Majority of construction activities depend on heavy equipment. These machineries reduce the time, energy and efforts in construction, which saves essential labor and human energy. The global heavy construction equipment market has a great potential to support developing economies and the development of infrastructure. It is also the reason why the industry is making great progress in developing regions of the world. Increasing amount of new constructions and rising demand for their applications is driving the global market towards a steady growth. Technological advancements also play a vital role in the growth in demand and production of these equipments.
Segmentation in the global heavy construction equipment market is founded on the types and applications of heavy construction instruments. Geographical demand pattern and expected future trends in the industry also require careful examination. Earth moving, heavy-duty vehicles, heavy construction vehicles, material handling and others are the major segments in the industry based on their types. Infrastructure, residential and commercial areas are the three potential application areas for these equipments. Following are the details about the sub-segmentation in the global heavy construction equipment market:
- Earthmoving equipment: Loaders, excavators, motor graders, backhoes, etc
- Construction vehicles: Dumpers and tippers
- Material handling: Cranes, telescopic handlers, etc
- Others: Compactors, asphalt finishers, pavers, road rollers, etc
According to the latest reports, earthmoving market is booming with increased demands and application areas. Various developing regions of the world have a great potential for the businesses in the market. Geographical segmentation in the industry is based on four major regions, namely, North America, Central and South America, Europe, Asia Pacific and Rest of the World. Developing countries including Brazil, India and China have greater prospects for heavy equipments in the years to come.
According to the forecasting reports, the global heavy construction equipment market is expected to grow at a steady CAGR of 8.3%. This growth will remain steady from 2013 to 2018, which will take the market to $195.0 billion by 2018. Asia Pacific region is poised to witness evolutionary changes in this market with increased demands and consumption of construction equipment. Continuous rise in the demand for infrastructure, increased construction activities for residential purpose, rising global population, growing construction rate for public infrastructure are some of the reasons why Asia Pacific is expected to lead the global market for the years to come. Countries like Australia, South Korea, China and India will record refreshing trends on overall demand and supply pattern.
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