Heavy Construction Equipment Market Trends and Segments 2017-2026

Heavy construction equipment specifically refers to heavy construction vehicles and machines that are predominantly designed to perform construction work, which includes earthwork operations and material handling operations. Rise in building & construction activities, increase in focus on improving infrastructure, and recovery in the mining sector are boosting the demand for heavy construction equipment. However, heavy dependency on the global economy and regional political scenario may hamper construction activities. This, in turn, may adversely affect the overall demand for heavy construction equipment. Most of the equipment is procured on the rental basis to carry out various operation across the globe.

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Heavy Construction Equipment Market: Segmentation

Based on equipment type, the heavy construction equipment market can be segmented into material handling equipment, earth moving equipment, and others. Earth moving equipment can be further sub-segmented into excavators, bulldozers, road rollers, crawlers, and other earth moving equipment. Material handling equipment consists of cranes, forklifts, loaders, haul trucks, and other material handling equipment. Other heavy construction equipment includes truck mounted concrete pumps.

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Based on application, the heavy construction equipment market can be divided into oil & gas, mining, building & construction, commercial (including bridges and roadways), and others industrials. Building & construction is anticipated to hold significant share of the market, followed by the commercial segment, during the forecast period. Rise in construction of apartments, shopping malls, and business complexes in small and large cities are driving the demand for heavy construction equipment. After building & construction, the commercial segment is anticipated to expand at a significant pace during the forecast period. Commercial segment consists of public and private sector projects related to construction of bridges, roadways, tunnels, railway bridges, dams, etc. Increase in government initiatives related to infrastructure activities, especially in Asia Pacific, is estimated to propel the demand for heavy construction equipment in the commercial segment.

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Heavy Construction Equipment Market: Region-wise Outlook

Based on region, the heavy construction equipment market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific held major share of the heavy construction equipment market in 2016. It is likely to remain the dominant region during the forecast period. Companies across the globe are focusing on Asia Pacific, as it is a high potential market for various industries. Rise in infrastructure activities in counties such as China and India and increase in government initiatives in developing infrastructure are anticipated to fuel the heavy construction equipment market. Furthermore, growth in industrial output, which requires material handling equipment, is also boosting the demand for heavy construction equipment in Asia Pacific. The heavy construction equipment market in the region is projected to expand at a significant pace in the near future. After Asia Pacific, the market in Middle East & Africa is expected to expand at a fast pace during the forecast period. Governments of major countries such as Saudi Arabia and the UAE are shifting their focus toward tourism and health care sectors. This is driving the requirement of proper infrastructure. In turn, this is anticipated to augment the demand for heavy construction equipment in the Middle East. Further, Qatar would be hosting ‘FIFA World Cup’ in 2022. Thus, the Government of Qatar is focusing on developing infrastructure for this mega event. This is also a major factor propelling the demand for heavy construction equipment. The heavy construction equipment market in Latin America is also likely to expand at a moderate pace owing to the slight recovery in the mining sector. North America and Europe are matured markets. Thus, the heavy construction equipment market in these regions is estimated to expand at a sluggish pace during the forecast period.

Heavy Construction Equipment Market: Key Players

Large number of companies operate in the global heavy construction equipment market. Prominent manufacturers of heavy construction equipment market include Komatsu Ltd, Volvo Construction Equipment, Doosan Infracore Ltd., Hitachi Construction Machinery, and CASE Construction.

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This release was published on openPR.