CHICAGO, Sept. 12, 2023 /PRNewswire/ -- The report "Heavy Construction Equipment Market by Machinery Type (Earthmoving equipment, Material Handling Equipment, Heavy Construction Vehicles), Propulsion Type (Diesel, CNG/LNG/RNG, Electric), Engine Capacity, End-Use Industry & Region - Global Forecast to 2028", is estimated to grow from USD 190.3 billion in 2022 to reach USD 252.4 billion by 2028, at a CAGR of 4.8%. The increasing use of Heavy Construction Equipment in the mining and construction industry is one of the most significant factors projected to drive the growth of the Heavy Construction Equipment market.
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Earthmoving equipment segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
Globally, earthmoving equipment accounted for the largest share as this type of heavy construction equipment, which is majorly utilized in various high-end applications such as excavation and loading of materials at the source point for mining activities. Earthmoving equipment covers a broad range of machines that can excavate and grade soil and rock, along with other construction tasks. Most earthmoving equipment uses hydraulic drives as the primary source of motion. Excavators (crawler and wheeled), loaders (backhoe, skid-steer), and motor graders are considered under earthmoving equipment.
Diesel segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
Globally, the diesel propulsion type segment accounted for the largest share as this type of heavy construction equipment is majorly utilized in various high-end applications majorly due to its ability to produce high torque and its reliability. Construction equipment requires high torque from the engine to move heavy loads. As a fuel, diesel is denser than gasoline. A gallon of diesel fuel produces roughly 11% more energy than a gallon of gasoline, 67% more than a gallon of LNG, and 250% more than a gallon of CNG. Diesel combusts at a slower rate than gasoline and is also more fuel-efficient. Diesel produces more torque at a lower speed compared with other fuels.
<5 L segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
<5L capacity type segment accounted for the largest share as this type of the heavy construction equipment market is majorly utilized in various high-end applications majorly due to the compact size of the equipment. Heavy construction equipment with lower power usually has an engine capacity of <5L. Engine capacity with <5L is extensively used in compact excavators that are used in applications such as urban civil engineering, housing, snow removal, forestry, and landscaping. The growing demand for housing projects due to the increasing population and commercial construction is anticipated to bolster the demand for lower engine capacity construction equipment.
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101-200 HP segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
Globally, 101-200 HP type accounted for the largest share as this type of heavy construction equipment is majorly utilized in various high-end applications majorly due to the compact size of the equipment. Heavy construction equipment with 101-200 HP power output provides better engine performance than those with <100 HP power output engines. These machines have improved machine capability, reduced maintenance costs, and improving improved fuel economy. The 101-200 HP power range includes equipment types like such as excavators, loaders, road rollers, and compactors, and others used in commercial and residential construction applications.
Material Handling application segment to grow at a significant rate in Heavy Construction Equipment, in terms of value.
The material handling segment accounted for the largest share in terms of value, in the global heavy construction equipment market, in 2022. The main objective of heavy construction equipment in material handling applications is to ensure proper handling, lifting & offloading of material. Proper Material handling equipment is widely popular in all industries like such as chemical, aerospace, construction, infrastructure, mining, manufacturing, oil & gas, and petrochemical, etc. Cranes and telescopic handlers are largely primarily used for material handling applications.
Automotive industry to be the fastest-growing end-use industry segment in the global Heavy Construction Equipment market in terms of value.
The mining segment accounted for the largest share in terms of value, in the global heavy construction equipment market, by end-use industry, in 2022, as the global demand for consumer products are surging and is driven by the increase in purchasing power of the population. This surge in demand has boosted the increased mining activities across the globe. This has improved the usage of heavy construction equipment in the market. Mining is the primary economic activity of obtaining minerals and rare earth metals from the ground. Continuous demand for minerals and rare earth metals has driven the expansion of this industry, playing a vital role in encouraging mining equipment companies to offer technologically advanced equipment, which helps in performing better mining operations that include drilling, crushing, and demolition. Crawler excavators, crawler dozers, motor graders, articulated dump trucks, rigid dump trucks, wheeled loaders, and mining trucks, among others, are used for the mining industry.
Asia Pacific continuous to be the largest market in the global Heavy Construction Equipment market in terms of value.
Asia Pacific is projected to be the largest market for heavy construction equipment used in commercial buildings due to the large number of construction projects and increasing demand for advanced technology equipment with improved efficiency. Electrification in heavy construction equipment is expected to grow increase with the growing adoption of construction equipment like such as mini excavators and compact/skid loaders with due to R&D to enhance the battery capacity. AB Volvo (Sweden) and Hitachi Construction Machinery Co., Ltd. (Japan) offer cable-connected electric construction equipment, where charging limitations are reduced. Thus, heavy construction equipment that requires more power to operate currently works on hybrid-electric technology. The major hybrid-electric construction equipment includes dozers and mine dump trucks.
The major players active in the heavy construction equipment market are Caterpillar (US), Liebherr AG (Germany), Terex Corporation (US), Volvo Group (Sweden), Komatsu (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), SANY Heavy Industry Co., Ltd. (China), HD Hyundai (South Korea), XCMG Group (China), CNH Industrial N.V. (UK), and J C Bamford Excavators Ltd (UK), among others.
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