Construction equipment

Heavy construction equipment market worth USD 346.36 billion by 2030 at a CAGR of 7.5%

Future of Market Research

Heavy Construction Equipment Market Overview and Industry Analysis by Type (Earth-Moving Equipment, Material Handling Equipment, Heavy-Duty Construction Vehicles, and Other Heavy-Duty Construction Equipment), by Application (Infrastructure, Commercial Buildings, and Residential Buildings), by end user (oil and gas industry, construction industry, military and mining) and region, competitive market size, share, trends and forecast to 2030

New York, U.S., July 15, 2022 (GLOBE NEWSWIRE) — Overview of heavy construction equipment market

According to a comprehensive research report by Market Research Future (MRFR), “heavy construction equipment market Information by Type, Application, End User and Region – Forecast to 2030“, the market is expected to grow at a CAGR of 7.5% to reach $346.36 billion by 2030.

Market summary

The products offered by the manufacturers in the heavy construction equipment market include earth moving equipment, heavy construction vehicles and material handling equipment. These are widely used in the building and construction industry for a number of applications and purposes.

The main applications of heavy construction equipment are material handling, heavy lifting, tunneling, excavation and demolition, recycling and waste management, etc. In addition to construction, these products find applications in many other end-use industries, such as oil and gas, infrastructure, mining, and manufacturing, among others.

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Report Scope:

Report attribute

Details

Market size 2030

2030: $346.36 billion

CAGR

7.5% (2022-2030)

Year of reference

2021

Forecast period

2022–2030

Historical data

2020

Forecast units

Value (USD billion)

Report cover

Revenue forecasts, competitive landscape, growth factors and trends

Segments Covered

By type, application, end user and region

Geographical areas covered

North America, Europe, Asia-Pacific and Rest of the World (RoW)

Key Market Drivers

The growing number of heavy construction equipment rentals and services

Growing demand for building and construction activities

Market Competitive Landscape:

Successful companies in the heavy construction equipment industry include

  • Access Eazi (South Africa)

  • Manitou Group (France)

  • Wacker Neuson Group (Germany)

  • Terex company. (WE)

  • Oshkosh Corporation (USA)

  • DIECI Srl (Italy)

  • HAULOTTE GROUP (France)

  • JC Bamford Excavators Ltd. (UK)

  • Linamar Company (Canada)

  • Caterpillar (USA)

Covered USP market:

Market factors:

Increased spending to accelerate the development of the infrastructure sector will increase the demand for heavy construction equipment. Heavy construction equipment is seeing a huge demand in the infrastructure sector owing to the surge in construction activities. The construction sector in the United States is experiencing a drop in demand. Nonetheless, spending on private non-residential construction increased from USD 289 billion in 2010 to USD 500 billion in 2017. Rising spending in the construction industry will be a key catalyst for market growth.

Demand from the construction industry is particularly high in the residential segment, driving the use of a variety of heavy equipment. The booming real estate sector in the United States, in various cities like Austin, Seattle, Fort Lauderdale and Dallas, will most likely increase the number of infrastructure development activities. This will undoubtedly have a huge impact on the overall market.

The steady increase in residential property costs, combined with the increased demand for residential homes, has encouraged investment in the construction industry. The focus on automating the manufacturing process is expected to have a positive effect on the global industry. The road construction machinery space will expand significantly in response to the increase in road development programs conducted by many state and central governments. The increase in these initiatives, particularly in the Asia-Pacific region, will also be favorable.

Market constraints:

The massive funds required for construction projects, mining activities and industrial activities will be a major challenge for companies active in the heavy construction equipment industry. It is expected that these industries in emerging countries will face financial restrictions compared to developed countries. This could mean a slowdown in market demand in the years to come.

Browse the in-depth market research report (125 pages) on heavy construction equipment: https://www.marketresearchfuture.com/reports/global-heavy-construction-equipment-market-681

COVID 19 analysis

The significant impact of the COVID-19 outbreak has led to many repercussions on the health status of everyone around the world. The consequences are closely linked to the heavy social and economic burden on people around the world. As policymakers come up with new frameworks and industries use advanced models of business expansion to stay relevant, people are dealing with a series of mental traumas.

Around the world, the increase in cases has caused mental and economic problems, especially among the elderly. Additionally, the younger population faces challenges due to loss of livelihoods and opts for family care to cope with the repercussions. Much of the focus is on treating COVID-19 and developing a vaccine, which distracts attention from other markets. This has affected a number of sectors, particularly the heavy construction equipment market.

Market segmentation

By type

Material handling equipment, earth moving equipment and heavy construction vehicles are the main types of heavy construction equipment in the market.

Material handling equipment accounts for the largest share of the heavy construction equipment market, owing to the surge in the construction of several high-rise buildings which is increasing the need for material handling equipment. Dump trucks, cranes, telehandlers, and forklifts are some of the major material handling equipment widely used in the construction of high-rise buildings.

By app

Commercial buildings, residential buildings and infrastructure are the main applications for heavy construction equipment.

Heavy construction equipment is widely used in the infrastructure industry and hence the segment will take the top spot in the coming years. The escalating rate of urbanization has increased the demand for advanced transportation systems. As countries come up with new plans to meet this demand, the global infrastructure sector will grow at a significant rate in the coming years. Most of this demand will come from India and China.

Per end user

The military and mining, construction industry, and oil and gas sectors are the major end users in the industry.

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Regional outlook

Asia-Pacific market will capture the highest CAGR of 5.6% from 2020 to 2027, driven by rapid economic development in many countries in the region. Moreover, the massive number of affluent players in the region and their tendency to adopt innovative technologies will fuel the growth rate of the regional market in the future. The Chinese government is working to modernize transportation infrastructure with projects such as the 7918 Network (or National Highway Network) and the National High-Speed ​​Railway. Therefore, railway infrastructure will be the fastest growing space in the country. The country boasts of a fast growing economy, with a notable increase in the number of commercial construction activities. climate change.

European countries are rapidly emerging as major markets for heavy construction equipment due to upcoming programs and plans for construction projects. A few large-scale projects are undersea tunnels and port extensions linking important areas of countries.

Central and South America will register a significant growth rate in the coming years as the heavy construction equipment market continues to enjoy tremendous demand. This robust expansion of the market can be attributed to the rising investment in road infrastructure advancement. As an illustration, the Argentine government plans to start with a road development project which will be completed by 2025. This project has detected about 16 key road plans with a length of almost 7,000 kilometers and the overall cost will be nearly $16.7 billion.

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