Heavy Construction Equipment Market Forecast To 2033 : Trends, Segmentation, Product Type, Technology And Key Players

Posted by Amruta Pritam on May 1st, 2024

Overview and Scope

Heavy construction equipment or heavy machinery refers to heavy-duty vehicles specially designed for executing construction tasks, most frequently ones involving earthwork operations or other large construction tasks. The heavy construction equipment is used for heavy operations tasks such as lifting, and other such heavy operations.

Sizing and Forecast

The heavy construction equipment market size has grown strongly in recent years. It will grow from 1.13 billion in 2023 to 5.81 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 1.22 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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Segmentation & Regional Insights

The heavy construction equipment market covered in this report is segmented –

1) By Equipment Type: Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Other Equipments  

2) By Application:  Excavation and Demolition, Heavy Lifting, Tunneling, Material Handling, Recycling and Waste Management

3) By End User: Infrastructure, Construction, Mining, Oil and Gas, Manufacturing, Other End Users

Asia-Pacific was the largest region in the heavy construction equipment market in 2023. The regions covered in the heavy construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The expansion of government infrastructure development projects is expected to propel the growth of the heavy construction equipment market going forward. In recent years, the majority of countries' governments have been more focused on the infrastructure sector for economic development as well as to provide world-class infrastructure in the country by building power plants, bridges, dams, roads, urban infrastructure developments, and others. Heavy construction equipment helps in accomplishing heavy tasks during infrastructure construction due to its high capacity and strength in lifting materials and its capability to operate in harsh environmental conditions. For instance, in July 2021, the Ministry of Road Transport & Highways allocated US$ 22 million under Economic Importance and Inter State Connectivity Scheme (EIC&ISC) for FY22. Therefore, the expansion of government infrastructure development projects is driving the growth of the heavy construction equipment market.

Key Industry Players

Major companies operating in the heavy construction equipment market report are 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, Terex Corporation, 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.

The heavy construction equipment market report table of contents includes:

1. Executive Summary

2. Heavy Construction Equipment  Market Characteristics

3. Heavy Construction Equipment  Market Trends And Strategies

4. Heavy Construction Equipment  Market - Macro Economic Scenario

5. Global Heavy Construction Equipment  Market Size and Growth

..............

31. Global Heavy Construction Equipment  Market Competitive Benchmarking

32. Global Heavy Construction Equipment  Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Heavy Construction Equipment  Market

34. Heavy Construction Equipment  Market Future Outlook and Potential Analysis

35. Appendix

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