Heavy Construction Equipment Market: Building the Future with Power and Precision
Heavy construction equipment is heavy duty vehicles or machinery that are specifically built to execute construction activities, most commonly excavation, material handling, earthwork operations or other significant construction tasks. The market is driven by investment in residential, commercial, and industrial sectors, global economic growth and increase in public-private partnership.
The global heavy construction equipment market size was valued at $176.2 billion in 2020, and is projected to reach $273.5 billion by 2030, registering a CAGR of 4.4% from 2021 to 2030.
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Expansion of construction industry in various countries has provided significant opportunities for heavy construction equipment market growth. For instance, China’s central government established a goal in November 2020 of having 70% of new safe building construction completed by 2022 according to its own criteria. Similarly, in May 2019, the Indian government proposed a $1.5 trillion investment plan in the building sector for a six-year period ending in 2025. This investment is aimed at enhancing the building quality of schools and higher education facilities as well as health, sports, and basic infrastructure.
Key Segments:
By END USER
Infrastructure
Construction
Mining
Oil & Gas
Manufacturing
Others
By APPLICATION
Excavation & Demolition
Heavy Lifting
Tunneling
Material Handling
Recycling & Waste Management
By Region
North America (U.S., Canada, Mexico)
Europe (Germany, UK, France, Italy, Rest of Europe)
Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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Top Players:
The key market players profiled in the heavy construction equipment industry report include Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co Ltd., Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr International AG, Volvo Group and XCMG Group.
The heavy construction equipment market is segmented into equipment type, which includes material handling equipment, heavy construction vehicles, earthmoving and others. Among these, the earthmoving equipment segment accounts for the largest market size by value, owing to low operating costs and rising demand from diverse sectors such as building and construction, infrastructure, mining, oil & gas and forestry.
Furthermore, excavators are construction vehicles that are used to dig up or transport large objects. Excavators are made up of two main components: a driving base and a strong boom arm with an excavation attachment. The arm is controlled by the operator, who sits in a compact cab linked to the base. Various key players are manufacturing advanced excavator machines for efficient work and reduce operational time. For instance, in December 2020, Hitachi Construction introduced 12-ton and 20-ton excavator equipment for construction use. These machines are battery powered prototype and offers higher weight class than ordinary excavators.
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