According to a new report published by Allied Market Research, titled, “Heavy Construction Equipment Market by Equipment Type, Application, and End-User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global heavy construction equipment market size was valued at $171.6billion in 2019, and is projected to reach $240.4billion by 2027, registering a CAGR of 4.2% from 2020 to 2027. Heavy construction equipment is heavy equipment or vehicle used for activities involved in construction such as excavation, material lifting, tunneling, and material handling. The market is mainly driven by development in residential, commercial, and industrial sectors, increase in public-private partnership, and global economic growth. However, higher carbon emission and increase in oil prices are some factors that limit the growth of the heavy construction equipment market.
The commonly observed types of heavy construction equipment are earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Among these, the earthmoving equipment segment accounts for the largest market size by value, owing to low operating cost and increased demand from various industries such as construction, manufacturing, oil & gas, and mining & forestry.
The market is analyzed with respect to different applications provided, such as excavation & demolition, material lifting, tunneling, material handling, and recycling & waste management. These applications currently drive the market growth owing to the planning and implementation of different infrastructure projects. The excavation & demolition segment had largest share in the market in 2019, growing at a CAGR of 2.5% during the forecast period, as these excavators are equipped with new technology that ensures improved output, cost effectiveness, high performance, and efficiency.
The material handling applications segment is anticipated to grow rapidly, with a CAGR of 5.4% during the forecast period, due to increased use of material handling equipment such as cranes and telehandlers in large building, construction, and mining operations. The heavy construction equipment is used in numerous industry verticals. The end-user industries analyzed in the report are construction, mining, infrastructure, manufacturing, oil & gas, and others.
Among all industries, the construction industry accounted for the largest market share owing to improved involvement in private sector, tremendous growth in real estate sector, improved economic conditions, and residential & commercial infrastructure set-up in emerging economies. The construction industry generated highest revenue in 2019, which is expected to grow at a CAGR of 3.4% over the period of 2020–2027. However, manufacturingsector is expected to witness the highest growth during the forecast period, due to the increase in industrialization and urbanization. In addition, rise in application of forklifts and hoisting equipment in the manufacturing industry boosts the market growth in both, the developed and the developing nations.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2019. This region is expected to grow with highest CAGR from 2020 - 2027. The heavy construction equipment market is expected to exhibit a robust growth owing to increased use of earthmoving equipment in construction. Moreover, proactive government initiatives related to infrastructure developments result in an upsurge in investments in construction and mining projects.
The key players profiled in the heavy construction equipment market report include AB Volvo, Caterpillar Inc., CNH, Deere & Company, Doosan Infracoe, Hitachi Machinery Construction, JCB, Komatsu, Liebherr AG, and Sany.
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging heavy construction equipment market trends and dynamics.
The report provides an extensive analysis of theheavy construction equipment markettrends and emerging opportunities of the market.
In-depthheavy construction equipment market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
The global heavy construction equipment market forecast analysis from 2020 to 2027 is included in the report.
Depending on end-user, the constructionsegment dominated theheavy construction equipment market, in terms of revenue in 2019 and manufacturingis projected to grow at a CAGR 6.2%during the forecast period.
By type, theearthmoving segment registered highest revenue inthe heavy construction equipment market in 2019.
Asia-Pacific is projected to register the highest growth rate in the coming years.
The key players within the heavy construction equipment market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the heavy construction equipment industry.