Increase in investment in the construction sector, surge in focus on public-private partnerships, and rapid expansion of the mining sector have boosted the growth of the global heavy construction equipment market
PORTLAND, Oregon, April 20, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Heavy Construction Equipment Market by Equipment Type (Earthmoving, Material Handling, Heavy construction vehicles, and Others), Application (Excavation & Demolition, Heavy Lifting, Tunneling, Material Handling, and Recycling & Waste management), and End User (Infrastructure, Construction, Mining, Oil & Gas, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global heavy construction equipment industry was pegged at $171.66 billion in 2019, and is projected to reach $240.49 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
Chief drivers of the market growth
Increase in investment in the construction sector, surge in focus on public-private partnerships, and rapid expansion of the mining sector have boosted the growth of the global heavy construction equipment market. However, increase in carbon footprint and fluctuating oil prices and weak economic conditions in Latin America hamper the market growth. On the contrary, technical advancement and development of low emission & fuel-efficiency equipment are expected to create lucrative opportunities for the market players in the next years.
The earthmoving segment dominated the market
Based on type, the earthmoving segment held the largest share in 2019, accounting for more than half of the global heavy construction equipment market. The new technology excavator with improved output, cost-effectiveness, higher performance, and flexibility plays a crucial role in increasing the demand for earthmoving equipment. However, the material handling segment is projected to manifest the highest CAGR of 6.2% during the forecast period, due to rise in focus on workplace safety and employee safety, recovery in the construction industry, and increase in mining activities.
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The manufacturing segment to manifest the highest CAGR through 2027
The manufacturing segment is expected to portray the highest CAGR of 6.6% during the study period, owing to increase in industrialization and urbanization and rise in application of forklifts and hoisting equipment in the manufacturing industry. However, the construction segment held the largest share in 2019, contributing to more than two-fifths of the global heavy construction equipment market as heavy equipment including excavators, loaders, and motor graders are essential components in construction activities.
Asia-Pacific, followed by North America, held the largest share
The global heavy construction equipment market across the Asia-Pacific region held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the segment is expected to register the highest CAGR of 5.3% during the study period, owing to the improvement in overall production facilities. The market across North America held around one-fifth of the market period.
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Major market players
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