The latest report by IMARC Group, titled “Heavy Construction Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global heavy construction equipment market reached a value of US$
132.0 Billion in 2022. Heavy construction equipment refers to machinery used to perform heavy operations, such as material handling, excavation, lifting, and other heavy operations. Some of the most commonly used heavy construction equipment include dumpers, tippers, dozers, motor graders, loaders, and excavators. It is used widely in the residential, commercial, and industrial sectors. It also help increase the output rate with the help of work progress, minimize the need for manpower, and improve speed, efficiency, and safety. In recent years, heavy construction equipment has gained momentum due to its extensive adoption in various industry verticals, including manufacturing, mining, infrastructure, construction, and oil and gas.
Global Heavy Construction Equipment Market Trends:
One of the primary factors driving the market is the expanding construction industry across the globe. Additionally, the increased private sector investment and the rapid growth of the real estate sector are positively influencing the market growth. Other than this, the utilization of cranes for lifting heavy materials with precision and exactness, along with an enhanced level of safety, is escalating the demand for heavy construction equipment. Besides this, the steady rise in the prices of residential properties, coupled with an increase in the demand for residential homes, is propelling the market growth. In line with this, governments of various nations are heavily investing in the development of smart cities, which has resulted in high demand for heavy construction equipment, such as road construction machinery. Furthermore, the renting and leasing services available for heavy construction equipment have made it more accessible, thus strengthening the market growth. Apart from this, numerous technological upgradations, such as the integration of machine learning (ML) and the Internet of Things (IoT) to optimize equipment utilization and enhance operational efficiency, are driving the market growth. Other growth-inducing factors include the escalating demand for advanced construction equipment and the implementation of numerous government initiatives promoting commercial, residential and infrastructural developments. Looking forward, IMARC Group expects the market value to reach US$
177.7 Billion by 2028, expanding at a CAGR of
4.96% during the forecast period (2023-2028).
- Based on the equipment type, the market has been divided into earthmoving equipment, material handling equipment, heavy construction vehicles, and others.
- On the basis of the end user, the market has been segmented into infrastructure, construction, mining, oil and gas, manufacturing, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, and Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.), Hyundai Doosan Infracore Co. Ltd., JCB Ltd., Komatsu Ltd., Liebherr AG, SANY Group Co. Ltd., Terex Corporation, and XCMG Group.
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