Rising Infrastructure Projects Drive Growth in Global Heavy Construction Equipment Market
SkyQuest projects that the heavy construction equipment market will attain a value of USD 193.8 billion by 2030, with a CAGR of 4.4% over the forecast period (2023-2030). The market is being propelled due to the growth of real estate, increase in private sector investments and improving economic conditions in emerging countries. Additionally, expanding government infrastructure development projects and public-private partnerships for constructing public infrastructure systems in countries such as the United States, India and China have accelerated the dynamics in the market. For instance, the US government has invested heavily in constructing roads, railway tracks, airports and other infrastructure, necessitating the use of excavators, loaders and other heavy equipment. The government introduced a $2 trillion infrastructure plan that includes investments in transportation, broadband, ele
Westford, USA, June 19, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the Chinese government has outlined plans to upgrade the country’s transportation infrastructure through various initiatives, including the national high-speed railway and the National Trunk Highway System also known as the 7918 Network. These projects are expected to drive significant growth in the rail infrastructure sector, making it the fastest-growing segment in Heavy Construction Equipment market. The market comprises various regions, each with its economic growth trajectory and response to climate change. According to analysts, Northwest China is projected to experience the most rapid growth, partly due to the government’s “Western Development Strategy” initiative, which is expected to result in substantial regional infrastructure spending.
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Browse in-depth TOC on “Heavy Construction Equipment Market”
- Pages – 242
- Tables – 93
- Figures – 76
Heavy construction equipment or machinery are used for heavy operations such as material handling, excavation and lifting. Commercial, residential and industrial sectors and increased public–private partnerships and global economic growth drive the heavy construction equipment market. While selecting a heavy construction equipment, companies consider factors such as material, quality, project complexity, and safety.
Prominent Players in Heavy Construction Equipment Market
- Caterpillar Inc
- Hyundai Heavy Industries
- Komatsu Ltd.
- Hitachi Construction Machinery Co. Ltd.
- Volvo Construction Equipment AB
- Liebherr Group
- Terex Corporation
- Doosan Group
- JCB Limited
- SANY Group Co. Ltd.
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- XCMG Group
- Manitowoc Company, Inc.
- KOBELCO Construction Machinery Co., Ltd.
- Wacker Neuson SE
- John Deere & Company
- Atlas Copco AB
- Tadano Ltd.
- Yanmar Holdings Co., Ltd.
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Infrastructure Segment is Anticipated to Grow Due to the Rising Need for Better Transportation Networks
The infrastructure segment is expected to exhibit a higher growth rate, building on its dominant position in the market during the forecast period. This growth is driven by a global need for better transportation networks as populations increase worldwide. As countries develop strategies to address these needs, the demand for infrastructure is expected to rise rapidly throughout the forecast period. The market is expected to see significant growth from nations such as China and India, which will significantly impact overall market growth.
North America plays a crucial role in the global heavy construction equipment market. The region is mainly driven by the United States, which has a vast construction industry and high demand for heavy equipment. Canada is also a significant market, with strong demand for equipment in the mining and forestry sectors. The region’s leading market players continuously introduce advanced equipment to meet industry demands. Besides, government initiatives aimed at enhancing infrastructure and increasing investment in construction are expected to drive demand for heavy construction equipment in the region during the forecast period.
Earthmoving Machinery Segment is Dominating the Market Due to the Construction of High-Rise Buildings
Earthmoving machinery is expected to remain the dominant segment of the market, primarily driven by demand from developing countries such as India, Malaysia and Indonesia. These countries have invested in constructing transportation infrastructure to promote economic growth, with earthmoving equipment playing a crucial role in these efforts. Material handling equipment is also anticipated to be in high demand due to the construction of high-rise buildings, which often require cranes, dumpers, forklifts and telescopic handlers. Other machinery, such as asphalt pavers, rollers, and transit mixers, are used in the transportation and handling of concrete and the construction of roads. As a result, infrastructure projects are expected to be this product line’s primary driver of growth.
Asia-Pacific was valued at $64.7 billion and is projected to grow at a compound annual growth rate (CAGR) of 5.7%. The growth of the market is primarily driven by the economic development of countries such as China, India, and Japan, as well as significant government investment in the construction sector.
A comprehensive analysis of the major players in the heavy construction equipment market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Heavy Construction Equipment Market
- The World RX and Volvo Construction Equipment collaborated for developing the next generation of rallycross tracks in 2022. After being appointed as the Official Construction Equipment Supplier to WORLD RX, Volvo CE expanded its commitment by becoming the Series’ Official Track Build Partner. This partnership is expected to create innovative, state-of-the-art rallycross tracks that will enhance the racing experience for fans and participants alike.
- Another recent partnership in the mining industry was established in 2022 between Komatsu and Anglo-American Minas-Rio in Brazil. The two companies signed a memorandum of agreement to develop a comprehensive ICT mining bulldozer remote control system. The trial of a sizable ICT mining bulldozer with remote control functionality will be carried out through Komatsu Brazil International Ltd, to create a new solution that enhances the efficiency and safety of mine sites. The companies aim to develop innovative technology that can improve the operations of mines, making them safer and more efficient.
Key Questions Answered in Heavy Construction Equipment Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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