Heavy construction equipment is defined as the set of products of engineering that are helpful in reducing the manpower and increasing the efficiency of the project. It also aids the reduction of the time limit. Market Research Future (MRFR) has published a research report about the global heavy construction equipment market that has predicted growth for this market during the forecast period that would end in 2027.
Observing the market structure, this report calculates the future growth potential of the market. It assesses the strategies of the key players in the market and supports the competitive developments like joint ventures, new product developments, mergers & acquisitions, research and developments (R&D) in the market.
The major factor responsible for the growth of the global heavy construction equipment market is a huge demand for such products on a global scale. Other factors contributing to the market growth are a desire among people to have their own house and the rising disposable income of the people.
The global heavy construction equipment market has been segmented on the basis of application, end users, types, and lastly, region. The application-based segmentation segments this market into earthmoving applications, lifting applications, material handling applications, mining & excavation applications, transportation applications, and others. Based on end-users, the market has been segmented into agriculture & forestry, construction industry, military, mining, oil & gas industry, and others. By types, the market segmentation covers the earthmoving equipment, heavy construction vehicles, material handling equipment, and others. The “others” segment covers cranes, dozer, and excavator.
The regional segmentation of the global heavy construction equipment market segments the market into the regional markets known as North America, Asia Pacific, Europe, and the Middle East & Africa (MEA). Asia Pacific region is the top level regional market, holding more than 50% of the global market share. Due to a growing population, growing economy, the requirement for more buildings for residential as well as commercial purposes is increasing. Therefore, the market is growing in the Asia Pacific region. The key country-specific markets in this region are China, Japan, India, and South Korea, followed by the remaining countries of the Asia Pacific region.
North America is the second largest market due to developed infrastructure, established construction industry, the presence of many key market players, technological advancement, and high purchasing power of people. The significant country-specific markets in this region are the USA and Canada.
Europe is the third largest regional market due to the high density of population and the reasons the same as North America. Western Europe is a greater market than Eastern Europe because the former has more economic development than the latter. The critical country-specific markets in this region are Germany, France, Italy, Spain, and the UK, followed by the remaining countries of Western Europe and then Eastern Europe.
In the MEA region, the market is limited due to poor countries, lack of awareness, lack of infrastructure, lack of advanced facilities, lack of skilled professionals, and lack of education.
The key players in the global heavy construction equipment market include Caterpillar (USA), CNH Global Nv (Italy), Doosan Infracore Ltd. (South Korea), Hitachi Construction Machinery Co. Ltd (Japan), Hyundai Heavy Industries Ltd (South Korea), J.C. Bamford Excavators Limited (UK), John Deere & Co. (USA), Kobelco Construction Machinery Co. Ltd (Japan), and Komatsu Ltd. (Japan).