Global Heavy Construction Equipment Market Report and Forecast 2024-2032

Global Heavy Construction Equipment Market Outlook

The global heavy construction equipment market attained USD 203.62 billion in 2023. The market is expected to grow at a CAGR of 6.2% in the forecast period of 2024-2032 to attain USD 349.94 billion by 2032.

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The Asia Pacific Region to Lead the Market Growth of Heavy Construction Equipment

The Asia Pacific held the major share of the market in the historical period, and is expected to do so in the forecast period as well. This is attributed to the conducive government policies as well as heavy funding by the governments in these areas to push the market for heavy construction equipment. The growing demand for heavy construction equipment in China due to its robust manufacturing sector is a leading driver of this market. Furthermore, increasing investment by the governments in the market for heavy construction equipment, such as excavators, loaders, etc., is expected to push the market forward during the forecast period. Companies across the globe are projecting a very high growth potential in the emerging economies of the Asia Pacific region and are heavily investing in the heavy construction equipment market in the region.

Heavy Construction Equipment: Market Segmentation

Heavy construction equipment is referred to as large scale machineries, which are used to reduce the need for manpower and increase efficiency on a large scale, while also reducing the time limit of processes. These are used in various sectors, such as oil and gas, construction, military, mining, and agriculture, and forestry. Various other sectors such as infrastructure, commercial buildings, and residential buildings are witnessing a growing demand for heavy construction equipment as well.

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In terms of type, the market is segmented into:

• Earth moving equipment, which is further divided by type into:
  • Excavators
  • Loaders
  • Dozers
  • Motor Graders
  • Others
• Heavy construction vehicles, which is further divided by type into:
  • Dumpers
  • Tippers

Material handling equipment, which is further divided by type into:

• Cranes
• Telescopic Handlers
• Others
• Others

On the basis of application, the market is divided into:

• Heavy Lifting
• Material Handling
• Transportation
• Excavation and Demolition
• Tunneling
• Recycling and Waste Management
• Others

By end use, the market is divided into:

• Mining
• Infrastructure
• Forestry and Agriculture
• Construction and Manufacturing
• Vehicle Transport 
• Public Works
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Governments Investing Heavily in Infrastructure to Aid the Market Growth of Heavy Construction Equipment

Increasing government investments in construction activity is the major driver of the heavy construction equipment industry. The demand for larger construction sites is very high in emerging countries such as China, due to their rapidly growing economies and an overhaul of infrastructure. Governments around the world are spending highly on physical and social infrastructure, creating more jobs around the same to create a higher demand for goods and services. As these economies are hosting world events such as Qatar hosting the 2023 FIFA World Cup and Japan hosting the 2020 Summer Olympics (postponed to 2021) in the forecast period, the market for heavy construction equipment is expected to witness significant growth in these areas over the forecast period. Spending on large scale infrastructure is expected to increase in the coming decade, thus pushing the market in the forecast period. However, surpassing stringent region-specific government regulations is a likely barrier to the growth of this market.

Key Industry Players in the Global Heavy Construction Equipment Market

The report gives a detailed analysis of the following key players in the global heavy construction equipment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Deere & Company.
• Komatsu Ltd.
• AB Volvo
• Doosan Infracore Co., Ltd.
• Hitachi Construction Machinery Co., Ltd.
• Caterpillar Inc.
• Liebherr-International AG
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report