Heavy Construction Type Market: Global Industry Analysis and Forecast (2023-2029)

Heavy Construction Type Market was valued nearly US$ 192.36 Bn. in 2022. Heavy Construction Type Market size is estimated to grow at a CAGR of 6.2% & is expected to reach at US$ 293.09 Bn. by 2029.
Heavy Construction Type Market Overview:
Lifting, material handling, excavation, and other heavy operations duties are performed with Heavy Construction Type. Residential, commercial, and industrial expansion, as well as increased public–private partnerships and worldwide economic development, are driving the Heavy Construction Type market. There are many various kinds of Heavy Construction Type on the market; however, selecting the appropriate construction equipment is critical. When choosing Heavy Construction Type, enterprises consider factors such as the project's complexity, material, cost, quality, timeliness, & safety.

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The key factors driving market expansion include increased private sector involvement, real estate sector growth, better economic conditions, and residential and commercial infrastructure set-up in emerging markets. In addition, the expansion of government infrastructure development initiatives and public–private partnerships for the construction of public infrastructure systems in countries like India and China has aided market growth. The Indian government has made significant investments in the construction of roads, railway tracks, airports, and other infrastructure, which necessitates the use of excavators, loaders, and other heavy equipment.

The key market players create and develop smart, internet-connected, fuel- and energy-efficient machinery, resulting in market development prospects over the projection period. For example, JCB launched the new Hydraload 555-210R telehandler with revolving telescopic handler in June 2022. The device has a 5.5-ton maximum lift capacity and a 20.5-meter maximum lifting height. The equipment is powered by an EcoMAX engine, which is extremely efficient.

However, fluctuating oil costs as well as a rise in carbon dioxide emissions are two major issues limiting the global expansion of the Heavy Construction Type market. Equipment type, application, end user, and geography are all used to segment the market. The market is divided into earthmoving equipment, material handling equipment, heavy construction vehicles, and other equipment types. Excavators, loaders, backhoe loaders, and motor graders make up the heavy machinery segment. Cranes & telescopic handlers are sub-segments of the material handling equipment segment. Dumpers & tippers are two subcategories of large construction trucks. Compactors and pavers are included in the other category. Excavation & demolition, heavy lifting, tunnelling, material handling, and recycling & waste management are the different types of applications in the market. Infrastructure, construction, mining, oil & gas, manufacturing, and others are the end users.

The Heavy Construction Type market is broken down into four regions: North America, Europe, Asia-Pacific, & Latin America and the Caribbean. In 2022, Asia-Pacific dominated the market, accounting for the largest share, and this trend is expected to continue throughout the forecast period. This can be ascribed to increased government spending and a greater focus on developing infrastructure in this region.
Analyze the Competition:
AB Volvo, Caterpillar Inc., Liebherr AG, & Sany are among the prominent market competitors mentioned in the Heavy Construction Type market study. The top companies in the global Heavy Construction Type market have used significant strategies including product launches & business expansion to broaden their market reach and keep up with the market's fierce competition. Caterpillar, for instance, introduced 16 new Cat D3 series skid steer loader (SSL) and compact track loader (CTL) models in August 2022. The new models are compatible with a new line of Smart Attachments that customize the controls and operator information to the task and tool. The Cat 279D3 and 289D3 CTL have a ground speed of 8.4 mph, while the Cat 299D3 XE Land Management CTL has excellent brush cutting, mulching, mowing, and vegetation control capabilities. Similarly, Liebherr built a new development & demonstration centre in Kirchdorf, Austria, in October 2022. On a total of 12.68 hectares, the centre provides a test hall, a test site with a 1.2-kilometer test track, and a display area.
Segment Overview:
The earth moving sub-type is estimated to generate $138.6 billion in revenue, with stable increase expected throughout the forecast period. This is related to the increased usage of Heavy Construction Type and heavy-duty trucks in mining and construction. Furthermore, during the analysis period, the increasing rate of manufacturing various earth moving equipment for various construction activities is predicted to bolster the expansion of the Heavy Construction Type market's sub-segment. During the forecast period, the construction sub-segment is estimated to generate $128.6 Bn in revenue & have the biggest market share. This is due to the high number of current construction projects around the world. Furthermore, during the projected period, the quick evolution of infrastructure & construction projects is expected to magnify the market's sub-growth.

Governments are heavily investing in infrastructure to support the growth of the Heavy Construction Type market.

The Heavy Construction Type business is mainly driven by increased government spending in construction activity. Due to their fast rising economies and infrastructure overhauls, emerging countries like china have a significant demand for larger construction sites. Governments all over the world are investing heavily on physical and social infrastructure, resulting in more jobs and increased demand for goods and services. The market for Heavy Construction Type is predicted to increase significantly in these economies over the forecast period, as these economies host world events such as the 2022 FIFA World Cup in Qatar and the 2022 Summer Olympics in Japan (postponed to 2022). Big infrastructure spending is predicted to rise in the coming decade, propelling the industry forward throughout the projection period. Surpassing severe region-specific government laws, on the other hand, is anticipated to be a stumbling block to the market's expansion.

The objective of the report is to present a comprehensive analysis of the Heavy Construction Type Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Heavy Construction Type Market dynamics, structure by analyzing the Market segments and project the Heavy Construction Type Market size. Clear representation of competitive analysis of key players by Equipment Type, price, financial position, Equipment Type portfolio, growth strategies, and regional presence in the Heavy Construction Type Market make the report investor’s guide.
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Heavy Construction Type Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 192.36 Bn.


Forecast Period 2023 to 2029 CAGR:
6.2%
Market Size in 2029:
US$ 293.09 Bn.


 Segments Covered:
by Equipment Type
• Earthmoving
• Material handling
• Heavy construction vehicles
• Others


by Application
• Excavation & Demolition,
• Heavy Lifting
• Tunnelling, Material Handling
• Recycling & Waste management


by End-User
• Infrastructure
• Construction
• Mining
• Oil & Gas
• Manufacturing
• Others



Heavy Construction Type Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Heavy Construction Type Market Key Players are:
• AB Volvo
• Caterpillar Inc
• CNH
• Deere & Company
• Doosan Infracoe
• Hitachi Machinery Construction
• JCB
• Komatsu
• Liebherr AG
• Sany
• BEUMER Group
• Daifuku Co., Ltd.
• Honeywell International Inc.
• Kion Group AG
• Mecalux, S.A
• Murata Machinery Ltd.
• Godrej
• ACE
• Om engineering.

FAQ’S:

1) What is the share of the Global Heavy Construction Type Market in 2022?
Answer: The Global Heavy Construction Type Market was accounted for US$ 192.36 Bn in the year 2022.

2) Which Application segment is dominating the Global Heavy Construction Type Market?
Answer: Heavy Lifting segment is the dominating End-User segment in the market.

3) What are the key players in the Global Heavy Construction Type Market?
Answer: AB Volvo, Caterpillar Inc, CNH, Deere & Company, Doosan Infracoe, Hitachi Machinery Construction, JCB, Komatsu, Liebherr AG, Sany, BEUMER Group, Daifuku Co., Ltd., Honeywell International Inc., Kion Group AG, Mecalux, S.A, Murata Machinery Ltd., Godrej, ACE ,Om engineering.

4) Which factor acts as the driving factor for the growth of the Heavy Construction Type Market?
Answer: The major factors for the growth of the Global Heavy Construction Type market includes Surge in demand for Heavy Construction Types in a number of applications including consumer electronics.