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The global heavy construction equipment market reached a value of US$ 124.42 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 169.22 Billion by 2027, exhibiting a CAGR of 5.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Heavy construction equipment refers to large-scale machinery used for heavy operations and tasks, such as material handling, tunneling, excavation, recycling, waste management, and lifting. Tippers, dumpers, motor graders, dozers, loaders and excavators are commonly used heavy construction equipment. These machines assist in increasing the rate of output through work progress, reducing the need for manpower, enhancing efficiency, speed, and safety on a larger scale, and reducing the time limit of processes and overall construction costs. As a result, heavy construction equipment finds extensive application across the mining, manufacturing, infrastructure, construction, and oil and gas industries.
The significant growth in the construction industry across the globe is creating a positive outlook for the market. Heavy construction equipment is widely used for heavy lifting, demolition, river dredging, cutting trees, and moving aside or loading materials, such as asphalt, demolition debris, dirt, and snow. In line with this, the increasing adoption of cranes due to their power and precision to lift hefty materials with exactness, along with a superior level of safety, is favoring the market growth. Apart from this, various advancements in technology, such as the integration of machine learning (ML) and the Internet of Things (IoT) to optimize equipment utilization and improve operational efficiency, are providing an impetus to the market growth. Additionally, the introduction of driver assistance systems and real-time data tracking to streamline processes and monitor the location, fuel usage, operating hours and maintenance of the machinery is positively impacting the market growth. Other factors, including the increasing demand for advanced construction equipment and the implementation of various government initiatives promoting residential, commercial, and infrastructural developments, are anticipated to drive the market toward growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global heavy construction equipment market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on equipment type and end user.
Breakup by Equipment Type:
Breakup by End User:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Equipment Type, End User, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, 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.|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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