The latest research study “Heavy Construction Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” from IMARC Group, reveals that the global heavy construction equipment market size has to reach US$124.42 billion in 2021. , IMARC Group expects the market to reach a value of US$169.22 billion by 2027, growing at a CAGR of 5.10% during the period 2022-2027.
Impact of Covid-19:
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Industry definition and application:
Heavy construction equipment represents large-scale machinery used for operations and tasks, such as tunneling, material handling, excavation, recycling, waste management, etc. Some of the commonly used variants include dumpers, tippers, graders, bulldozers, excavators, etc. These machines help to increase the production rate through work progress, reduce the need for manpower, improve the speed, efficiency and safety on a larger scale, minimize the time limit overall construction processes and costs, etc. Therefore, heavy construction equipment finds wide applications in various industries, such as mining, manufacturing, oil and gas, etc.
Heavy Construction Equipment Market Trends and Drivers:
Widespread adoption of products for demolition, dredging rivers, cutting trees, moving or loading materials including demolition debris, asphalt and snow etc. is mainly driving the market heavy construction equipment.
Additionally, the growing demand for cranes owing to their power and precision in lifting heavy materials with accuracy is further catalyzing the growth of the market. Besides, the launching of several favorable policies by government bodies to promote residential, commercial and infrastructural development acts as another important growth factor. Additionally, numerous technological advancements such as increasing integration of Internet of Things (IoT) and Machine Learning (ML) to optimize equipment utilization and improve operational efficiency are also increasing the market global.
Apart from this, the introduction of real-time data tracking and driver assistance systems to streamline processes and monitor fuel consumption, machine hours, location and maintenance is expected to fuel the heavy construction equipment market over the forecast period.
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The report has segmented the market into the following categories:
Breakdown by type of equipment:
• Earthmoving equipment
• Handling equipment
• Heavy construction vehicles
Breakdown by end user:
• Oil and Gas
Breakdown by region:
• North America: (United States, Canada)
• Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, others)
• Middle East and Africa
List of major key players:
The major market players are AB Volvo, Caterpillar Inc., CNH Industrial NV, Deere & Company, Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.), Hyundai Doosan Infracore Co. Ltd., JCB Ltd., Komatsu Ltd. , Liebherr AG, SANY Group Co. Ltd., Corporation and XCMG Group.
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