The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The heavy construction equipment market has witnessed robust growth, with the market size expected to reach $205.81 billion in 2024, driven by a compound annual growth rate (CAGR) of 7.7%. This growth is attributed to factors such as the expansion of the construction industry, rise in demolition activities, infrastructure investment, and government initiatives.

Construction Industry Boosting Market Expansion

The construction industry’s growth is expected to propel the heavy construction equipment market. This sector encompasses commercial manufacturing and trade activities related to developing, preserving, and repairing infrastructure. Growing construction projects, including roads, bridges, and airports, require a diverse range of heavy equipment for efficient completion. For instance, in February 2022, the UK’s construction sector rose by a record 12.7% in 2021 compared to the previous year. This growth was driven by both new work and repair and maintenance projects. The increasing demand for construction is a key driver for the heavy construction equipment market.

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Innovations Driving Market Growth

Product innovation is a significant trend in the heavy construction equipment market, with companies focusing on developing new technological solutions. For example, Volvo Construction Equipment launched a range of compactors with VECV engines that provide 10% more productivity and 20% more fuel efficiency. These innovations aim to enhance equipment performance and meet the evolving needs of the construction industry.

Strategic Acquisitions to Strengthen Market Position

Strategic acquisitions are another trend in the heavy construction equipment market. Hyundai Construction Equipment Co., Ltd., acquired Doosan Infracore for $760 million in August 2021. This acquisition aims to strengthen Hyundai’s product portfolio and market position in South Korea, particularly in the excavator and wheeled loader segments. Such acquisitions help companies expand their market presence and offerings.

Market Segmentation and Outlook

The heavy construction equipment market is segmented by equipment type (earthmoving equipment, material handling equipment, heavy construction vehicles, other equipment), application (excavation and demolition, heavy lifting, tunneling, material handling, recycling and waste management), and end-user (infrastructure, construction, mining, oil and gas, manufacturing, other end users). Asia-Pacific led the heavy construction equipment market in 2023, reflecting the region’s growing industrialization and construction activities.

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The Heavy Construction Equipment Global Market Report 2024  provides an overview of the heavy construction equipment market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The heavy construction equipment market forecast analyzes heavy construction equipment market size, heavy construction equipment market share, leading competitor and their market positions.

The Table Of Content For The Heavy Construction Equipment Market Include:
1. Heavy Construction Equipment Market Executive Summary
2. Heavy Construction Equipment Market Segments
3. Heavy Construction Equipment Market Size And Heavy Construction Equipment Market Growth Rate
4. Key Heavy Construction Equipment Market Trends
5. Major Heavy Construction Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Heavy Construction Equipment Market
26. Top Heavy Construction Equipment Companies
27. Heavy Construction Equipment Market Opportunities And Strategies
28. Heavy Construction Equipment Market, Conclusions And Recommendations
29. Appendix

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