Heavy Construction Equipment Market is Forecasted to Reach US$ 203.5 Billion in 2028, Says Stratview Research

The global heavy construction equipment market is projected to witness a growth rate of 5.1% annually from 2023 to 2028, with an anticipated size of US$ 203.5 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global heavy construction equipment market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2028: US$ 203.5 billion
Growth (CAGR): 5.1% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 6
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Heavy Construction Equipment Market:

The global heavy construction equipment market is segmented based on machinery type, propulsion type, engine capacity type, power output type, end-user industry type, and region.

Based on machinery type - The heavy construction equipment market is segmented into earthmoving equipment, material handling equipment, and heavy construction vehicles. Material handling equipment is expected to remain the largest and the fastest-growing equipment type in the market during the forecast period owing to several factors contributing to the critical role of material handling in construction operations.

Based on propulsion type - The market is segmented into diesel, CNG/LNG/RNG, and electric. The electric propulsion type is poised to maintain its dominance and exhibit the highest growth rate in the market during the forecast period since electric propulsion aligns with these environmental concerns by offering a cleaner and more energy-efficient alternative compared to traditional combustion engines.

Based on engine capacity type - The market is segmented into less than 5L, 5-10L, and more than 10L. The anticipation of the 5-10L engine capacity maintaining its dominance and experiencing faster growth in the heavy construction equipment market can be attributed to a combination of performance, versatility, and efficiency factors. Heavy construction equipment, including excavators, bulldozers, and loaders, requires robust engines to handle demanding tasks efficiently.

Based on power output type - The market is segmented into less than 100 HP, 101-200 HP, 201-400 HP, and more than 400 HP. Less than 100 HP engine capacity is anticipated to maintain its dominance and grow at a faster rate in the market owing to the increasing demand for compact and versatile construction equipment for urban and confined spaces. Additionally, advancements in technology have led to the development of more efficient and powerful engines within the less than 100 HP range.

Based on end-user industry type - The market is segmented into building and construction, forestry and agriculture, infrastructure, mining, and others. Infrastructure is anticipated to maintain its dominance and grow at a faster rate in the market since urbanization continues to propel the demand for infrastructure, particularly in rapidly growing cities.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/3698/heavy-construction-equipment-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest and fastest-growing market during the forecast period. This growth outlook is majorly attributed to the following-

• Due to rapid urbanization and industrialization driving significant infrastructure development in many Asia-Pacific countries.
• Additionally, economic growth and rising disposable incomes in several Asia-Pacific nations are contributing to increased construction activities.
• As economies expand, there is a heightened demand for residential, commercial, and industrial structures, requiring diverse heavy construction equipment.

Heavy Construction Equipment Market Drivers:

Some of the key drivers listed in the report are given below.
• Surge in infrastructure development.
• Rapid urbanization.
• The growth of industries such as mining, oil and gas.

Top Companies in the Heavy Construction Equipment Market:

Stratview Research has identified the following companies as the top market players.
• Caterpillar
• CNH Industrial N.V.
• HD Hyundai
• Hitachi Construction Machinery Co., Ltd.
• Komatsu
• Liebherr AG
• SANY Heavy Industry Co., Ltd.
• Volvo Group
• XCMG Group

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Heavy Construction Equipment Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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• Construction Equipment Market: https://www.stratviewresearch.com/84/construction-equipment-market.html
• Used Construction Equipment Market: https://www.stratviewresearch.com/3085/used-construction-equipment-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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This release was published on openPR.