Heavy Construction Equipment Market Grow With CAGR Of 4.2% | Focuses On Top Companies, Region and Opportunities

The heavy construction equipment market has witnessed significant growth over the past decade, owing to the rise in investment in various end-user industries such as construction, infrastructure, mining, and others.

According to the report, the global heavy construction equipment industry was pegged at $171.66 billion in 2019 and is projected to reach $240.49 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.

Asia-Pacific, followed by North America, held the largest share

The global heavy construction equipment market across the Asia-Pacific region held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the segment is expected to register the highest CAGR of 5.3% during the study period, owing to the improvement in overall production facilities. The market across North America held around one-fifth of the market period.

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The earthmoving segment dominated the market

Based on type, the earthmoving segment held the largest share in 2019, accounting for more than half of the global heavy construction equipment market. The new technology excavator with improved output, cost-effectiveness, higher performance, and flexibility plays a crucial role in increasing the demand for earthmoving equipment.

The material handling applications segment is anticipated to grow rapidly, with a CAGR of 5.4% during the forecast period, due to increased use of material handling equipment such as cranes and telehandlers in a large building, construction, and mining operations.

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The heavy construction equipment is used in numerous industry verticals. The end-user industries analyzed in the report are construction, mining, infrastructure, manufacturing, oil & gas, and others.

Major market players
• AB Volvo
• CNH
• Caterpillar Inc.
• Doosan Infracoe
• Deere & Company,
• JCB
• Hitachi Machinery Construction,
• Komatsu
• Sany
• Liebherr AG

The construction industry generated the highest revenue in 2019, which is expected to grow at a CAGR of 3.4% over the period of 2020–2027. However, the manufacturing sector is expected to witness the highest growth during the forecast period, due to the increase in industrialization and urbanization.

In addition, the rise in the application of forklifts and hoisting equipment in the manufacturing industry boosts the market growth in both, the developed and the developing nations.

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