As per the report published by Allied Market Research, the global heavy construction equipment market is projected to reach $273.5 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030. The report highlights the market potential, market characteristics, competitive landscape, and growth by segmentation.
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Amar Chinchane, the Lead Analyst, Construction and Manufacturing at Allied Market Research, stated, “Increase in investment in the construction sector, growth in emphasis on the expansion of the mining sector, and surge in focus on public-private partnerships have boosted the growth of the global heavy construction equipment market. However, fluctuating oil prices, surge in carbon footprint, and weak economic conditions in Latin America hinder the market growth. On the contrary, development of low emission fuel-efficient equipment would open new opportunities in the future.”
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Covid-19 pandemic impact on the market:
- The strict lockdown regulations during the initial phases of the pandemic created challenges in the production and manufacturing of heavy construction equipment.
- The slowdown in the industries such as oil & gas, construction, and infrastructure negatively affected the market.
The global heavy construction equipment market is analyzed across several regions such as Europe, North America, Asia-Pacific, and LAMEA. Asia-Pacific is expected to register the highest CAGR of 5.2% from 2021 to 2027. Moreover, the region would dominate the market in terms of revenue during the study period.
The global heavy construction equipment market is segmented on the basis of equipment type, application, end user, and region.
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Based on type, the earthmoving equipment segment is expected to maintain its dominance in terms of share during the forecast period. However, the material handling equipment segment would register the highest CAGR of 6.0% from 2020 to 2027.
On the basis of end-use industry, the manufacturing segment is expected to register the highest CAGR of 5.3% during the forecast period. However, the construction segment would hold the lion’s share through 2027.
The global heavy construction equipment market report includes an in-depth analysis of the major market players such as CNH Industrial N.V., Doosan Infracore Co Ltd., Deere & Company, Caterpillar Inc., J C Bamford Excavators Ltd., Liebherr International AG, Komatsu Ltd., XCMG Group, Volvo Group, and Hitachi Construction Machinery Co. Ltd.
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