Sizing and Forecast
The heavy construction equipment market size has grown strongly in recent years. It will grow from $191.13 billion in 2023 to $205.81 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to construction industry expansion, rise in demolition activities, infrastructure investment and government initiatives, sustainability and environmental considerations.
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Segmentation & Regional Insights
The heavy construction equipment market covered in this report is segmented –
1) By Equipment Type: Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Other Equipments
2) By Application: Excavation and Demolition, Heavy Lifting, Tunneling, Material Handling, Recycling and Waste Management
3) By End User: Infrastructure, Construction, Mining, Oil and Gas, Manufacturing, Other End Users
Asia-Pacific was the largest region in the heavy construction equipment market in 2023. The regions covered in the heavy construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expansion of government infrastructure development projects is expected to propel the growth of the heavy construction equipment market going forward. In recent years, the majority of countries’ governments have been more focused on the infrastructure sector for economic development as well as to provide world-class infrastructure in the country by building power plants, bridges, dams, roads, urban infrastructure developments, and others. Heavy construction equipment helps in accomplishing heavy tasks during infrastructure construction due to its high capacity and strength in lifting materials and its capability to operate in harsh environmental conditions. For instance, in July 2021, the Ministry of Road Transport & Highways allocated US$ 22 million under Economic Importance and Inter State Connectivity Scheme (EIC&ISC) for FY22. Therefore, the expansion of government infrastructure development projects is driving the growth of the heavy construction equipment market.
Key Industry Players
Major companies operating in the heavy construction equipment market report are The Volvo Group, Caterpillar Inc., CNH Industrial NV, Deere & Company, Doosan Corporation, Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Limited, Komatsu Limited, Liebherr Group, Sany GroupSany Heavy Industry Co. Ltd., XCMG Group, Terex Corporation, Zoomlion Heavy Industry Science and Technology Co. Ltd., Sandvik AB, Kobelco Construction MachineryKOBELCO Construction Machinery Co.Ltd., Wirtgen Group, Manitowoc Company Inc., LiuGong Machinery Corporation, Atlas Copco Group, Palfinger AG, Tadano Ltd., Kato Works Co. Ltd., Haulotte Group, BOMAG GmbH, Yanmar Co. Ltd., Takeuchi Mfg. Co. Ltd., Kubota Corporation, Bobcat Company, Case Construction Equipment, JLG Industries Inc., Genie Industries, Skyjack Inc.
The heavy construction equipment market report table of contents includes:
1. Executive Summary
2. Heavy Construction Equipment Market Characteristics
3. Heavy Construction Equipment Market Trends And Strategies
4. Heavy Construction Equipment Market – Macro Economic Scenario
5. Global Heavy Construction Equipment Market Size and Growth
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31. Global Heavy Construction Equipment Market Competitive Benchmarking
32. Global Heavy Construction Equipment Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Heavy Construction Equipment Market
34. Heavy Construction Equipment Market Future Outlook and Potential Analysis
35. Appendix
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