New York, USA, March 23, 2023 (GLOBE NEWSWIRE) -- According to a report published by research dive, the global heavy construction equipment market is anticipated to generate a revenue of $257.2 billion and grow at a CAGR of 4.8% throughout the estimated period from 2021 to 2028.
As per our analysts, the growing use of heavy construction equipment in urbanization and industrialization as it uses advanced engineering technology for cooling the engine and fuel injection is expected to propel the growth of the heavy construction equipment market over the analysis period. Moreover, the availability of the equipment rental option for individual businesses and heavy construction equipment manufacturers to meet the global demand for heavy equipment from the construction industry is predicted to create wide growth opportunities throughout the estimated timeframe. However, the requirement for skilled labor and high heavy construction equipment cost may impede the growth of the market over the forecast period.
Segments of the Heavy Construction Equipment Market
The report has divided the market into segments based on type, end-use industry, and region.
Type: Earth Moving Sub-Segment to be Most Productive
The earth-moving sub-segment is projected to generate a revenue of $138.6 billion during the analysis timeframe. The increasing use of heavy construction equipment of heavy-duty vehicles in mining and construction activities is expected to foster the growth of the market sub-segment over the analysis timeframe.
End-Use Industry: Construction Sub-Segment to be Most Profitable
The construction sub-segment is projected to garner a revenue of $128.6 billion over the estimated timeframe. The huge number of ongoing infrastructure and construction projects all across the globe is expected to augment the growth of the market sub-segment during the forecast timeframe.
Asia-Pacific Region to Hold the Biggest Share of the Market
The Asia-Pacific region of the heavy construction equipment market is predicted to grow at a CAGR of 5.6% throughout the analysis period. The increasing economic development across the region together with the growing government investment in the construction sector is expected to drive the regional growth of the market.
Covid-19 Impact on the Heavy Construction Equipment Market
The outbreak of the Covid-19 pandemic has devastated several industries all across the globe. It has had a negative impact on the heavy construction equipment market. This is mainly due to the declining demand for heavy equipment, and the lack of raw materials and labor during the pandemic period. Moreover, the decreasing government investments in construction and infrastructure projects due to the growing spread of the deadly virus has declined the growth of the market over the crisis.
Key Players of the Market
The major players of the heavy construction equipment market include
- SANY Group
- Hitachi Construction Machinery Co. Ltd.
- Volvo Construction Equipment
- Komatsu Ltd.
- Liebherr
- XCMG Group
- Hyundai Doosan Infracore
- John Deere
- JCB
- Caterpillar Inc.
These players are widely working on the development of new business strategies such as mergers and acquisitions, collaborations and partnerships, and product development to procure a leading position in the global industry.
For instance, in December 2022, Caterpillar inc., the world’s leading manufacturer of construction and mining equipment announced its collaboration with Luck Stone, a leading operator and producer of crushed stone and products. With this collaboration, Caterpillar aimed to expand its autonomous truck fleet to include the 100-ton-class.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Heavy Construction Equipment Market:
- How do Heavy Construction Equipment Uplift the Flexibility of Performing Construction Works in Deadlines?
- The Heavy Construction Equipment Market to Witness Marvellous Growth with Growing Technological Advancements
