Globally, the heavy construction equipment market is worth $116 bn. However, this figure is expected to grow by just over 7% to $191 bn by 2022. The primary driver of this growth is an increased level of construction activity around the globe.
THE HEAVY CONSTRUCTION EQUIPMENT MARKET
Market analysts suggest that a reduction in labour costs and time are assisting heavy construction market growth. The rise in infrastructural activity and continuing economic development is also playing a significant role in the expansion of the market.
Earthmoving equipment is the largest growing market segment. Main users of heavy construction equipment are mostly oil and gas companies, mining industries, manufacturing and military.
Current major markets include the US and Canada. Developing markets are in Asia-Pacific. Here, numerous opportunities are emerging for major users of construction equipment.
WHO ARE THE KEY PLAYERS IN THE HEAVY CONSTRUCTION MARKET?
The main manufacturers of machinery in the global market are Caterpillar, Deere & Company, Hitachi Construction Machinery, Komatsu, Liebherr-International and Volvo Construction Equipment.
WHAT TYPES OF HEAVY CONSTRUCTION EQUIPMENT IS COVERED?
These companies are producing the following equipment: