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At a CAGR of 4.4% Heavy Construction Equipment Market To Reach $273.5 Billion by 2030 | Caterpillar Inc., CNH Industrial N.V., Deere & Company

03-16-2023 03:48 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Heavy Construction Equipment Market

Heavy Construction Equipment Market

Heavy Construction Equipment Competition Analysis:

The key market players profiled in the heavy construction equipment industry report include Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co Ltd., Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr International AG, Volvo Group and XCMG Group.

AMR Says, the global heavy construction equipment market size was valued at $176.2 billion in 2020, and is projected to reach $273.5 billion by 2030, registering a CAGR of 4.4% from 2021 to 2030.

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Key Points of heavy construction equipment:

The heavy construction equipment market is segmented into equipment type, which includes material handling equipment, heavy construction vehicles, earthmoving and others. Among these, the earthmoving equipment segment accounts for the largest market size by value, owing to low operating costs and rising demand from diverse sectors such as building and construction, infrastructure, mining, oil & gas and forestry.

Furthermore, excavators are construction vehicles that are used to dig up or transport large objects. Excavators are made up of two main components: a driving base and a strong boom arm with an excavation attachment. The arm is controlled by the operator, who sits in a compact cab linked to the base. Various key players are manufacturing advanced excavator machines for efficient work and reduce operational time. For instance, in December 2020, Hitachi Construction introduced 12-ton and 20-ton excavator equipment for construction use. These machines are battery powered prototype and offers higher weight class than ordinary excavators.
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 large building, construction, and mining operations.

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.

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Industry News:

Expansion of construction industry in various countries has provided significant opportunities for heavy construction equipment market growth. For instance, China's central government established a goal in November 2020 of having 70% of new safe building construction completed by 2022 according to its own criteria. Similarly, in May 2019, the Indian government proposed a $1.5 trillion investment plan in the building sector for a six-year period ending in 2025. This investment is aimed at enhancing the building quality of schools and higher education facilities as well as health, sports, and basic infrastructure.

Heavy construction equipment is heavy duty vehicles or machinery that are specifically built to execute construction activities, most commonly excavation, material handling, earthwork operations or other significant construction tasks. The market is driven by investment in residential, commercial, and industrial sectors, global economic growth and increase in public-private partnership. However, increase in oil prices and higher carbon emission rate are some factors that hamper the growth of market.

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Regional Analysis:
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2020. The heavy construction equipment market is expected increase owning to government initiatives related to infrastructure developments. For instance, in August 2021, India Union Minister of Road Transport and Highways has invested $3.4 billion for road project in Gujarat. Similarly, in March 2021, China government introduced $30 billion infrastructure plan, which includes new expressways, upgrading existing highways and road conditions.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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