Heavy Construction Equipment Market in Latin America to Reach $6,391 million by 2022
The Latin America heavy construction equipment market is segmented based on equipment type, application, end user, and country. In 2016, the earthmoving equipment segment dominated the Latin America heavy construction equipment market, with 48.5% share, followed by the material handling equipment segment.
The key factors that drive the Latin America heavy construction equipment market include recovery of construction sector, surge in public-private partnerships, and rapid urbanization. However, the Latin America heavy construction equipment market growth is restrained by the increase in carbon footprint, shift in oil prices, and weaker economic conditions in countries such as Brazil and Argentina.
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In 2016, excavation & demolition application dominated the market, and is expected to grow at a CAGR of 6.5%. Excavators, cranes, and dozers are major equipment used for excavation & demolition activities. The heavy lifting application is expected to grow at the highest CAGR of 7.4% from 2016 to 2022.
Construction industry is the major end-user industry for heavy construction equipment in Latin America, accounting for 34% in 2016. Equipment such as excavators, loaders, motor graders, backhoe, cranes, dumpers, and tippers are utilized for large-scale construction activities. Manufacturers are continuously designing advanced products with advanced technology and increased performance. The manufacturing segment is expected to grow at the highest CAGR of 8.4% to reach $671 million by 2022.
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Key Findings of the Latin America Heavy Construction Equipment Market:
o The material handling equipment is expected to grow at the highest CAGR of 8.2% from 2016 to 2022.
o The tunneling application segment was valued at $743 million in 2016.
o Brazil heavy construction equipment market is expected to grow at a CAGR of 5.5%.
o Chile is the fastest growing market among all the Latin American countries.
The key companies profiled in the report include AB Volvo, Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd, Doosan Infracore, Leibherr Group, CNH Industrial N.V., Terex Corporation, J.C. Bamford Excavators Limited (JCB), and Atlas Copco.
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