Global Heavy Construction Equipment Market Size Worth USD 337.25 Billion By 2033 | CAGR Of 5.16%
Category: Machinery & EquipmentGlobal Heavy Construction Equipment Market Size Worth USD 337.25 Billion By 2033
According to a research report published by Spherical Insights & Consulting, The Global Heavy Construction Equipment Market Size is Expected to Grow from USD 203.92 Billion in 2023 to USD 337.25 Billion by 2033, at a CAGR of 5.16% during the forecast period 2023-2033.
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Browse key industry insights spread across 255 pages with 121 Market data tables and figures & charts from the report on the "Global Heavy Construction Equipment Market Size, Share, and COVID-19 Impact Analysis, By Type (Earthmoving Equipment, Material Handling Equipment, Heavy Construction Equipment, and Others), By Application (Excavation & Demolition, Heavy Lifting, Material Handling, Tunneling, Transportation, and Recycling & Waste Management), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/heavy-construction-equipment-market
Heavy construction equipment is used in mining, infrastructure development, and commercial building. It is manufactured, distributed, and used on a huge scale. Technological improvements that increase efficiency and sustainability include electrification, telematics, and automation. Global economic conditions, the cost of raw materials, and regulatory regulations all include heavy construction equipment market dynamics, which in turn influence demand patterns and competitive strategies among manufacturers and service providers. The primary factors propelling this market's growth are ongoing infrastructural improvements in emerging nations, population growth that increases the need for housing solutions, and continuous urbanization. The growing expenditures in the infrastructure and building industries are contributing to the need for heavy construction equipment. The growing usage of automation and artificial intelligence (AI) in the construction industry is driving up demand as well-known companies integrate state-of-the-art technology into this equipment. However, growth is restricted by high prices, stringent regulations, supply chain interruptions, job shortages, environmental issues, technical obstacles, unstable geopolitics, limited infrastructure, and market rivalry.
The material handling equipment segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the type, the heavy construction equipment market is classified into earthmoving equipment, material handling equipment, heavy construction equipment, and others. Among these, the material handling equipment segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The ongoing need for different heavy construction equipment, particularly for the construction of high-rise structures, is the reason for the expansion of the material handling equipment segment.
The transportation segment is anticipated to witness the fastest CAGR growth during the forecast period.
Based on the application, the heavy construction equipment market is divided into excavation & demolition, heavy lifting, material handling, tunneling, transportation, and recycling & waste management. Among these, the transportation segment is anticipated to witness the fastest CAGR growth during the forecast period. The availability of numerous sizes and types of heavy motor vehicles for the transportation of diverse heavy commodities is what propels the transportation industry.
Europe is estimated to hold the largest share of the heavy construction equipment market over the forecast period.
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Europe is estimated to hold the largest share of the heavy construction equipment market over the forecast period. The main drivers of the market are the country's thriving manufacturing sector, exports, significant increase in investments in infrastructure improvements, rising urbanization, and the growing use of heavy construction equipment for tasks like road repairs and redevelopments.
Asia Pacific is predicted to grow at the fastest CAGR growth in the heavy construction equipment market over the forecast period. The region has seen a notable increase in demand for heavy-duty construction equipment due to ongoing expansions in mining, infrastructure development and improvement, building, and other industry-related activities.
North America is anticipated to hold a substantial share of the heavy construction equipment market throughout the predicted period. The largest building expenditures in the nation's economic history. Increased building, improved infrastructure, and expanding redevelopments are anticipated to drive this market's expansion in the upcoming years.
Major key players in the heavy construction equipment market include SANY, HD Hyundai, Caterpillar, Deere & Company., Liebherr AG, Volvo Group, Komatsu Ltd., LIEBHERR, XCMG GROUP, CNH Industrial N.V., Terex Corporation, Kobelco Construction Machinery Co., Ltd., Hitachi Construction Machinery Co., Ltd., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In February 2024, Caterpillar announced two improvements to its medium dozer technology package. The Cat Assist with ARO (attachment-ready option) package is expected to be standard on the Cat D5, D4, D6, D6 XE, and D7 models beginning in early 2024.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the heavy construction equipment market based on the below-mentioned segments:
Global Heavy Construction Equipment Market, By Type
- Earthmoving Equipment
- Material Handling Equipment
- Heavy Construction Equipment
- Others
Global Heavy Construction Equipment Market, By Application
- Excavation & Demolition
- Heavy Lifting
- Material Handling
- Tunneling
- Transportation
- Recycling & Waste Management
Global Heavy Construction Equipment Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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