Heavy Duty Construction Equipment Market, By Type of Equipment (Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, and Others), By End Use (Infrastructure, Construction, Mining, Oil & Gas, Manufacturing, and Others), By Type of Application (Excavation & Demolition, Heavy Lifting, Tunneling, Material Handling, and Recycling & Waste Management), By Region Analysis - Global Analysis And Industry Forecast Report Till 2030.

The Heavy Duty Construction Equipment Market is projected to grow from $179.2 billion to $274.1 billion, at a CAGR of 4.6% during the forecast period 2021-2030.

Heavy equipment or machinery is used for heavy-duty operations such as material handling, excavation, lifting, and other heavy-duty operations. An increase in public-private partnerships and global economic growth as well as commercial, residential, and industrial sectors are driving the heavy equipment market. There are many types of heavy machinery on the market. Nonetheless, choosing the right construction equipment is important. When choosing heavy equipment, companies consider factors such as materials, quality, project complexity, and safety.

The construction heavy equipment market is driven by rising private sector investment, a growing real estate sector, improving economic conditions, and residential and commercial infrastructure setup in emerging countries. Additionally, the expansion of government infrastructure development projects and public-private partnerships for building public infrastructure systems in countries such as the United States, India, and China have aided market growth.

Market Dynamics:

Drivers:

For builders, renting or leasing heavy construction equipment is advantageous because it allows them to meet their customers' needs for equipment without incurring the full cost. One benefit of renting or leasing is that it can be done based on your preferences, equipment needs, and projected income.

The decision to rent or lease heavy construction equipment is influenced by many variables, including the duration of the asset's intended use, technological advancements during that time, and the tax benefits associated with renting or leasing the equipment. Rental contractors have access to a wider range of equipment while leveraging state-of-the-art technology. As a result, participants in the heavy duty construction equipment market have the opportunity to utilize the equipment without paying for it. These are the major propelling factors of the market.

Restraints:

A major challenge facing the construction industry is material supply chain disruption as many contractors rely on international material suppliers. This can create supply chain bottlenecks for materials, delaying ongoing construction projects and increasing material costs. Delays in construction projects are one of the limiting factors negatively affecting the heavy duty construction equipment market.

Opportunities:

Leading market players are concentrating on manufacturing smart, internet-connected, fuel and energy-efficient construction machinery, creating market development potential during the forecast period. For example, Doosan Infracore launched a super-large 100-ton excavator model in 2021. It uses smart power control and an electronic integrated hydraulic system. Equipped with a self-designed fuel optimization system, it improves fuel economy and provides ideal working performance with no loss of power and speed. These are the factors that are creating many opportunities in the industry.

Key Players:

• Caterpillar

• CNH Industrial N.V.

• Doosan Corporation

• Escorts Limited

• Hitachi Construction Machinery Co., Ltd.

• Hyundai Construction Equipment Co., Ltd.

• J C Bamford Excavators Ltd.

• Deere & Company

• Kobelco Construction Machinery Co., Ltd.

• Komatsu Ltd.

• Liebherr-International AG

• Manitou BF

• HADROMEK

• Sany Heavy Industry Co., Ltd.

• Sumitomo Heavy Industries, Ltd.

• Terex Corporation

• Volvo AB

• Zoomlion Heavy Industry Science

Market Segmentation:

Heavy Duty Construction Equipment Market, By Type of Application

• Excavation & Demolition

• Heavy Lifting

• Tunneling

• Material Handling

• Recycling & Waste Management

Heavy Duty Construction Equipment Market, By Type of Equipment

• Earthmoving Equipment

• Material Handling Equipment

• Heavy Construction Vehicles

• Others

Heavy Duty Construction Equipment Market, By End Use

• Infrastructure

• Construction

• Mining

• Oil & Gas

• Manufacturing

• Others

Heavy Duty Construction Equipment Market, By Source of Heat

• Coal

• Natural Gas

• Renewable

• Oil & Petroleum Products

• Others

Heavy Duty Construction Equipment Market, By Region Type

• North America 

• Europe 

• Asia-Pacific 

• LAMEA 

Regional Analysis:

Asia Pacific accounted for the largest revenue share of over XX% in 2022 and is projected to register a CAGR of over XX% from 2021 to 2030. Market growth is mainly attributed to favorable government policies to boost infrastructure projects in emerging economies such as India, China, and Southeast Asian countries.

North America is expected to have significant growth during the forecast period. It is anticipated to be the largest region in this market. Heavy duty construction equipment’s demand is increasing extensively in this region.

Scope of the report:

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