated the claim settlement process with a high level of customer satisfaction during the pandemic situation.

Top Impacting Factors

Increased investment in the construction industry and availability of equipment for hire or lease drive the market growth. However, shortage of experienced staff and increase in repair & maintenance concerns hamper the market growth. Conversely, increased usage of artificial intelligence (AI) is expected to provide an opportunity for the heavy machinery insurance market in the coming years.

Availability of Equipment for Hire or Lease

Renting or leasing heavy construction equipment is considered beneficial for construction companies. It fulfills the customers’ requirements for the equipment without paying for its entire cost. Renting rather than purchasing equipment, renting or leasing is more cost-effective for contractors. In addition, contractors have access to diverse types of equipment while leveraging the technologies available through leasing. As a result, the heavy machinery insurance market is expected to grow in the coming years to protect the monetary loss of businesses in the market.

Shortage of Experienced Staff and Expensive Repair & Maintenance Cost

To maintain the efficiency of heavy machinery, the availability of skilled labor is lower and maintenance & repairing of large machinery is expensive in the market. In addition, highly skilled workforce is essential to handle large machinery and trained workforce is limited especially in emerging economies. Therefore, shortage of experienced labor force is expected to hamper the market growth.

Key Segments Covered

Key Benefits of the Report

• This study presents analytical depiction of the heavy machinery insurance market trends along with the current trends and future estimations to determine the imminent investment pockets.      
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the heavy machinery insurance market share.   
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the heavy machinery insurance market growth scenario.         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed heavy machinery insurance market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Heavy Machinery Insurance Market Research Report

• Which are the leading players active in the heavy machinery insurance market size?
• What are the detailed impacts of COVID-19 on the market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?