LOS ANGELES, June 12, 2020 /PRNewswire/ -- Acumen Research and Consulting, Recently published report on "Heavy Construction Equipment Market Size, Share, CAGR, Trends and Forecast, 2020 - 2027".
Growing spending in public infrastructure by different governments around the world has been one of the key drivers in the industry for heavy construction equipments. Besides, mounting growth in capital investment by government and businessman's has contributed to increased residential and industrial development in emerging economies, such as India. Therefore, the demand is expected to expand steadily amid the projected period. In construction sector the market demand for these equipment is immense.
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COVID-19 Impacts on the Market
The epidemic of COVID-19 influenced the construction sector considerably. But there will be substantial competition in the late-cycle heavy construction equipment industry and the continuous expansion of the network will benefit. The Chinese construction industry is facing a major but temporary blast. The factories are required to overcome the difficulties of the first quarter and essentially account for the missed time in the subsequent quarters. We track the trends and regulations of the industry constantly and seek to determine the effect of COVID-19 on the demand for heavy construction equipment.
Regional Analysis
Asia-Pacific retained a large share in the heavy construction machinery industry in 2019. Over the forecast era, it will probably remain the dominant zone. Worldwide businesses concentrate on Asia Pacific because it is an industry that has a strong potential demand. Increased infrastructure investment is projected to fuel the heavy construction equipment demand in counties such as China and India. Moreover, the demand for heavy construction machinery also increases in the region in terms of industry production growth, which needs heavy material handling equipment. There will be major growth in the near future in the heavy construction equipment industry in the region. Following Asia Pacific, the Middle East and Africa market demand in the projected timeframe is expected to grow rapidly. Governments in countries such as Saudi Arabia and the United Arab Emirates are turning their focus into the tourism and health sectors. In addition, demand for heavy construction machinery in the Middle East is expected to increase. In fact, the FIFA World Cup is set for 2022 in Qatar for which the Government of Qatar is focusing on improving this mega event infrastructure. Owing to the minor recover in mining, the demand for heavy construction machinery in Latin America is also expected to grow moderately. The saturated economies are North America and Europe. Therefore, the demand for heavy construction equipment in those regions is projected to grow at a sluggish rate.
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About the Market
Heavy construction machinery applies primarily to large building vehicles and devices, mostly designed for the operation of construction operations, including earthworking and material handling. The increasing demand for heavy construction machinery rises in the building & renovation industries, the growing focus on upgrading infrastructure and the rebound of mines. Strong reliance on the global economy and the regional political situation could, however, delay development. The aggregate market for heavy building machinery will be adversely be impacted.
Key Players & Strategies
A growing number of foreign and local competitors are present, resulting in a highly competitive business climate in the heavy construction machinery industry. In comparison to the previous top companies, a large part of more than 50% of the competition was played in 2019 by minor and local players.
Participants include major global players such as JCB Ltd., AB Volvo, Caterpillar, Inc., Hitachi, Komatsu Ltd., Doosan Infracore Co. Ltd., Hyundai Heavy Industries Co. Ltd., and Others.
2020, Volvo Construction equipment launched a new pump, fitted with boom-down motion, reducing fuel consumption and increasing performance in operation.
In 2019, The development of a battery-operated mini excavator has been announced by Hitachi Construction Machinery. Therefore, a primary strategy to maintain market domination during the forecast period would be the new product growth.
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Market Segmentation
Market By Type
- Heavy Construction Vehicles
- Material Handling
- Earthmoving
- Others
Market By Application
- Recycling and Waste Management
- Transportation
- Excavation and Demolition
- Tunneling
- Heavy Lifting
- Material Handling
Market By End Use
- Mining
- Construction and Manufacturing
- Oil and Gas
- Public Work and Rail Road
- Others
Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of MEA
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About Us
Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. Among the industries served include aerospace and defense, information and communication technology (ICT), semiconductor and electronics, healthcare and pharmaceuticals, chemicals, advanced materials, banking, finance services and insurance (BFSI), and others.
Our collective industry experience of over 100 years has helped us to offer appropriate market information and our global reach and regional connects ensures appropriate insights into regional markets to guarantee apt delivery of information.
Our regional market intelligence helps our clients to identify potential opportunities and develop growth strategies across regions and countries. Our services are geared towards offering best market research to our clients.
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