The global heavy-duty construction equipment market is anticipated to grow significantly at a CAGR of 7.0% over the forecast period (2024-2031). The key aspect that drives the growth of the global heavy-duty construction equipment market is continuous growth in the emerging economies, rising investors, government schemes, and investment in transport, energy, and housing projects are some of the major factors for the growth of the construction sector all across the globe. Thus, with the rise in the overall construction industry, there is likely to be an increased demand for heavy-duty construction equipment as well, which in turn, drives the growth of the market over the forecast period.
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Apart from the rising global population, urbanization is also a major factor that propels the construction industry. As per the United Nations, the global population in 2019 was more than 7.7 billion which is expected to increase to 8.18 billion in 2025. Moreover, around 54% of the population lived in the urban area in 2014, which was estimated to be around 3.86 billion. It is expected to reach 66% by 2050 which will be more than 6 billion people. The largest urban growth will take place in India, China, and Nigeria. Managing urban areas is challenging for the government in emerging economies that includes forming and implementing cohesive policies and plans related to the development under smart cities projects. These will create a significant demand for proper infrastructure globally, which in turn creates scope for the growth of the market.
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Market Coverage
- Segment Covered- By Machinery Type, Applications and Industry
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
- Competitive Landscape- Caterpillar Inc., Deere & Co., Komatsu Ltd., Liebherr Group, CNH Industrial NV, Hitachi Construction Machinery Co. Ltd., Hyundai Heavy Industries Co. Ltd., and Kobelco Construction Machinery Co. Ltd. among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment/region dominates the market in base year?
- Which segment/region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region/segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Heavy-Duty Construction Equipment Market – Segmentation
By Machinery Type
- Earth Moving Equipment
o Cranes
o Loader & Backhoe
o Telescopic Handlers
o Excavators
o Others (Graders, Trencher)
- Material Handling Equipment
o Hoists
o Conveyors
o Forklifts
o Others (Industrial Trucks)
- Other Heavy-Duty Construction Equipment
o Concrete Mixers
o Road Rollers
o Stone Crushers
o Dumpers
o Tippers & Trailers
o Others (Slurry Seal Machines)
By Applications
- Excavation & Demolition
- Heavy Lifting
- Handling
- Transportation
- Recycling & Waste Management
- Others (Tunneling)
By Industry
- Construction & Infrastructure
- Manufacturing
- Mining
- Others (Oil & Gas)
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