Heavy Construction Equipment Market – Overview
The requirement for heavy construction equipment has grown considerably over the past few years following the rise of the construction sector. Market reports associated with the industrial automation & equipment sector made accessible by Market Research Future along with published reports on other sectors have been lately put out along with a report on this industry. The market is projected to display considerable growth in terms of CAGR over the forecast period.
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The heavy construction market has grown in relation to the progress of the construction sector globally. The rising urbanization rates have prompted the development of the areas that were underdeveloped; this need has boosted the need for construction equipment to meet this demand. The revitalization witnessed in the construction sector along with the rising large-scale investments in the market, the demand for heavy construction equipment is observing a significant uptick. The existence of major players in the market will add further impetus to the expansion of the market over the forecast period.
The segmentation of the market is carried out on the basis of types, applications, and end users. On the basis of types, the market consists of material handling equipment, heavy construction vehicles, earthmoving equipment and others such as excavators, cranes, and dozers. The segmentation of the market on the basis of applications comprises of transportation, earthmoving, lifting, mining & excavation, material handling and others. The end user segment of the market comprises of construction industry, oil & gas industry, mining, agriculture & forestry, military, and others.
Detailed Regional Analysis
The regional analysis of the market observes that the Asia Pacific region is the leader in the market which encompasses more than 50 percent of the market share. The North American region trails the APAC region as the succeeding primary market region and the European region follows the North America region and is anticipated that heavy construction equipment industry will register an encouraging CAGR during the forecast period globally.
The originality of the products and services of the markets will change the development of the market expressively. The market demand and players’ tendencies are noticeably improved by the strategies that are being used by market contestants. The notable success factors in the market are easily achieved in the market which is backing the raised pace of progress in the forecast period. The elevated level of emphasis on the variation of products is increasing the number of customers in the market expressively.
The significant companies in the heavy construction equipment market are Doosan Infracore Ltd, CNH Global Nv, Caterpillar, Hitachi Construction Machinery Co. Ltd, Hyundai Heavy Industries Ltd, JCB, Kobelco Construction Machinery Co. Ltd, John Deere & Co., and Komatsu Ltd.
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