Construction Equipment and Heavy Equipment Market Overview:
The market size of construction equipment and heavy equipment is predicted to achieve USD 280.62 Billion by 2030 and record a revenue Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. The market's revenue growth is fueled by the increasing popularity of rental or leasing services of heavy equipment and rapid technological advancements.
The integration of Internet of Things (IoT) devices with construction equipment is also aiding the market growth. This integration enhances the equipment's performance while assisting in task monitoring.
Construction equipment is classified as heavy machinery, which is solely used for construction activities, such as earthwork operations or in other large-scale projects. Heavy equipment systems typically include implementation, traction, structure, power train, control, and information. Heavy equipment functions by increasing the ratio of input force applied to the force exerted, resulting in a reduction of labor-intensive tasks that would otherwise require weeks of effort and hundreds of people. In addition, construction equipment's popularity is growing due to the benefits it offers, including enhanced reliability, efficiency, and profitability.
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Construction Equipment and Heavy Equipment Market Segments:
The market is segmented by machinery type outlook into earthmoving equipment, material handling equipment, heavy construction vehicle, and other heavy construction equipment. Earthmoving equipment is the largest segment of the market, with a wide range of applications in construction activities such as excavation, grading, and landscaping. Material handling equipment is also gaining popularity as it helps to lift, move, and transport heavy loads safely and efficiently.
The application outlook of the market is categorized into excavation demolition, heavy lifting, material handling, tunneling, transportation, and recycling waste management. Excavation demolition is expected to be the largest application segment due to the increasing construction activities worldwide. Heavy lifting is also gaining traction in the market due to the growing demand for lifting and positioning heavy equipment and materials.
Based on the end-use outlook, the market is segmented into construction manufacturing, infrastructure, oil gas, public work, rail roads, mining, forestry agriculture, and others. Infrastructure is the largest end-use segment due to the increasing investment in infrastructure development across the globe. The construction manufacturing segment is also expected to grow at a significant rate due to the increasing demand for construction equipment in the construction industry.
The market is further segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. Asia Pacific is expected to be the largest market due to the increasing construction activities and rapid industrialization in the region. North America and Europe are also significant markets for construction equipment and heavy equipment due to the increasing investment in infrastructure development and the growing demand for advanced equipment.
In conclusion, the global market for construction equipment and heavy equipment is projected to witness significant growth during the forecast period, driven by various factors such as the increasing trend of renting or leasing heavy equipment, rapid technological advancements, and the growing demand for construction equipment in various end-use industries.
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Construction Equipment and Heavy Equipment Market Strategic Developments:
The global construction equipment and heavy equipment market is witnessing significant strategic developments from key players, aimed at enhancing their market position and expanding their product offerings. Some of these strategic developments include:
In March 2022, Caterpillar announced its acquisition of Nordic Rentals A/S, a Denmark-based rental company, as part of its expansion strategy in Europe. The acquisition enables Caterpillar to expand its rental services in the region, thereby increasing its customer base and revenue growth opportunities.
In September 2021, Volvo Construction Equipment launched a new range of electric compact excavators and wheel loaders, which offer reduced emissions and lower noise levels. The company's move towards sustainable and eco-friendly equipment is in line with increasing demand for environmentally conscious equipment.
In August 2021, Hitachi Construction Machinery announced a strategic alliance with Bradken, a manufacturer and supplier of mining equipment and consumables. The partnership aims to combine the strengths of both companies to develop innovative mining solutions and expand their respective market share.
In July 2021, Komatsu announced the development of an autonomous dump truck, which utilizes artificial intelligence and advanced technology for autonomous operation. The company's move towards autonomous technology is aimed at improving safety, efficiency, and productivity on job sites.
Construction Equipment and Heavy Equipment Market Competitive landscape:
The global construction equipment and heavy equipment market has a fragmented competitive landscape, with several key players operating on both global and regional levels. These players are engaged in developing their products and entering strategic alliances to expand their respective product portfolios and gain a stronger foothold in the global market. Major companies in the market include Caterpillar Inc., Liebherr, Volvo Construction Equipment, Komatsu Ltd., Hyundai Doosan Infracore, Hitachi Construction Machinery Co., Ltd., J C Bamford Excavators Ltd., CNH Industrial N.V., John Deere, and Sany Group.
Market players are taking initiatives to drive the growth of the market. For example, in August 2021, John Deere, a U.S.-based company, signed an agreement to acquire Bear Flag Robotics, an AI startup that develops autonomous driving technology compatible with existing machines. The acquisition agreement stated that the company aims to assist in the development and delivery of smarter machines with advanced technology, which has been a long-term goal of the company to meet customer needs.
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