Heavy Construction Equipment Market Size, Share, Trends Analysis, And Forecast To 2033

The heavy construction equipment market size has grown strongly in recent years. It will grow from $191.13 billion in 2023 to $205.81 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to construction industry expansion, rise in demolition activities, infrastructure investment and government initiatives, sustainability and environmental considerations.

The heavy construction equipment market size is expected to see strong growth in the next few years. It will grow to $271.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to infrastructure modernization, sustainable construction practices, global mining industry expansion, focus on operator safety, emerging market development, customization and versatility, rise in rental market. Major trends in the forecast period include digital transformation in construction, technological advancements and automation, adoption of electric and hybrid construction equipment, efficiency improvements with advanced hydraulic systems, telematics for fleet management.

Market Overview -
Heavy construction equipment or heavy machinery refers to heavy-duty vehicles specially designed for executing construction tasks, most frequently ones involving earthwork operations or other large construction tasks. The heavy construction equipment is used for heavy operations tasks such as lifting, and other such heavy operations.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=8135&type=smp

Government-Led Infrastructure Expansion Fuels Growth In The Heavy Construction Equipment Market
The expansion of government infrastructure development projects is expected to propel the growth of the heavy construction equipment market going forward. In recent years, the majority of countries' governments have been more focused on the infrastructure sector for economic development as well as to provide world-class infrastructure in the country by building power plants, bridges, dams, roads, urban infrastructure developments, and others. Heavy construction equipment helps in accomplishing heavy tasks during infrastructure construction due to its high capacity and strength in lifting materials and its capability to operate in harsh environmental conditions. For instance, in July 2021, the Ministry of Road Transport & Highways allocated US$ 22 million under Economic Importance and Inter State Connectivity Scheme (EIC&ISC) for FY22. Therefore, the expansion of government infrastructure development projects is driving the growth of the heavy construction equipment market.

Competitive Landscape -
Major companies operating in the heavy construction equipment market report are The Volvo Group, Caterpillar Inc., CNH Industrial NV, Deere & Company, Doosan Corporation, Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Limited, Komatsu Limited, Liebherr Group, Sany GroupSany Heavy Industry Co. Ltd., XCMG Group, Ter*ex Corporation, Zoomlion Heavy Industry Science and Technology Co. Ltd., Sandvik AB, Kobelco Construction MachineryKOBELCO Construction Machinery Co.Ltd., Wirtgen Group, Manitowoc Company Inc., LiuGong Machinery Corporation, Atlas Copco Group, Palfinger AG, Tadano Ltd., Kato Works Co. Ltd., Haulotte Group, BOMAG GmbH, Yanmar Co. Ltd., Takeuchi Mfg. Co. Ltd., Kubota Corporation, Bobcat Company, Case Construction Equipment, JLG Industries Inc., Genie Industries, Skyjack Inc.

Innovations Propel Growth In The Heavy Construction Equipment Market
Product innovation is the key trend that is gaining popularity in the heavy construction equipment market. Major companies operating in the heavy construction equipment market are focused on developing new technological solutions to strengthen their position in the market. For instance, in September 2021, Volvo Construction Equipment (AB Volvo), a Sweden-based company operating in research and development, production, and sales of construction equipment, launched a new innovative range of compactors in machines known as the single-drum SD110C Compactor and double-drum DD90C & DD100C Compactors for Pneumatic Rollers, Pavers, and Wheel Loaders that feature VECV (VE Commercial Vehicles) engines conforming to the latest emission standards. These machines are capable of providing 10% more productivity and 20% more fuel efficiency as compared to the previous services after the upgrade.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/heavy-construction-equipment-global-market-report

Key Segments -
The heavy construction equipment market covered in this report is segmented -
1) By Equipment Type: Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Other Equipments
2) By Application: Excavation and Demolition, Heavy Lifting, Tunneling, Material Handling, Recycling and Waste Management
3) By End User: Infrastructure, Construction, Mining, Oil and Gas, Manufacturing, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.