New York, USA, Nov. 17, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global heavy construction equipment market is expected to garner a revenue of $257.2 billion and grow at a CAGR of 4.8% over the estimated timeframe from 2021-2028.
As per our analysts, due to the growing urbanization and industrialization majorly in the developing countries to boost the economic growth and create employment opportunities, the market is expected to witness significant growth during the analysis timeframe. The incorporation of advanced technology makes heavy construction more efficient such as by making it more fuel-efficient and cooling the engine faster with advanced engineering, which is the factor expected to surge the growth of the market during the analysis 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 over 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 may impede the growth of the market over the analysis period.
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Segments of the Market
The report has been divided the market into various segments based on type, end-user, and region.
- Type: Earth Moving Sub-Type to be Most Lucrative
The earth moving sub-type is projected to generate $138.6 billion and is expected to continue steady growth during the forecast timeframe. This is mainly due to the growing use of heavy construction equipment of heavy-duty vehicles in mining and construction activities. Moreover, the increasing rate of manufacturing various earth moving equipment for various construction works is further expected to fortify the growth of the heavy construction equipment market’s sub-segment during the analysis period. - End-user: Construction Sub-Segment to be Most Profitable
The construction sub-segment is expected to garner a revenue of $128.6 billion and is predicted to hold the largest market share during the analysis period. This is mainly because of the large number of ongoing construction projects worldwide. In addition, the rapid evolving of infrastructure and construction projects is further expected to amplify the growth of the market’s sub-segment during the forecast period.
The Heavy Construction Equipment Market to Witness Marvellous Growth with Growing Technological Advancements - Analyst Review by Research Dive
- Region: Asia-Pacific Region to Have Massive Growth Opportunities
The Asia-Pacific region is expected to rise at a CAGR of 5.6% and is predicted to hold the maximum market share over the analysis timeframe. This is mainly due to the economic development of many countries in this region. Moreover, the presence of leading manufacturers of heavy construction equipment and innovative initiatives to adopt the latest technology is further expected to boost the growth of the regional market throughout the forecast timeframe.
Covid-19 Impact on the Heavy Construction Equipment Market
Likewise, in several industries, the outbreak of the Covid-19 pandemic has had a negative impact on the heavy construction equipment market. Due to the strict locked 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.
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The Major Players of the Heavy Construction Eequipment 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
These players are majorly working on the development of new business tactics and strategies to acquire leading positions in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
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.
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Porter’s Five Forces Analysis for the Global Heavy Construction Equipment Market
- Bargaining Power of Suppliers: The heavy equipment manufacturers are dependent on various suppliers for purchasing the raw materials and machine components. Hence, suppliers can use their bargaining potential to grab high profits from the heavy equipment manufacturers.
Thus, the bargaining power of suppliers is high. - Bargaining Power of Buyers: Construction industry is volatile, and buyers demand technologically advanced equipment at low price. Also, they are eligible for various subsidies and tax benefits. They can use their bargaining power to buy the equipment at low price.
Thus, buyer’s bargaining power will be high. - Threat of New Entrants: The threat of new entrants is low as the emerging players have to invest huge capital to manufacture construction equipment. In addition, the presence of established players affects the entry of new players in this market.
Thus, the threat of the new entrants is low. - Threat of Substitutes: At present there is no substitute products for heavy construction equipment that can be used in large construction and mining projects.
Thus, the threat of substitutes is low. - Competitive Rivalry in the Market: The heavy construction equipment market players are focusing on advanced product development, business expansion, and acquisition to attract the new customers and retain the existing customers.
Therefore, competitive rivalry in the market is high.
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