The global heavy construction equipment market size reached US$ 132.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 177.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.96% during 2023-2028.
What Is A Heavy Construction Equipment Market?
Heavy construction equipment or heavy construction machinery is primarily designed to manage heavy operations and large construction tasks such as tunneling, excavation, material handling, recycling, lifting, and waste management. Some commonly used heavy construction equipment are bulldozers, excavators, backhoes, wheel tractor scrapers, compactors, dumper trucks, loaders, trenchers, motor graders, dozers, and loaders.
They help increase the output rate, enhance efficiency, speed, and safety on a larger scale, reduces the need for manpower, and minimize the time limit of processes and overall construction costs. As a result, heavy construction equipment is widely adopted in mining, manufacturing, infrastructure, construction, and oil and gas industries across the globe.
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What Are The Key Factors Driving In The Heavy Construction Equipment Market?
The market is primarily driven by the expanding construction sector due to the rising construction activities. In addition, the introduction of driver assistance systems and real-time data tracking to monitor fuel usage, location, operating hours, and maintenance of the machinery are contributing to the market growth. Moreover, the implementation of various government initiatives to construct railway tracks, airports, and roads represents another major growth-inducing factor.
Besides this, several technological advancements, such as the introduction of the Internet of Things (IoT) and machine learning (ML) to improve operational efficiency and optimize equipment utilization, are providing a positive thrust to market growth. Furthermore, rapid urbanization and industrialization, increasing infrastructure development projects, escalating demand for advanced construction equipment, and growing mergers and acquisitions (M&A) among key players are creating a favorable market outlook across the globe.
Who Are The Key Players/Companies In The Global Heavy Construction Equipment Market?
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.
The report has been segmented the market into following categories:
Breakup by Equipment Type:
- Earthmoving Equipment
- Material Handling Equipment
- Heavy Construction Vehicles
Breakup by End User:
- Oil and Gas
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates,
Saudi Arabia, Qatar, Iraq, Other)
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