Heavy Construction Equipment Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Heavy Construction Equipment Market – (By Machinery Type (Earthmoving equipment, (Excavators (Crawler Excavators, Mini Excavators, Wheeled Excavators), Loaders (Wheeled Loaders, Skid-Steer Loaders), Dozers, Motor Graders, Others), Material handling equipment (Cranes, Telescopic Handlers, Others (Conveyors, Forklifts)), Heavy construction vehicles, Others (Compactors & Road Rollers, Pavers/Asphalt Finishers, Drilling/Boring Machines)), By Propulsion Type (Diesel, CNG/LNG/RNG, Electric), By Engine Capacity (10 L), By Power Output (400 HP), By Application (Material Handling, Transportation, Excavation & Demolition, Heavy Lifting, Tunneling, Recycling & Waste Management), By End-Use Industry (Mining, Infrastructure, Building & Construction, Forestry & Agriculture, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Heavy Construction Equipment Market is valued at US$ 189.21 Bn in 2022, and it is expected to reach US$ 273.94 Bn by 2031, with a CAGR of 4.34% during the forecast period of 2023-2031.
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The heavy construction equipment market describes various vehicles and other machines designed in the construction sector. Material handlers, graders, track-type excavators, skid-steers, track loaders, backhoes, hydromantic tools, pipelayers, compactors, loaders, and many other construction equipment fall into this group. Demand for construction equipment is predicted to increase as urbanization accelerates, thanks to public and private investments in infrastructure development. Over the projection term, Original Equipment Manufacturers can anticipate benefits from the rising demand for electric construction equipment. Several factors have contributed to the expansion of this market, including the increasing importance of construction projects and the development of digitalization, connectivity, and automation in construction and industrial applications. However, Industries offering necessities to consumers (including grocery stores, restaurants, and distributors of consumer goods) saw a rise in demand for MHE. Product demand was influenced by many factors, including the rate of completion of ongoing projects, the availability of transportation, the quality of the workers on the job sites, and the general economic climate.
List of Prominent Players in the heavy construction equipment market:
• Caterpillar (US.)
• Liebherr AG (Germany)
• Volvo Group (Sweden)
• Komatsu (Japan)
• Hitachi Construction Machinery Co., Ltd. (Japan)
• SANY Heavy Industry Co., Ltd. (China)
• HD Hyundai (South Korea)
• XCMG Group (China)
• CNH Industrial NV (UK.)
• J C Bamford Excavators Ltd (UK.)
• Wacker Neuson Se
• Manitou Group
• Escorts Kubota Limited
• Deere & Company
• Zoomlion Heavy Industry Science & Technology Co., Ltd.
• Kobelco Construction Machinery Co., Ltd.
• Sumitomo Heavy Industries, Ltd.
• Hiab
• Hidromek
• Other
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Market Dynamics:
Drivers-
The growing demand for the heavy construction equipment market is fueled by the electrification of construction equipment, creating new possibilities and openings in the industry. Vehicles, public transportation, and even heavy machinery are all seeing a rise in the prevalence of electric models. Increased emissions rules and maturing technology have altered the future of the construction equipment business, making this possible. Several municipalities throughout the globe have banned the use of diesel within city limits, which has implications for the usage of construction equipment.
Challenges:
The prime challenges are strict regulations, high costs, a shortage of competent individuals, and a lack of norms and protocols. The unified framework established by the harmonized emission regulations will replace the current patchwork of laws. Construction equipment manufacturers find it challenging to fully comply with the latest emission rules for different countries worldwide. Due to the complexity of modern emission rules in various nations worldwide, construction equipment manufacturers have challenges regarding engine technologies, design, and even costs. As a result of the widespread lockdown that was imposed in many nations and the resulting social distancing conventions, the global catastrophe triggered by the COVID-19 epidemic had severe effects on countless sectors. Heavy equipment manufacturers in the construction equipment business had to temporarily shut down due to the pandemic’s products on demand, the labour market, and the availability of raw supplies. As the pandemic progressed, governments cut back on spending on construction and infrastructure projects, which slowed the expansion of the heavy construction equipment sector.
Regional Trends:
The Asia Pacific heavy construction equipment market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future and increase most rapidly because of government initiatives like the Development Strategy, which will likely lead to large investments in infrastructure. Besides, North America had a considerable share in the market because the need for more dwellings was rising as the economy improved, leading to a rise in the demand for new homes. In addition, predicted growth drivers include the proliferation of online retail, the accessibility of machines on a rental basis, increased government spending in infrastructure development, and increased capital investments.
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Recent Developments:
• In June 2023, Volvo CE introduced the inaugural electrified construction machinery in Southeast Asia. Volvo CE’s objective is to have 35% of its machine sales driven by electromobility by 2030. Volvo CE’s objective is to have 35% of its machine sales driven by electromobility by 2030. It possessed the most extensive assortment of construction machinery driven by electricity. The business introduced three models in Singapore: the ECR25 Electric compact excavator, the L25 Electric compact wheel loader, and the EC55 Electric excavator.
• In Oct 2023, Hyundai Construction Equipment India introduced several items to strengthen its presence in the Infrastructure, mining, and material handling sector. There were a total of four different types of excavators, two models of forklifts, and two models of wheel loaders that were introduced.
Segmentation of heavy construction equipment market-
By Machinery Type
• Earthmoving equipment
o Excavators
Crawler Excavators
Mini Excavators
Wheeled Excavators
o Loaders
Wheeled Loaders
Skid-Steer Loaders
o Dozers
o Motor Graders
o Others
• Material handling equipment
o Cranes
o Telescopic Handlers
o Others
Conveyors
Forklifts
• Heavy construction vehicles
• Others
o Compactors & Road Rollers
o Pavers/Asphalt Finishers
o Drilling/Boring Machines
By Propulsion Type
• Diesel
• CNG/LNG/RNG
• Electric
By Engine Capacity
• 10 L
By Power Output
• 400 HP
By Application
• Material Handling
• Transportation
• Excavation & Demolition
• Heavy Lifting
• Tunneling
• Recycling & Waste Management
By End-Use Industry
• Mining
• Infrastructure
• Building & Construction
• Forestry & Agriculture
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
