NEW YORK, Nov. 15, 2021
The global heavy construction equipment market is expected to see striking growth by 2028, owing to the rapid economic growth. The earth-moving sub-type is expected to be most lucrative. The Asia-Pacific region is expected to dominate the market.
NEW YORK, Nov. 15, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Heavy Construction Equipment Market by Type (Earth Moving, Material Handling, and Heavy Construction Vehicles), End-use Industry (Construction, Mining, and Oil & Gas), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the Global Heavy Construction Equipment Market is expected to generate a revenue of $257.2 billion and grow at a CAGR of 4.8% over the estimated timeframe from 2021-2028.
Dynamics of the Market
With the increasing urbanization and industrialization majorly in the developing countries to boost the economic growth and create employment opportunities, the market is anticipated to witness significant growth during the forecast period. Moreover, the factors like high digging strength, dump heights, ground clearance are some major factors further expected to bolster the growth of the heavy construction equipment market throughout the forecast period. Besides, the equipment rentals option for the individual businesses and the heavy construction equipment manufacturers are further predicted to fortify the growth of the market during the forecast period. However, the requirement of skilled labor and high heavy construction equipment is may impede the growth of the market over the analysis period.
Covid-19 Impact on the Heavy Construction Equipment Market
The rise of the Covid-19 pandemic has had a negative impact on the heavy construction equipment market, similar to several other industries all across the globe. Because of the stringent lock-down imposed by the government of many countries worldwide, many manufacturing companies have shut down their operations. This is major because of the drastic decline in the demand, unavailability of raw materials due to disrupted supply chain, and also the shortage of laborers. These are factors that have caused declination in the growth of the heavy construction equipment market during the crisis.
Segments of the Market
The report has been divided the heavy construction equipment market into segments namely, type, end-user, and region.
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Top 10 Prominent Key Players of the Heavy Construction Equipment Market Include -
These players are majorly working on the development of new business tactics and strategies to acquire leading positions in the global industry.
For instance, in May 2021, Infra. Market, a leading Indian manufacturer, and designer of technology-based construction materials have bought a majority stake in Equiphunt, a renowned Hyderabad-based heavy construction equipment rental service provider. With this acquisition, the companies have aimed to provide a one-stop solution for all equipment and service requirements for B2B customers globally.
Further, the report also summarizes the other important aspects such as the financial performance of the key players, latest strategic developments, product portfolio, and SWOT analysis.
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