Heavy Construction Equipment Market By Machinery Type (Earthmoving Equipment, Material-Handling Equipment), Application (Excavation & Demolition, Heavy Lifting, Material Handling) And By End User Industry (Construction, Oil & Gas, Mining, Forestry) - Global Opportunity Analysis And Industry Forecast, 2014-2022
Heavy construction equipment comprises heavy duty vehicles, which are specifically designed for use in various construction operations such as drilling, hauling, excavating, paving, and grading. The players in the global heavy construction equipment market serves several industries including manufacturing, oil & gas, forestry, mining, construction, and infrastructure.
The global heavy construction equipment market has steadily recovered from the recent slowdown of 2008-2009. However, the demand for heavy construction equipment has increased across the world, especially in emerging markets due to rapid urbanization and increasing investment in construction industry.
In addition, prominent players, such as Caterpillar Inc., Volvo AB, and others have developed earthmoving machines that offer fuel savings and higher efficiency due to use of improved engines and control systems. The newly commercialized medium wheel loaders, such as 950M, 966M, and 982M, launched by Caterpillar Inc.
reduces operating costs and includes advanced technologies and safety features. Moreover, growing public-private partnerships for construction of public infrastructure systems in countries, such as India and China, are expected to boost the market.
However, environmental concern poses a major threat to the construction equipment industry, as these machineries run on diesel, which releases harmful carbon emissions.
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The market is segmented based on equipment type, application, end user industry, and geography. Based on equipment type, market is segmented into earthmoving equipment, material handling, heavy construction vehicles, and others.
Earthmoving equipment accounted for nearly half of the market share in 2014, and is anticipated to consolidate its position during the forecast period, owing to lower operating costs and advent of smart and internet-enabled intelligent excavators. Based on application, the market is categorized into excavation & demolition, heavy lifting, tunneling, material handling, and recycling & waste management.
Excavation and demolition segment is expected to dominate the market from 2016 to 2022, as these excavators are equipped with new technology that ensures improved output, cost effectiveness, high performance, and efficiency.
Heavy construction equipment are used in numerous industry verticals such as infrastructure, construction, mining, oil & gas, manufacturing, and others. Among industries, infrastructure sector is expected to witness the highest growth during the forecast period due to increased renting & leasing of heavy construction equipment in both, developed and developing nations.
Furthermore, the market is analyzed based on four geographical regions, namely North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the global market during the analysis period due to the exponential growth in countries including China, India, and Japan.
The key players operating in the heavy construction equipment market are AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Infracore Co. Ltd., Hitachi Construction Machinery Co. Ltd., JC Bamford Excavators Ltd.(JCB), Liebherr Group, CNH Industrial N.V., Hyundai Heavy Industries Co. Ltd., and Terex Corporation.
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KEY BENEFITS FOR STAKEHOLDERS
- This report provides an in-depth analysis of the heavy construction equipment market to elucidate the potential investment pockets.
- The current trends and future forecasts help in determining the overall market potential and single out profitable trends.
- This report provides information regarding key drivers, restraints, and opportunities along with the detailed impact analyses.
- Quantitative analysis of the current market trends and future estimations for the period of 2014-2022 is provided in the report to estimate the financial competency.
- Porter’s Five Forces Model of the industry illustrate the potency of buyers and suppliers.
- Value chain analysis provides a clear understanding on the roles of the stakeholders involved in the industry.
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