The major factors contributing to the growth of construction equipment and heavy equipment market are increasing urbanization and industrialization in developing regions
NEW YORK, NY, UNITED STATES, Oct. 8, 2021 /EINPresswire.com/ – The construction equipment and heavy equipment market is expected to grow from $ 142.3 billion in 2018 to $ 196.4 billion by 2026, with a CAGR of 4.02% during the forecast period. Strong demand for construction and heavy equipment from the infrastructure sector, due to increased construction activities, increased public investment due to growing demand in the residential segment, as well as urbanization and economic growth in developing countries are some of the driving factors of the market.
High initial investment, repair and maintenance costs, problems regarding the export of machinery to across the world, and concerns about future residual values and depreciation may restrain the growth of the construction equipment and heavy equipment market. .
The 100+ page report offers a comprehensive overview of market size, market share, revenue growth, CAGR, sales network and distribution channel, market demand, as well as segments and sub-segments. The report offers key information on the major companies operating in the market and their business plans, expansion strategies and global market position.
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Key players in the construction and heavy duty equipment market Caterpillar Inc., CNH Industrial NV, Komatsu Ltd., AB Volvo, Hitachi Construction Machinery Co. Ltd., JC Bamford Excavators Ltd. (JCB), Hyundai Heavy Industries Co. Ltd., Liebherr Group, Doosan Infracore Co. Ltd and Terex Corporation
Other key findings from the report suggest
• The construction equipment and heavy equipment market is segmented by machine type into earth moving equipment, material handling, heavy construction vehicles and others. Earthmovers are expected to experience the greatest growth of approx. CAGR of 5.15% during the forecast period, due to its low operating costs and emerging technologies in the field, such as intelligent and internet-enabled smart excavators.
• The construction equipment and heavy equipment market is segmented by application into excavation and demolition, heavy lifting, tunneling, material handling, recycling and waste management. Excavation and Demolition is expected to experience the highest CAGR growth of 4.83% during the forecast period as it delivers off-the-cuff results, performance and efficiency while being cost effective. In addition, the excavators are used for rescue in natural disasters and mining of metals and minerals, thus contributing to the growth of the segment.
• The construction equipment and heavy equipment market is segmented by verticals into construction, oil and gas, mining, infrastructure, manufacturing and others (forestry and agriculture). Infrastructure is expected to experience the highest CAGR growth of 4.9% during the forecast period, due to huge investments by governments in the infrastructure sector. Construction and manufacturing segments are also expected to experience strong growth during the forecast period.
• The construction equipment and heavy equipment market is segmented by geography into North, America, Europe, Asia-Pacific, Latin America, Middle East and Africa. APAC dominates the market and is expected to experience the highest growth of its CAGR of 4.8% during the forecast period as the region includes the largest developing countries like Japan, China and India , huge investments in urbanization and industrialization and the growing population of this region.
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For the purpose of this report, the market has been segmented on the basis of machine type, applications, verticals, and regional analysis.
Construction Equipment and Heavy Equipment Market by Machine Type (Revenue, USD Million; 2018-2026)
Earth moving equipment
Heavy construction vehicles
Construction Equipment and Heavy Equipment Market by Applications (Revenue, USD Million; 2018-2026)
Excavation and demolition
Recycling and waste management
Construction Equipment and Heavy Equipment Market, by Industry (Revenue, USD Million; 2018-2026)
Others (forestry and agriculture)
The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces Analysis. The report further explores key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and validated by analysts, industry experts and market professionals. The report also highlights recent mergers and acquisitions, joint ventures, collaborations, partnerships and product launches, among others.
The regional analysis covers the assessment of imports / exports, production and consumption ratios, supply and demand, costs, prices, estimated revenues and gross margins, and the presence of actors keys in the area. The report also offers information on revenue growth, market size, market share, the technological advancement, and the presence of key players in each region.
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The regional bifurcation of the construction equipment and heavy equipment market includes:
North America (United States, Canada, Mexico)
Europe (UK, Italy, Germany, France, rest of Europe)
Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
Latin America (Chile, Brazil, Argentina, rest of Latin America)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)
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