Heavy construction equipment market to exceed $180.66bn by 2021 according to a survey by Markets And Markets.
The heavy construction equipment market is projected to witness significant growth in the next few years with the increase in government investments in infrastructure in developing nations and rise in construction and mining activities.
Factors such as rapid urbanisation, increase in investments in the construction industry & rise in demand for infrastructural development from developing economies, increase in population, and increase in level of spending of people around the globe are driving the growth of the heavy construction equipment market.
The major players in the heavy construction equipment market include Caterpillar Inc. (U.S.), Liebherr AG (Switzerland), Terex (U.S.), Volvo Construction Equipment AB (Sweden), Komatsu (Japan), Doosan Infracoe (South Korea), Hitachi Machinery Construction (Japan), JCB (U.K.), Sany (China), and CNH (U.K.)
The earth moving segment dominated the market in 2015 and is projected to be the fastest-growing equipment type sector in the next five years, as a result of the rapid urbanization and rise in demand for infrastructural development. The earth moving equipment market is driven by the increase in investments in the infrastructure industry to improve facilities in the government and private sectors. Furthermore, this has proven as an opportunity for manufacturers in the earth moving equipment market.
China contributes a major market share in the global as well as Asia-Pacific heavy construction equipment market. Increase in investments in infrastructure and countries adopting new technologies in residential and non-residential infrastructure, owing to the rise in population and increase in standard of living of people are some of the factors driving the heavy construction equipment market in Asia-Pacific. The heavy construction equipment market in this region is growing rapidly due to the presence of numerous leading players in the region.