NEW YORK, Jan. 12, 2016 /PRNewswire/ -- The global heavy construction equipment market is estimated to exhibit a lucrative growth potential of about 6.80% for the next five years. The growth in this market is propelled by continuous growth in infrastructural spending especially in developing economies, and increasing demand for residential buildings owing to the growing population.
The Asia-Pacific market will register highest growth by 2020 owing to the significant investments being made for construction activities in the region. The growth of this region is supplemented by the rising need for infrastructure in developing economies such as India and China.
The growing demand for technologically advanced solutions that provide better fuel efficiency and better material handling and safety features combined with lower emissions is expected to drive the market for heavy construction equipment globally. In addition to this, key factors such as robust economic development, increase in investment in construction industry, and rapid urbanization are projected to support the growth in the heavy construction equipment market in the forthcoming years.
Excavation and demolition is projected to dominate the global heavy construction equipment market application between 2015 and 2020. By type, earthmoving equipment is estimated to have the largest market during the forecast period. Subsequently, the infrastructure industry will dominate the heavy construction equipment market from 2015 to 2020.
This report covers the global heavy construction equipment market in major regions such as North America, Europe, Asia-Pacific, and RoW. The heavy construction market is segmented on the basis of type, application, industry, and region.
This report analyzes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as drivers, restraints, opportunities, and challenges. Major heavy construction equipment companies such as Caterpillar Inc. (U.S.), CNH Global N.V. (The Netherlands), Hyundai Heavy Industries Co., Ltd. (South Korea), Volvo Construction Equipment AB (Sweden), JCB Ltd. (U.K.), Komatsu Ltd. (Japan), Deere & Company (U.S) have also been profiled.
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