Heavy Construction Equipment Market Worth $2,40,496.0 Million by 2027 | by Equipment Type, Application

According to Allied Market Research, the global heavy construction equipment market is anticipated to register a considerable CAGR from 2020 to 2027. In the last few years, there’s been significant growth in the real estate sector along with improved economic conditions in most countries across the world. This factor has driven the market growth in more than one way. Also, the commercial and residential infrastructure set-up in emerging economies is one of the major influences that propel the market growth.

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Heavy Construction Equipment Market by Equipment Type (Earthmoving, Material handling, Heavy construction vehicles, and Others), Application (Excavation & Demolition, Heavy Lifting, Tunneling, Material Handling, and Recycling & Waste management), and End User (Infrastructure, Construction, Mining, Oil & Gas, Manufacturing, and Others)

Moreover, increase in several government initiatives toward infrastructure headway and emergence of public-private alliance for the construction of public organizations in several countries have supplemented the growth yet more. For example, the Indian Government has highly funded in the overall infrastructural development of the country that involves rapid expansion of railway tracks, roadways, and airports. This, in turn, gives way to increasing demand for heavy machineries.

Here, it’s worth mentioning that the outbreak of the pandemic has impacted the market negatively. Huge disruptions in the supply chain, declined demand from several industry verticals, and scarcity of human resources affected the global market, especially during the first phase of the lockdown. However, the market is expected to recuperate soon with relaxations on the current dictums and with the massive rollout of huge vaccination programs.

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There is no doubt that the construction industry now comes under one of the fastest growing sectors across the world. And, thus it is really important for construction businesses to well-organize their operations, as it would give way to smart investments toward the expansion of their implements and equipment. Putting money in cost-effective yet quality equipment and tools would certainly help organizations save considerably on the purchase cost along with helping them develop their services down the line.

Key Players

The key market players profiled in the heavy construction equipment market report include AB Volvo, Caterpillar Inc., CNH, Deere & Company, Doosan Infracoe, Hitachi Machinery Construction, JCB, Komatsu, Liebherr AG, and Sany.

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