Global Heavy Const Equipment $240.49 Billion Market

According to the Allied Market Research, the global heavy construction equipment market generated $171.66 billion in 2019, and is estimated to reach $240.49 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario. Rise in investment in construction sector, increase in focus on public-private partnership, and focus on expansion of the mining sector drive the growth of the global heavy construction equipment market. However, increase in carbon footprint and fluctuating oil prices and weak economic conditions in Latin America hinder the market growth. On the other hand, technical advancement and development of low emission & fuel-efficient equipment create new opportunities in the coming years. Based on type, the earth moving segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the material handling segment is expected to register the highest CAGR of 6.2% from 2020 to 2027. Based on end user, the construction segment accounted for the largest share in 2019, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the manufacturing segment is estimated to portray the highest CAGR of 6.6% during the forecast period Based on region, Asia-Pacific contributed to the highest share, accounting for more than two-fifth of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, the region is expected to grow at the highest CAGR of 5.3% from 2020 to 2027.