Lewes, Delaware, July 26, 2024 (GLOBE NEWSWIRE) -- The Global Heavy Construction Equipment Market Size is projected to grow at a CAGR of 6.81% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 140.12 Billion in 2024 and is expected to reach USD 253.52 Billion by the end of the forecast period.
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Browse in-depth TOC on “Global Heavy Construction Equipment Market Size”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Deere & Company, Hyundai Construction Equipment Co. Ltd., SANY Group, Terex Corporation, JCB, AB Volvo, CNH Industrial. |
| SEGMENTS COVERED | • By Type • By Application • By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
Heavy Construction Equipment Market Overview
Rapid Urbanization: The heavy construction equipment market is being driven by rapid urbanization. The demand for sophisticated machinery is driven by the increasing necessity for robust infrastructure as cities expand. This urban expansion accelerates construction activities, resulting in increased sales and investments in heavy construction equipment.
Technological Advancements: Revolutionizing the heavy construction equipment market are technological advancements. Automation, IoT integration, and advanced telematics are among the innovations that have increased the appeal of equipment to consumers by improving efficiency and safety. This stimulates market expansion by offering superior, cost-effective solutions.
Government Investments: The heavy construction equipment market is substantially affected by government investments in infrastructure development. The demand for heavy machinery is fueled by large-scale initiatives in public works, energy, and transportation. Manufacturers and suppliers are provided with ongoing opportunities as a result of these investments, which promote market expansion.
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High Initial Costs: The massive construction equipment market is significantly challenged by its high initial costs. Potential buyers, particularly lesser companies, may be discouraged by the substantial capital necessary for the acquisition and operation of sophisticated machinery. Market penetration is restricted and growth is impeded by this financial barrier.
Stringent Environmental Regulations: The heavy construction equipment market is influenced by stringent environmental regulations, which impose rigorous emissions and operational standards. Costly upgrades and modifications to existing apparatus are frequently necessary to comply with these regulations. This can result in a decrease in profit margins and an increase in operational costs for manufacturers.
Fluctuating Raw Material Prices: The heavy construction equipment market is characterized by uncertainty due to fluctuating raw material prices. Price volatility for finalized products may result from fluctuations in the costs of steel, aluminum, and other critical materials. This unpredictability complicates the budgeting and financial planning processes for both manufacturers and consumers.
Geographic Dominance:
The heavy construction equipment market is characterized by geographical dominance, with North America, Europe, and Asia-Pacific occupying the majority of market share. Growth is stimulated by the robust infrastructure initiatives and technological adoption in North America. Innovation is encouraged by Europe's rigorous environmental regulations. The Asia-Pacific region experiences the most rapid development due to its extensive infrastructure investments and rapid urbanization. This geographical dominance has an impact on the market by concentrating growth opportunities, influencing regional investment, and shaping competitive dynamics.
Heavy Construction Equipment Market Key Players Shaping the Future
Major players, including Deere & Company, Hyundai Construction Equipment Co. Ltd., SANY Group, Terex Corporation, JCB, AB Volvo, CNH Industrial. and more, play a pivotal role in shaping the future of the Heavy Construction Equipment Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Heavy Construction Equipment Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Heavy Construction Equipment Market into Type, Application, And Geography.
To get market data, market insights, and a comprehensive analysis of the Global Heavy Construction Equipment Market, please Contact Verified Market Research®.
- Heavy Construction Equipment Market, by Type
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road Building Equipment
- Civil Engineering Equipment
- Crushing and Screening Equipment
- Other
- Heavy Construction Equipment Market, by Application
- Residential
- Commercial
- Industrial
- Heavy Construction Equipment Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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