Heavy construction equipment market to grow from USD 121.46 billion in 2015 to USD 180.66 billion by 2021, at a CAGR of 7.0%. The base year considered for the study is 2015 and the market size is projected from 2016 to 2021. The heavy construction equipment market is gaining momentum in the modern construction industry due to factors such as geographical expansion in emerging markets and adoption of heavy construction equipment offers lucrative opportunities for market player in the next 10 years. Other factors driving the heavy construction equipment market are rapid urbanization and increase in investments in the construction and manufacturing industry.
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Earthmoving equipment is projected to remain the largest segment until 2021.
The heavy construction equipment market, by type, is segmented into earthmoving equipment, material-handling equipment, heavy construction vehicles, and others. The earthmoving equipment segment is estimated to dominate the heavy construction equipment market owing to increasing investment in the infrastructure industry to improve facilities in the government and private sectors.
Excavation & demolition is projected to be the fastest-growing segment in the heavy construction equipment market between 2016 and 2021.
The heavy construction equipment market, by application, is segmented into excavation & demolition, heavy lifting, transportation, tunneling, and recycling & waste management. The market in the excavation & demolition segment is projected to register the highest CAGR during the forecast period. Excavation is required to build foundations while constructing buildings, homes, roadways, and also to create water reservoirs. It is also used for mining precious minerals and metals. The various processes used in the excavation are trenching, digging, and site development.
Asia Pacific is projected to be the leading heavy construction equipment market.
The market has been segmented into five regions, namely, Europe, North America, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is projected to be the largest market for heavy construction equipment system during the forecast period due to the growing construction & manufacturing industry. China is expected to be the leading market in the region. The Chinese government’s initiatives for the development of infrastructure and increase the standard of living in the country have been driving the heavy construction equipment market in the region.
The major players in the heavy construction equipment market are Caterpillar Inc. (US), Liebherr AG (Switzerland), Terex Corporation (US), Volvo Construction Equipment AB (Sweden), and Komatsu Ltd. (Japan). These players have adopted several strategies such as mergers & acquisitions, expansions, new product launches, and partnerships to strengthen their position in the market.
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