The heavy construction equipment market is expected to generate
New York, USA, November 17, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global heavy construction equipment market should generate a turnover of $ 257.2 billion and grow up to a 4.8% CAGR over the estimated period of 2021 to 2028.
According to our analysts, due to increasing urbanization and industrialization mainly in developing countries to boost economic growth and create employment opportunities, the market is expected to experience significant growth during the analysis period. . The incorporation of advanced technology makes heavy construction more efficient, for example, making it more fuel efficient and cooling the engine faster through advanced engineering, which is expected to drive market growth over the course of the year. the analysis period. Moreover, factors like high digging force, dump heights, ground clearance are major factors which are further expected to boost the heavy construction equipment market growth during the forecast period. In addition, the option of equipment rental for sole proprietorships and heavy construction equipment manufacturers is further expected to enhance the market growth during the forecast period. However, the need for skilled labor and heavy construction equipment may hamper the growth of the market during the analysis period.
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The report has divided the market into different segments based on type, end user, and region.
- Type: Earthworks sub-type will be the most lucrativeThe earthwork subtype should generate $ 138.6 billion and is expected to continue to grow steadily over the forecast period. This is mainly due to the increasing use of heavy-duty heavy-duty construction equipment in mining and construction activities. What’s more, the increasing rate of manufacture of various earthmoving equipment for various constructions The works are further expected to enhance the growth of heavy construction equipment market sub-segment during the analysis period.
- End user: the construction sub-segment must be the most profitableThe construction sub-segment is expected to generate revenue of $ 128.6 billion and is expected to hold the largest market share during the analysis period. This is mainly due to the large number of construction projects underway around the world. Besides, the rapid evolution of infrastructure and construction projects Further is expected to amplify the growth of the market sub-segment during the forecast period.
The heavy construction equipment market will experience wonderful growth with increasing technological advancements – Analyst review by Research Dive
- Region: Asia-Pacific region will have massive growth opportunitiesThe Asia-Pacific region is expected to increase to a 5.6% CAGR and is expected to hold the maximum market share over the analysis period. This is mainly due to the economic development of many countries in this region. What’s more, the presence of the main manufacturers of heavy construction equipment and innovative initiatives Adopting the latest technologies is further expected to boost the growth of the regional market throughout the forecast period.
Impact of Covid-19 on the heavy construction equipment market
Likewise, in several industries, the outbreak of the Covid-19 pandemic has had a negative impact on the heavy construction equipment market. Due to the strict government-imposed lockdown of many countries around the world, many manufacturing companies have closed their operations. This is major due to the drastic drop in demand, the unavailability of raw materials due to a disrupted supply chain, and also the shortage of manpower. These are factors that caused the heavy construction equipment market growth to decline during the crisis.
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Major players in heavy construction equipment market include –
- SANY Group
- XCMG Group
- Volvo construction equipment
- John deere
- Hitachi Construction Machinery, Co., Ltd.
- Komatsu Ltd.
- Caterpillar Inc.
- Hyundai Doosan Infracore
These players work primarily on the development of new tactics and business strategies to gain leadership positions in the global industry. Educate yourself and get quick access to the summary report of the best business development strategies
For example, in May 2021, Infra.Market, one of India’s leading manufacturers and designer of technology-based building materials, purchased a controlling stake in Equiphunt, a renowned provider of heavy construction equipment rental services. based in Hyderabad. With this acquisition, the companies aim to provide a single solution for all equipment and service requirements for B2B customers around the world.
In addition, the report also summarizes other important aspects such as financial performance of key players, latest strategic developments, product portfolio and SWOT analysis.
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Porter’s Five Forces Analysis For Global Heavy Construction Equipment Market
- Bargaining power of suppliers: Heavy equipment manufacturers depend on various suppliers for the purchase of raw materials and machine components. Therefore, suppliers can use their negotiating potential to derive high profits from heavy equipment manufacturers.
Thus, the bargaining power of suppliers is high.
- The bargaining power of buyers: The construction industry is volatile and buyers demand technologically advanced equipment at low prices. In addition, they are eligible for various grants and tax benefits. They can use their bargaining power to buy equipment at low prices.
So the buyer’s bargaining power will be high.
- The threat of new participants: The threat of new entrants is low as emerging players have to invest huge amounts of capital to manufacture construction equipment. In addition, the presence of established players affects the entry of new players into this market.
Thus, the threat of new entrants is moo.
- The threat of substitutes: At present, there are no substitutes for heavy construction equipment that can be used in large construction and mining projects.
Thus, the threat of substitutes is moo.
- Competitive rivalry in the market: Heavy construction equipment market players focus on advanced product development, business expansion and acquisition to attract new customers and retain existing customers.
Therefore, the competitive rivalry in the market is high.
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