7% Growth Rate for Heavy Construction Equipment Market: Projected to Reach $ 180.66 billion by 2021. Report aims at estimating market size and future growth potential of heavy construction equipment market across different segments such as type, application, end-use sector, and region. Other objectives include providing detailed information regarding the main factors influencing growth of market (drivers, restraints, opportunities, and industry-specific challenges). It also aims to study individual growth trends, future prospects, and contribution of various segments to the total market.
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The heavy construction equipment market size is estimated 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 study also analyzes opportunities in the market for stakeholders and details of competitive landscape for the market leaders. The study strategically profiles key players and comprehensively analyzes their core competencies.
Complete Report on Heavy Construction Equipment Market spread across 189 Pages, Profiling 10 Companies and Supported with 153 Tables and 49 Figures is now available at www.rnrmarketresearch.com/heavy-co…arket-report.html .
“The excavation & demolition segment, by application, held a considerably larger market share in the heavy construction equipment market”.
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The CAGR for this segment is projected to grow at a higher rate over the next five years, owing to the increase in mining activities of precious minerals and metals across the globe and increase in natural calamities where excavators are used in rescue operations.
- Equipment service providers
- Regulatory bodies
- Construction equipment manufacturers
- Government & research organizations
- Heavy equipment associations
- Investment suppliers
- Consulting companies of heavy construction machinery
Research methodology used to estimate and forecast heavy construction equipment market begins with capturing data on key vendor revenues through secondary research and associations such as Association of Equipment Manufacturers (AEM), Construction Equipment Association (CEA), Committee for European Construction Equipment (CECE) and the Indian Construction Equipment Manufactures' Association (ICEMA).
The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was conducted to arrive at the overall size of the global heavy construction equipment market from the revenue of the key players.
After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. These data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub segments.
The global market for the heavy construction equipment market is dominated by players such as Caterpillar Inc. (U.S.), Liebherr AG (Switzerland), Terex (U.S.), Volvo Construction Equipment AB (Sweden), Komatsu (Japan), Doosan Infracoe (South Korea), Hitachi Machinery Construction (Japan), JCB (U.K.), Sany (China), and CNH (U.K.).
In 2015, Asia-Pacific accounted for a larger market share of total heavy construction equipment market, in terms of value, followed by Middle East & Africa. European market is projected to grow at a comparatively lower rate than other regions as a result of weak construction demand in region due to sub-performing economic condition.
Asia-Pacific is projected to register highest growth from 2016 to 2021, while India is projected to be fastest-growing country-level market in region for the heavy construction equipment market.
The segmentation considered for this report is based on type, end-use sector, application, and region that constitute the key markets. In terms of application, excavation and demolition held the largest market share, in terms of value and it is projected to grow at the highest CAGR.
Factors such increase in mining activities of precious minerals and metals across the globe and increase in natural calamities where excavators are used in rescue operations are driving the growth of the excavation and demolition segment in heavy construction equipment market.
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