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Growth Drivers:
Increasing Investments in the Construction Industry
Rapid Urbanization
Rising Demand From Developing Countries
Rapid Technology Advancement
Opportunities:
Renting Or Leasing of Equipment
Agreements & Contracts, Joint Ventures, and Mergers & Acquisitions
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The heavy construction equipment market is expected to witness high growth as a result of the rise in urbanization, large-scale investments in infrastructure & industrial sectors, and increase in construction activities in emerging economies. This report has been segmented on the basis of application, end-use sector, type, and region.The heavy construction equipment market size will grow from USD 129.11 Billion in 2016 to USD 180.66 Billion by 2021, at an estimated CAGR of 7.0%.
As the heavy construction equipment market in developed countries is maturing, markets in developing countries such as China, India, Russia, South Africa, and countries in the Middle East are projected to grow at a higher rate from 2016 to 2021. Asia-Pacific is projected to grow the fastest rate than any other region-level market. This is because of the high population in the region, along with expected new building constructions and infrastructural activities in the next ten years.
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The global heavy construction equipment market is dominated by players such as Caterpillar Inc. (U.S.) ,Deer and Company (U.S.), Hyundai Heavy Industries Co. Ltd. (South Korea), Volvo Construction Equipment (Sweden), Komatsu Ltd. (Japan), Doosan Infracore Ltd (South Korea), Hitachi Construction Machinery Co. Ltd. (Japan), JCB Ltd. (U.K).