PUBLISHER: The Business Research Company | PRODUCT CODE: 1263068
PUBLISHER: The Business Research Company | PRODUCT CODE: 1263068
“Heavy Construction Equipment Global Market Report 2023 ” 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the heavy construction equipment market are: AB Volvo, Caterpillar Inc., CNH Industrial NV, Deere And Company, Hyundai Doosan Infracore Company Limited, Hitachi Machinery Construction Company Limited, J C Bamford Excavators Limited, Komatsu Limited, Liebherr AG, Sany Group, XCMG Group, and Terex Corporation.
The global heavy construction equipment market is expected to grow from $178.29 billion in 2022 to $190.59 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The heavy construction equipment market is expected to grow to $243.89 billion in 2027 at a CAGR of 6.4%.
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.
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.
Asia-Pacific was the largest region in the heavy construction equipment market in 2022. The regions covered in the heavy construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of heavy construction equipment are earthmoving equipment, material handling equipment, heavy construction vehicles, and other equipment. The earthmoving equipment are used in construction operations that involve earthwork such as moving large amounts of earth, digging foundations for landscaping, and others. Earthmoving equipment includes heavy vehicles, engineering equipment, heavy trucks, heavy machines, construction equipment, and others. The applications include excavation and demolition, heavy lifting, tunneling, material handling, recycling, and waste management that serves infrastructure, construction, mining, oil and gas, manufacturing, and other end users.
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 are more focused on the infrastructure sector for economic development as well as to provide world-class infrastructure in the country by building power, 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 capability to operate in harsh environmental conditions. For instance, in November 2021, according to the Indian Brand Equity Foundation (IBEF) article, the Indian government has successfully completed 217 infrastructure projects worth $ 15.09 billion in the year 2020 and expanded the National Infrastructure Pipeline (NIP)' to 9,335 projects for infrastructure develop. Furthermore, 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.
Product innovation is the key trend that is gaining popularity in the heavy construction equipment market. Major companies operating in the heavy construction equipment market are focused on developing new technological solutions to strengthen their position in the market. For instance, in September 2021, Volvo construction equipment (AB Volvo), a Sweden-based company operating in research and development, production, and sales of construction equipment launched a new innovative range of compactors in machines known as single drum SD110C Compactor and double drum DD90C & DD100C Compactors for pneumatic rollers, pavers and wheel loaders that features VECV (VE Commercial Vehicles) engines conforming to the latest emission standards. These machines are capable of providing 10% more productive and 20% more fuel-efficient as compared to the previous services after up-gradation.
In August 2021, Hyundai Construction Equipment Co., Ltd., a South-Korea based company operating in heavy construction equipment acquired Doosan Infracore, for $760 million. Through this acquisition, Hyundai Construction Equipment aims to strengthen its product portfolio in heavy construction and make a strong position in the excavator and wheeled loader segments in South Korea which will help it gain a market advantage. Doosan Infracore is a South Korea-based company operating in construction equipment.
The countries covered in the heavy construction equipment market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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.