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The heavy Construction Equipment Market is projected to grow by USD 46.09 billion with a CAGR of 4.51% during the forecast period 2021 to 2026.
This heavy construction equipment market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the heavy construction equipment market segmentation by type (earthmoving equipment, material handling equipment, heavy construction vehicles, and others) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The heavy construction equipment market report also offers information on several market vendors, including AB Volvo, Caterpillar Inc., CNH Industrial NV, Deere and Co., Dieci Srl, Doosan Corp., Eazi Access Investments Pty Ltd, Hitachi Ltd., Hyundai Heavy Industries Group, J C Bamford Excavators Ltd, Kobe Steel Ltd., Komatsu Ltd., Liebherr International AG, Manitou BF SA, Oshkosh Corp., SANY Group, Terex Corp., Wacker Neuson SE, Xuzhou Construction Machinery Group Co. Ltd., and Zoomlion Heavy Industry Science and Technology Co. Ltd., among others.
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The increased investment in infrastructure is notably driving the heavy construction equipment market growth, although factors such as the growing secondhand machine market may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the heavy construction equipment market industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Heavy Construction Equipment Market Driver
The increased investment in infrastructure is one of the major drivers impacting the heavy construction equipment market growth. Governments across the world are investing significantly in the development of sports infrastructure and facilities. The 2022 FIFA World Cup, which will be held in Qatar, is increasing construction spending in the Middle East region. Qatar's local government organizations are planning to build nine new stadiums and renovate three existing stadiums for the event. Thus, the spending on capital-intensive projects and infrastructure development is expected to grow significantly in the next decade, which will augment the growth of the global heavy construction equipment market during the forecast period. Some construction projects were on hold owing to the COVID-19 pandemic-related restrictions and norms. However, investments in the construction industry are anticipated to augment the growth of the global heavy construction equipment market.
Key Heavy Construction Equipment Market Trend
The growing trend of construction equipment rentals is one of the major trends influencing the heavy construction equipment market growth. The global heavy construction equipment market has high penetration in the developed countries of Europe, MEA, and North America. This trend of renting heavy construction equipment is rapidly gaining momentum in developing countries as well. Growing infrastructure spending in Asia is fueling construction activities in the region, which will drive the heavy construction equipment market in the region during the forecast period. Heavy construction equipment can be leased to a mining or construction company for a specific period, and after the completion of a project, it can be leased to another company. Thus, the steady growth of the global heavy construction equipment market is anticipated to limit the growth of the market in focus during the forecast period.
Key Heavy Construction Equipment Market Challenge
The growing secondhand machine market is one of the major challenges impeding the heavy construction equipment market growth. It has been observed that many Asian contractors and mining companies are eager to buy secondhand European heavy construction equipment such as excavators at low prices. By using secondhand machines, contractors can control their capital investments as these machines are available at affordable prices. Small manufacturers find it challenging to buy new European construction machinery due to their high costs. Once refurbished and reconditioned, these machines become as good as new ones. China has become a major market for secondhand machinery among European heavy construction equipment vendors. Thus, the growing secondhand machine market will limit the demand for new heavy construction equipment during the forecast period.
This heavy construction equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global heavy construction equipment market as a part of the global construction machinery and heavy trucks market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the heavy construction equipment market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the heavy construction equipment market encompasses successful business strategies deployed by the key vendors. The heavy construction equipment market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
Our In-house experts produce extensive information on the value chain and parent market of the heavy construction equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insights and profits and also the optimization and evaluation of business strategies The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.
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48% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for the heavy construction equipment market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growth in the use of heavy construction equipment in APAC will facilitate the heavy construction equipment market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 negatively affected the growth of several industries in the region, including the construction industry, as several construction projects were delayed or canceled in 2020 due to economic downturns, disruptions in supply chains, and uncertainties in the growing construction industry. In South and Southeast Asia, the construction industry declined by 8%-10% in 2020. During the second quarter of 2020, countries such as Singapore, India, Malaysia, and the Philippines registered a major decline in revenues in the construction industry.
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The heavy construction equipment market share growth in the earthmoving equipment segment will be significant during the forecast period. Additional product offerings across a variety of machinery are expected to create huge opportunities for manufacturers, which will add to the growth of the earthmoving equipment segment of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the heavy construction equipment market size and actionable market insights on the post-COVID-19 impact on each segment.
Heavy Construction Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.51% |
Market growth 2022-2026 |
$46.09 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.2 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 48% |
Key consumer countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
AB Volvo, Caterpillar Inc., CNH Industrial NV, Deere and Co., Dieci Srl, Doosan Corp., Eazi Access Investments Pty Ltd, Hitachi Ltd., Hyundai Heavy Industries Group, J C Bamford Excavators Ltd, Kobe Steel Ltd., Komatsu Ltd., Liebherr International AG, Manitou BF SA, Oshkosh Corp., SANY Group, Terex Corp., Wacker Neuson SE, Xuzhou Construction Machinery Group Co. Ltd., and Zoomlion Heavy Industry Science and Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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