The global Heavy Construction Equipment Market is witnessing continual growth. This growth attributes to heavy investments in infrastructure development projects. Besides, the objective of accommodating smart commercial and residential buildings drives the growth of the market. Moreover, increasing numbers of smart city projects escalate the market growth exponentially.
According to Market Research Future (MRFR), the global construction equipment market is projected to cross USD 200 BN valuation by 2022, growing at 8% CAGR during the assessment period (2016 – 2022). The adoption of innovative and technologically advanced construction equipment allows colossal traction. Moreover, the increasing population in urban areas create strong market demand.
Over the last decade, construction firms have grown enormously. Innovations in construction equipment have assured a promising fortune for the construction industry, reducing labor and time. Additionally, rising uses of construction equipments in large, medium, and small-scale industrial construction projects help the market grow further.
Conversely, the high price of construction equipments is a major factor projected to impede market growth. Also, significant maintenance cost associated with heavy duty construction equipment poses challenges to the market's growth. Nevertheless, the increasing adoption of heavy construction equipment due to the rise in road construction activities and numbers of power projects would support market growth throughout the assessment period.
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Global Construction Equipment Market – Segmentation
The report is segmented into four dynamics;
By Equipment: Earth Moving, Material Handling, Concrete, and others.
By Application: Oil & Gas, Infrastructure, Construction, Agriculture, Mining, and others.
By End-Use : Lifting & Material Handling, Earth Moving, Excavation, Transportation, and others.
By Regions : Asia Pacific, Europe, North America, and the Rest-of-the-World.
Global Construction Equipment Market – Regional Analysis
The Asia Pacific region dominates the global construction equipment market. The largest market share attributes to the significant growth in the construction industry. Besides, the substantial growth in dams & canals construction activities and the number of power projects drive the regional market growth. India and China exponentially contribute to the regional market growth, mainly due to the recent technological developments.
Also, the growing residential and non-residential construction activities led by the growing population in China, Japan, and India contribute to the regional market's growth. Moreover, the increase in industrialization and urbanization led by improving economic conditions in the region drive the growth of the APAC construction equipment market.
North America stands second in the global construction equipment market. The market growth is driven by the increasing adoption of heavy construction equipment for residential, industrial, and infrastructural construction projects. Additionally, the rising population and high per capita disposable income are key driving forces behind the regional market growth.
The increasing demand for construction activities from the urban areas fosters the uptake of heavy construction equipment in the region. The US is a lucrative market, showcasing a range of high-performance construction equipment. The trend of commercial & residential structure developments boosts market growth in the region.
The European construction equipment market stands second in the global construction equipment market. Factors such as rapidly growing construction activities and infrastructure upgrade projects foster market demand. Moreover, the increasing repair activities in the existing infrastructure augment the demand for construction equipment in the region. Germany and the UK hold substantial market demand, heading with the continuously increasing construction values in the public and private sectors.
Global Construction Equipment Market – Competitive Analysis
Highly competitive, the construction equipment market appears to be fragmented due to the presence of several well-established players. These players incorporate strategic initiatives like acquisition, partnership, collaboration, expansion, and technology launch to gain a competitive advantage in the market. Such initiatives support the players' growth and expansion plans, helping them maintain their market position.
Manufacturers are committed to delivering reliable, leading-edge heavy construction equipments and comprehensive after-sales support. Well established players invest heavily in the R&D to develop products with adept technologies on a different level than their competition.
Major Players:
Players leading the global construction equipment market include Caterpillar Inc., AB Volvo, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Doosan Heavy Industries & Construction Co. Ltd., J.C. Bamford Excavators Limited, Liebherr Group, Kobe Steel Ltd., Hyundai Heavy Industries Co., Ltd., and Atlas Copco AB, among others.
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Industry/Innovation/Related News:
December 01, 2020 ---- Sany India, leading construction equipment & heavy machinery manufacturer, launched its 15000th machine. Delivering the best product in the indigenous construction sector, the company has further strengthened its product offering and market reach.
The new machine is a remarkable achievement that has very strong growth potential. It also encourages the company to continue to add new technologies into its upcoming product range and deliver the most modern construction equipment & heavy machinery solutions, reaffirming the company's commitment to the domestic construction equipment market.
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