Heavy Construction Equipment Market worth $252.4 billion by 2028, at a CAGR of 4.8 %, says MarketsandMarkets™
Chicago, Nov. 13, 2023 (GLOBE NEWSWIRE) — The Global Heavy Construction Equipment Market is projected to grow from USD 190.3 billion in 2022 and is projected to reach USD 252.4 billion by 2028, at a CAGR of 4.8 %, between 2022 and 2028 period, as per the recent study by MarketsandMarkets™. Factors such as rapid urbanization, increasing investments in the construction industry, & and rising demand for infrastructural development from developing emerging economies, increase in population, and increase in the level of spending of people around the globe are driving the growth of the heavy construction equipment market.
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411 – Market Data Tables
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List of Key Players in Heavy Construction Equipment Market:
- Caterpillar (US)
- Liebherr AG (Germany)
- Terex Corporation (US)
- Volvo Group (Sweden)
- Komatsu (Japan)
- Hitachi Construction Machinery Co., Ltd. (Japan)
- SANY Heavy Industry Co., Ltd. (China)
- HD Hyundai (South Korea)
- XCMG Group (China)
- CNH Industrial N.V. (UK)
- J C Bamford Excavators Ltd (UK)
Drivers, Opportunities and Challenges in Heavy Construction Equipment Market
- Drivers: Rapid Urbanization
- Restraint: Socio-Economic effects of heavy construction activities
- Opportunity: renting or leasing of equipment
- Challenge: High cost of equipment
Key Findings of the Study:
- Earthmoving equipment segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
- Diesel segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
- <5 L segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
- 101-200 HP segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
- Material Handling application segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
- Automotive industry to be the fastest-growing end-use industry segment in the global Heavy Construction Equipment market in terms of value.
- Asia Pacific continues to be the largest market in the global Heavy Construction Equipment market in terms of value.
On the other hand, factors such as rigorous stringent government regulations and socialo -economic issues are expected to limit market growth. New mergers & acquisitions, collaborations, and joint ventures are expected to occur be undertaken in the coming years. Renting and leasing of heavy construction equipment is also expected to shape the future of the heavy construction equipment market.
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Based on Machinery Type, the heavy construction equipment market, by machinery type, includes earthmoving equipment, material -handling equipment, heavy construction vehicles, and others. These other equipment categories are critical tools for mining and construction activities, to provide raw materials for the industry. The earthmoving equipment segment is estimated expected to dominate the heavy construction equipment market. This segment is projected to retain the leading position through 2028, owing to increasing investments in the infrastructure industry to improve facilities in the government and private sectors.
Based on propulsion Type, the heavy construction equipment market based on propulsion type is segmented into diesel, electric, and CNG/LNG/RNG. Diesel engines are majorstly preferred in construction equipment due to the requirement of heavy torque and reliability. However, the demand for electric equipment is rapidly growing, owing to the stringent emission standards across the globe.
Based on engine capacity, The heavy construction equipment market, by based on engine capacity, is segmented into <5L, 5-10L, and >10L. Engine capacity with <5L is extensively used in compact excavators that are used in applications such as urban civil engineering, housing, snow removal, forestry, and landscaping. The growing demand for housing projects due to the increasing population and commercial construction is anticipated expected to bolster the demand for lower-engine capacity construction equipment.
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Based on power output, Based on power output, the heavy construction equipment market is segmented into <100 HP, 101–200 HP, 201–400 HP, and >400 HP. Heavy construction equipment with 101-200 HP power output provides better engine performance than thatose with <100 HP power output engines. These machines have improved machine capabilitiesy, reduced maintenance costs, and improved fuel economy. Equipment in the 101-200 HP power range includes excavators, loaders, road rollers, compactors, and others used in commercial and residential construction applications.
Based on application, The heavy construction equipment market, basedy on application, is segmented into excavation & demolition, heavy lifting, material handling, transportation, tunneling, and recycling & waste management. The material handling segment is expected to lead the market, in terms of application, through 2028 followed by transportation and excavation & demolition. Excavation is undertakensed to build foundations for constructing buildings, homes, roadways, and also to create water reservoirs. It is also used for mining precious minerals and metals. The various processes used in excavation comprise of trenching, digging, and site development.
Based on end-use industries, The end-use industry segment covers different industries such as building & constructiong, mining; forestry & agriculture, infrastructure, and others – which include aerospace & defense, industrial, and water works. The mining segment has accounted for the largest market share in the heavy construction equipment market in 2022. This growth can be attributed to the large number of mining construction projects across the world and the use of advanced equipment for several various applications.
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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: firstname.lastname@example.org
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