BANGALORE, India, May 21, 2020 /PRNewswire/ -- Heavy construction equipment refers to heavy-duty vehicles, specifically designed to perform construction tasks, most often involving heavy operations tasks such as lifting, material handling, excavation or other major construction tasks.The demand for heavy construction equipment is driven mainly by residential, commercial, and industrial expansion, increased public-private collaboration, and global economic growth.
The global heavy construction equipment market size was valued at USD 171.667 Billion in 2019 and is estimated to reach USD 240.496 Billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt, and will affect the heavy construction equipment market significantly in 2020.
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TRENDS INFLUENCING THE HEAVY CONSTRUCTION EQUIPMENT MARKET SIZE
- Improved private sector involvement, growth in the real estate sector, improved economic conditions, and set-up of residential & commercial infrastructure in emerging economies are key factors driving the growth of heavy construction equipment market size.
- In addition, the growing population has led to increased residential and commercial construction activities in emerging economies such as India. This, in turn, is expected to increase the heavy construction equipment market size.
- The rising demand for technology that offers improved performance, material handling, and safety features will drive the heavy construction equipment market size.
- Rising infrastructural development around the world is the main driver for boosting market growth over the forecast period. Infrastructural growth results in increased construction activities, resulting in the growth of the market for heavy-duty construction equipment eventually. Developed infrastructure promotes economic development by promoting cross-border trade and industrial growth. Increasing government initiatives towards infrastructure development will further boost the heavy building equipment market in the coming years.
- One of the major barriers faced by players in the heavy construction equipment market is regional government regulations. For a company to start heavy construction, it needs to undergo a lengthy and thorough process of obtaining a permit. For example, since the construction industry uses more diesel engines than any other industry, proper baseline data are collected to adequately characterize the area's environmental condition in order to meet EU emission regulations. These stringent regulations can affect the growth of heavy construction equipment market size
HEAVY CONSTRUCTION EQUIPMENT MARKET SHARE ANALYSIS
- In terms of value, Asia-Pacific accounted for the largest heavy construction equipment market share, followed by the Middle East & Africa. Asia-Pacific is projected to record the highest growth from 2016 to 2021, while India is projected to be the region's fastest-growing market for heavy-duty construction equipment.
- The European economy is expected to rise at a relatively slower pace than other regions owing to the region's poor construction demand due to underperforming economic conditions. Europe and North America are mature markets. Thus, during the forecast period, the market for heavy construction equipment is estimated to expand at a sluggish pace.
- The Excavation segment is expected to dominate the heavy construction equipment market by application and is projected to be the fastest-growing segment during the forecast period. The growth of this segment is attributed to the increase in mining activities of precious minerals and metals across the globe and the increase in natural calamities where excavators are used in rescue operations.
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KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging heavy construction equipment market trends and dynamics.
- In-depth market analysis is conducted by constructing estimations for the key segments between 2019 and 2027.
- An extensive analysis of the heavy construction equipment market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global heavy construction equipment market forecast analysis from 2020 to 2027 is included in the report.
- The key market players operating in the market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the industry.
GLOBAL HEAVY CONSTRUCTION EQUIPMENT MARKET SEGMENTS
BY EQUIPMENT TYPE
- Material Handling
- Heavy Construction Vehicles
BY END USER
- Oil & Gas
- Excavation & Demolition
- Heavy Lifting
- Material Handling
- Recycling & Waste Management.
- AB Volvo
- Caterpillar Inc.
- Deere & Company,
- Doosan Infracoe
- Hitachi Machinery Construction,
- Liebherr AG
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SIMILAR REPORTS :
● Construction Equipment Market
The global construction equipment market size was valued at USD 184.500 Billion in 2019 and is estimated to reach USD 261.047 Billion by 2027, growing at a CAGR of 4.3% from 2020 to 2027
Construction equipment is machinery specifically designed to perform construction operations. Such machines are used for various functions such as drilling, shipping, excavating, paving, grading, etc. The global market for construction equipment encompasses various industries, including construction & infrastructure, manufacturing, and oil & gas.
During the forecast period, the lifting and material handling segment are expected to grow at the highest CAGR. Based on end-users, the market is categorized as oil & gas, construction & infrastructure, manufacturing, mining, and others. Among the end-user segments, the construction & infrastructure segment is expected to remain dominant during the forecast period.
● Latin America Heavy Construction Equipment Market
The Latin America Heavy Construction Equipment Market size is expected to reach USD 6.391 Billion in 2022, from USD 4.310 Billion in 2016, growing at a CAGR of 6.8% from 2016 to 2022.
Many of the factors driving the heavy building equipment demand in Latin America are recovery from the construction industry, the increase in private-public partnerships, and rapid urbanization.
Additionally, the development of low-emission and energy-efficient equipment provides opportunities for the growth of the Latin America Heavy Construction Equipment market. However, the oil price fluctuations increased carbon footprint, and weak economic conditions hamper the market growth.
● Compact Construction Equipment Market
The Global Compact Construction Equipment Market size was USD 6.250 Billion in 2016 and is expected to touch USD 9.438 Billion in 2023, rising from 2017 to 2023 at a CAGR of 6.2 percent.
Building industry growth is the major driver for compact construction equipment market size. These machinery are highly versatile, mobile from one place to another, and easy to use.
Population rise and rapid urbanization contribute further to the development of the construction industry. This, in turn, is boosting demand for compact building equipment. The increase in production costs, the dearth of skilled labor, and the volatility of fuel prices, however, impede business growth.
● Construction Equipment Monitoring Market
The report studies the Construction Equipment Monitoring Market size of players, countries, product types and end industries, historical data for 2014-2018, and forecast data for 2019-2025. Furthermore, the report analyses the global competitive environment, market drivers and patterns, opportunities and challenges, risks, and barriers to entry, distribution channels, distributors, and Porter's Five Forces analysis.
Heavy Duty Construction Equipment Market
Heavy Duty Construction Equipment is used on the construction site to perform multiple tasks, such as hoisting, excavating, hauling, paving, grading, and drilling. The category of equipment covered in the report includes mainly excavators, loaders, graders, bulldozers, dump trucks, compactors, and pavers.
The report studies the Heavy Duty Construction Equipment Market size of players, countries, product types and end industries, historical data for 2014-2018, and forecast data for 2019-2025. Furthermore, the report analyses the global competitive environment, market drivers and patterns, opportunities and challenges, risks, and barriers to entry, distribution channels, distributors, and Porter's Five Forces analysis.
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