PUBLISHER: The Business Research Company | PRODUCT CODE: 1425531
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425531
Heavy Construction Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on heavy construction equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for heavy construction equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The heavy construction equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Heavy construction equipment, also known as heavy machinery, encompasses robust vehicles designed for executing construction tasks, particularly those involving earthwork operations and large construction projects. These machines are built to handle heavy-duty operations such as lifting, excavation, and other substantial tasks.
The primary types of heavy construction equipment include earthmoving equipment, material handling equipment, heavy construction vehicles, and other specialized machinery. Earthmoving equipment is crucial for tasks like moving large amounts of earth, excavating foundations, and landscaping. It comprises heavy vehicles, engineering equipment, trucks, and various machines used in construction operations. These machines find applications in excavation and demolition, heavy lifting, tunneling, material handling, recycling, and waste management, serving industries such as infrastructure, construction, mining, oil and gas, manufacturing, and more.
The heavy construction equipment market research report is one of a series of new reports from The Business Research Company that provides heavy construction equipment market statistics, including heavy construction equipment industry global market size, regional shares, competitors with a heavy construction equipment market share, detailed heavy construction equipment market segments, market trends and opportunities, and any further data you may need to thrive in the heavy construction equipment industry. This heavy construction equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 the expansion of the construction industry, an increase in demolition activities, infrastructure investment, and government initiatives, along with a growing focus on 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 $271.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The projected growth in the forecast period can be attributed to infrastructure modernization, the adoption of sustainable construction practices, the expansion of the global mining industry, a heightened focus on operator safety, the development of emerging markets, customization, and versatility in construction equipment, and an increase in the rental market. Major trends expected in this period include the digital transformation in construction, technological advancements and automation in construction equipment, the adoption of electric and hybrid construction equipment, efficiency improvements with advanced hydraulic systems, and the use of telematics for fleet management in the construction industry.
The heavy construction equipment market is poised for significant growth, propelled by the expansion of government infrastructure development projects. Across numerous countries, governments are directing their focus towards the infrastructure sector, emphasizing economic development and the creation of world-class infrastructure. Investments in power plants, bridges, dams, roads, and urban development projects necessitate the use of heavy construction equipment due to its high capacity, strength, and capability to operate in challenging environmental conditions. For instance, the allocation of US$ 22 million by the Ministry of Road Transport & Highways in July 2021 under the Economic Importance and Inter State Connectivity Scheme (EIC&ISC) for FY22 underscores the pivotal role of heavy construction equipment in advancing government-led infrastructure initiatives, driving market expansion.
The anticipated growth of the heavy construction equipment market is further bolstered by the flourishing construction industry. This sector, encompassing commercial manufacturing and trade activities related to infrastructure development, is witnessing a surge in construction projects, including roads, bridges, airports, and various other infrastructure undertakings. Notably, the UK's construction sector reported a record annual rise of 12.7% in 2021, according to the Office for National Statistics. The momentum continued with a 2.0% increase in monthly construction output in December 2021, driven by a rise in new work. The robust growth in the construction industry underscores the indispensable role of heavy construction equipment in efficiently executing diverse tasks, contributing to the market's positive trajectory.
A key trend gaining prominence in the heavy construction equipment market is the emphasis on product innovation by major industry players. Companies are strategically focusing on developing cutting-edge products to enhance their market positions. In September 2021, Volvo Construction Equipment introduced an innovative range of compactors featuring VECV engines, delivering increased productivity and fuel efficiency. This product innovation demonstrates the commitment of major players to incorporate advanced technologies, meeting evolving market demands and setting new benchmarks for performance and sustainability.
Major companies in the heavy construction equipment market are actively developing innovative products to cater to a diverse customer base, drive increased sales, and boost overall revenue. Case Construction Equipment, a notable US-based company, launched the E-Series crawler excavator range in March 2022. Comprising seven new models with enhanced features such as redesigned cabs, improved operator experiences, upgraded hydraulics controls, and Stage V engines, these excavators aim to provide superior performance. The inclusion of a comprehensive fleet management tool with bidirectional modem technology exemplifies the commitment to customer satisfaction and operational efficiency. This strategic focus on innovative product development is instrumental in staying competitive and meeting the evolving needs of the heavy construction equipment market.
In August 2021, Hyundai Construction Equipment Co.Ltd., a South Korea-based heavyweight in the heavy construction equipment sector, successfully acquired Doosan Infracore for a substantial sum of $760 million. This strategic move is designed to fortify Hyundai Construction Equipment's product portfolio, particularly in the realm of heavy construction. The acquisition positions Hyundai Construction Equipment to solidify its presence in South Korea, with a strategic focus on enhancing its standing in the excavator and wheeled loader segments. This development is poised to provide Hyundai Construction Equipment with a competitive edge in the market.
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, and Skyjack Inc.
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.
The countries covered in the heavy construction equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The heavy construction equipment market consists of sales of excavators, loaders, dozers, and motor graders. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.