According to a report by Grand View Research, Inc., global heavy construction equipment market is anticipated to value USD 90.4 billion by 2025. Growing requirement for infrastructural development in many countries globally to boost economic growth is anticipate to propel demand for heavy construction equipment. These advanced equipment are likely to make difficult construction tasks convenient and increase work efficiency.
Rising investments in infrastructure sector to execute various construction activities such as roads and commercial & residential buildings is anticipated to propel demand for heavy construction equipment. High demand for residential properties attributed to increasing population is likely to increase price of such properties. This, in turn is expected to influence growth of market in the forthcoming years. Growing adoption of flight as convenient mode of transportation is anticipated to propel demand for airports. Favorable government initiatives to expand airports globally is expected to fuel growth of market during the forecast period (2014 to 2025).
Full Research Report On Heavy Construction Equipment Market Analysis:
The heavy construction equipment market can be segregated on the basis of product, application, and region. Based on product, the market can be classified into material handling machinery, concrete & road machinery, earth moving machinery, and others. Earth moving machinery segment dominated the market and accounted for largest market share in 2016. It is likely to grow at remarkable pace while accounting for maximum market share equivalent to USD 36.6 billion by 2025. Rising investments in development of transport infrastructure from countries such as India, Indonesia, and Malaysia can fuel demand for earth moving machinery.
On the contrary, material handling machinery accounted for 28% market share in terms of revenue in 2016. Growing construction of high-rise buildings is likely to generate demand for material handling machinery such as dumpers, cranes, forklifts, and telescopic handlers.
Moreover, concrete and road construction equipment accounted for 18.9% market share in 2016. Increasing use of machines such as rollers, pavers, and transit mixers for handling and transporting concrete material can influence market growth during the forecast period.
Based on application, the market can be categorized into real estate, infrastructure, and others. In 2016, infrastructure segment dominated the market and accounted for 49.9% market share. High demand for better transportation systems attributed to growing urbanization can influence growth. The segment is expected to grow at significant rate during the forecast period owing to rising demand for heavy duty construction equipment from developing countries such as India and China.
In addition, real estate is expected to emerge as fastest growing application segment during the forecast period. It is likely to grow at CAGR of 6.3% attributed to development of smart cities in countries such as France, India, and Singapore.
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Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. In Asia Pacific, the market is expected to dominate the market during the forecast period. It is expected to increase its market share from 39.4% in 2016 to 43.9% by 2025. Growing construction sector in the region is likely to impel demand for heavy duty construction equipment in the forthcoming years. In addition, plans of Chinese government to upgrade its transportation infrastructure through projects such as national trunk highway system and national high-speed railway can influence market growth in this region.
Similarly, in Central and South American region, the market is likely to witness high growth rate during the forecast period attributed to rising demand for heavy duty construction equipment. Growing investments in development of roadway infrastructure can bode well for regional growth.
In North America, United States (U.S.) is expected to witness downfall in construction sector from past few years. However, investment in non-residential private construction is expected to increase from USD 267 billion in 2010 to USD 400 billion in 2016. Since 2017, construction sector in U.S. had witnessed steady growth owing to high demand for residential homes. This, in turn, stimulated demand for heavy duty machinery in the region.
Some of the leading companies offering heavy construction equipment are XCMG Group; SANY Group; Caterpillar Inc.; Komatsu Limited; and AB Volvo. Most companies are likely to get involved in mergers and acquisitions to expand their market portfolio.
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