Heavy Construction Equipment Market 2033: Insights, Trends, and Size Forecast

The Business Research Company recently released a comprehensive report on the Global Heavy Construction Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The heavy construction equipment market size has grown strongly in recent years. It will grow from $191.13 billion in 2023 to $205.81 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to construction industry expansion, rise in demolition activities, infrastructure investment and government initiatives, sustainability and environmental considerations.

The heavy construction equipment market size is expected to see strong growth in the next few years. It will grow to $271.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to infrastructure modernization, sustainable construction practices, global mining industry expansion, focus on operator safety, emerging market development, customization and versatility, rise in rental market. Major trends in the forecast period include digital transformation in construction, technological advancements and automation, adoption of electric and hybrid construction equipment, efficiency improvements with advanced hydraulic systems, telematics for fleet management.

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Market Drivers and Trends:

The growing construction industry is expected to boost the growth of the heavy construction equipment market going forward. The construction industry refers to the commercial manufacturing and trade sector that deals with developing, preserving, and repairing infrastructures. Growing construction projects, including the development of roads, bridges, airports, and other infrastructure, require a diverse range of heavy equipment to complete the tasks efficiently. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, the annual construction sector rose by a record 12.7% in 2021 compared to the previous year. Further, in December 2021, the volume of monthly construction output climbed by 2.0%; this was entirely due to a rise in new work (3.5%). In addition to the monthly rise, the construction industry's quarterly production climbed by 1.0% in Q4 2021 compared to Q3. This increase was driven by both new work (1.1%) and repair and maintenance (0.8%). Therefore, the growing construction industry is driving the growth of the heavy construction equipment market.

Product innovation is the key trend that is gaining popularity in the heavy construction equipment market. Major companies operating in the heavy construction equipment market are focused on developing new technological solutions to strengthen their position in the market. For instance, in September 2021, Volvo Construction Equipment (AB Volvo), a Sweden-based company operating in research and development, production, and sales of construction equipment, launched a new innovative range of compactors in machines known as the single-drum SD110C Compactor and double-drum DD90C & DD100C Compactors for Pneumatic Rollers, Pavers, and Wheel Loaders that feature VECV (VE Commercial Vehicles) engines conforming to the latest emission standards. These machines are capable of providing 10% more productivity and 20% more fuel efficiency as compared to the previous services after the upgrade.

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Major Key Players of the Market:

The Volvo Group, Caterpillar Inc., CNH Industrial NV, Deere & Company, Doosan Corporation, Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Limited, Komatsu Limited, Liebherr Group, Sany GroupSany Heavy Industry Co. Ltd., XCMG Group,, Zoomlion Heavy Industry Science and Technology Co. Ltd., Sandvik AB, Kobelco Construction MachineryKOBELCO Construction Machinery Co.Ltd., Wirtgen Group, Manitowoc Company Inc., LiuGong Machinery Corporation, Atlas Copco Group, Palfinger AG, Tadano Ltd., Kato Works Co. Ltd., Haulotte Group, BOMAG GmbH, Yanmar Co. Ltd., Takeuchi Mfg. Co. Ltd., Kubota Corporation, Bobcat Company, Case Construction Equipment, JLG Industries Inc., Genie Industries, Skyjack Inc.

Heavy Construction Equipment Market 2024 Key Insights:

• The heavy construction equipment market size is expected to see strong growth in the next few years. It will grow to $271.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Government-Led Infrastructure Expansion Fuels Growth In The Heavy Construction Equipment Market
• Innovations Propel Growth In The Heavy Construction Equipment Market
• Asia-Pacific was the largest region in the heavy construction equipment market in 2023

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This release was published on openPR.