BANGALORE, India, May 21, 2020 /PRNewswire/ -- Heavy construction equipment refers to heavy-duty vehicles, specifically designed to perform construction tasks, most often involving heavy operations tasks such as lifting, material handling, excavation or other major construction tasks.The demand for heavy construction equipment is driven mainly by residential, commercial, and industrial expansion, increased public-private collaboration, and global economic growth.
The global heavy construction equipment market size was valued at USD 171.667 Billion in 2019 and is estimated to reach USD 240.496 Billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt, and will affect the heavy construction equipment market significantly in 2020.
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TRENDS INFLUENCING THE HEAVY CONSTRUCTION EQUIPMENT MARKET SIZE
HEAVY CONSTRUCTION EQUIPMENT MARKET SHARE ANALYSIS
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KEY BENEFITS FOR STAKEHOLDERS
GLOBAL HEAVY CONSTRUCTION EQUIPMENT MARKET SEGMENTS
BY EQUIPMENT TYPE
BY END USER
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SIMILAR REPORTS :
● Construction Equipment Market
The global construction equipment market size was valued at USD 184.500 Billion in 2019 and is estimated to reach USD 261.047 Billion by 2027, growing at a CAGR of 4.3% from 2020 to 2027
Construction equipment is machinery specifically designed to perform construction operations. Such machines are used for various functions such as drilling, shipping, excavating, paving, grading, etc. The global market for construction equipment encompasses various industries, including construction & infrastructure, manufacturing, and oil & gas.
During the forecast period, the lifting and material handling segment are expected to grow at the highest CAGR. Based on end-users, the market is categorized as oil & gas, construction & infrastructure, manufacturing, mining, and others. Among the end-user segments, the construction & infrastructure segment is expected to remain dominant during the forecast period.
● Latin America Heavy Construction Equipment Market
The Latin America Heavy Construction Equipment Market size is expected to reach USD 6.391 Billion in 2022, from USD 4.310 Billion in 2016, growing at a CAGR of 6.8% from 2016 to 2022.
Many of the factors driving the heavy building equipment demand in Latin America are recovery from the construction industry, the increase in private-public partnerships, and rapid urbanization.
Additionally, the development of low-emission and energy-efficient equipment provides opportunities for the growth of the Latin America Heavy Construction Equipment market. However, the oil price fluctuations increased carbon footprint, and weak economic conditions hamper the market growth.
● Compact Construction Equipment Market
The Global Compact Construction Equipment Market size was USD 6.250 Billion in 2016 and is expected to touch USD 9.438 Billion in 2023, rising from 2017 to 2023 at a CAGR of 6.2 percent.
Building industry growth is the major driver for compact construction equipment market size. These machinery are highly versatile, mobile from one place to another, and easy to use.
Population rise and rapid urbanization contribute further to the development of the construction industry. This, in turn, is boosting demand for compact building equipment. The increase in production costs, the dearth of skilled labor, and the volatility of fuel prices, however, impede business growth.
● Construction Equipment Monitoring Market
The report studies the Construction Equipment Monitoring Market size of players, countries, product types and end industries, historical data for 2014-2018, and forecast data for 2019-2025. Furthermore, the report analyses the global competitive environment, market drivers and patterns, opportunities and challenges, risks, and barriers to entry, distribution channels, distributors, and Porter's Five Forces analysis.
Heavy Duty Construction Equipment Market
Heavy Duty Construction Equipment is used on the construction site to perform multiple tasks, such as hoisting, excavating, hauling, paving, grading, and drilling. The category of equipment covered in the report includes mainly excavators, loaders, graders, bulldozers, dump trucks, compactors, and pavers.
The report studies the Heavy Duty Construction Equipment Market size of players, countries, product types and end industries, historical data for 2014-2018, and forecast data for 2019-2025. Furthermore, the report analyses the global competitive environment, market drivers and patterns, opportunities and challenges, risks, and barriers to entry, distribution channels, distributors, and Porter's Five Forces analysis.
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