Developing economies worldwide are investing heavily in the construction equipment market to offer innovative equipment. The heavy construction equipment market is projected to have a considerable amount of market share growth due to the expansion of the construction and infrastructure market. Geographical expansion of cities and towns is at a good pace enabling the heavy construction equipment market to grow at a rapid pace. Due to advancements and investments in technologies, the heavy construction equipment market is growing considerably.
Drivers for the heavy construction equipment market is proportional to commercial, residential and industrial sectors growth. Infrastructure development is also increasing due to government initiatives such as subsidies and modernization of regions in a country contributing to construction equipment market share. It becomes crucial to construction companies in utilizing the right type of equipment boosting its demand. The high rate of urbanization and industrialization are vital forces substantiating the growth of the heavy construction equipment market.
The Heavy Construction Equipment Market is projected to have a CAGR of 6.9% during 2018-2025. The market value for Heavy Construction Equipment Market in 2018 is USD 145 billion and it is to be reaching USD of231.5 billion in 2025.
Moving machinery segment is expected to be growing at a rapid rate during 2018-2025:
The moving machinery segment is substantially contributing mainly to the construction industry enabling the heavy construction equipment industry to grow. Movable machinery segment is estimated to have a significant market value of USD 36.6 billion by 2025. India and Brazil there are a considerable amount of construction projects being initiating boosting the moving machinery segment market. The construction industry is driven by the advent of equipment such as automated moving machinery.
Moving machinery segment had more than half of the market share of the heavy construction equipment market. Increased natural disasters worldwide there is a substantial role of movable machinery in the evacuation process that has surged its market share. technological advancements in the moving machinery segment including artificial intelligence, high productivity, and cost-effectiveness are some of the driving factors of this market. These equipment are also utilized in the mining industry which procures high amounts of movable equipment across the globe.
Asia-Pacific region accounted as the leader in the heavy construction equipment:
Governments in this region are introducing policies supporting the construction industry and hence rise in the heavy construction equipment is observed. The region has a market value of USD 49.67 billion during 2018 fueling up the market growth of heavy construction equipment. Chinese government initiatives supporting the infrastructure and construction that shall surge the market growth of heavy construction equipment. An increase in disposable income among the customers of the APAC region is another most vital factor contributing to the rise of heavy construction equipment. Europe generated a substantial amount of revenue estimated at about USD 36.26 Bn in 2018. Another important region driving heavy construction equipment market is the middle east, where the prime focus is on infrastructure development for tourism and health-care industries. An increase in disposable income among the customers of the APAC region is another most vital factor contributing to the rise of heavy construction equipment.
AB Volvo is one of the leading players in the market having a substantial amount of revenue generation at USD 390.834 bn and its net income accounted for USD 24.363 billion in 2018. The company has been offering heavy construction equipment across various countries enabling infrastructure development. Prominent players of heavy construction equipment market are listed as follows: JCB, John Deere & Co., Kobelco Construction Machinery Co. Ltd., Komatsu Ltd., Liebherr-International AG., Manitou Group, Manitowoc Group, Atlas Copco Construction & Mining, Caterpillar, Cnh Global NV., Doosan Infracore Ltd., and Hitachi Construction Machinery Co. Ltd.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
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d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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