NEW YORK, Jan. 31, 2017 /PRNewswire/ -- "Heavy construction equipment market projected to grow at a CAGR of 7.0%"
The heavy construction equipment market size is projected to grow at a CAGR of 7.0% during the forecast period of 2016 – 2021 and reach USD 180.66 billion by 2021. The heavy construction equipment market is gaining momentum in the modern construction industry due to factors such as geographical expansion in emerging markets and adoption of heavy construction equipment offers lucrative opportunities for market player in the next 10 years. Other factors driving the heavy construction equipment market are rapid urbanization and increase in investments in the construction and manufacturing industry.
"The excavation & demolition segment, by application, held a considerably larger market share in the heavy construction equipment market"
The excavation & demolition segment, by application, is estimated to dominate the heavy construction equipment market and is projected to be the fastest-growing segment during the forecast period. The CAGR for this segment is projected to grow at a higher rate over the next five years, owing to the increase in mining activities of precious minerals and metals across the globe and increase in natural calamities where excavators are used in rescue operations.
"Asia-Pacific is expected to witness a steady growth during the forecast period"
In 2015, Asia-Pacific accounted for a larger market share of the total heavy construction equipment market, in terms of value, followed by the Middle East & Africa. The European market is projected to grow at a comparatively lower rate than other regions as a result of weak construction demand in the region due to sub-performing economic condition. Asia-Pacific is projected to register the highest growth from 2016 to 2021, while India is projected to be fastest-growing country-level market in the region for the heavy construction equipment market. The Middle-East & Africa region is projected to grow at the second-highest CAGR between 2016 and 2021, with South Africa registering the highest growth rate in the region.
Breakdown of Primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the heavy construction equipment market. Estimates reached after analyzing secondary sources were validated through these interviews. Primary sources included professionals such as constructors, manufacturers, distributors, consultants, and academic professionals. The distribution of primary interviews is as follows:
By Company Type: Tier 1 – 35%, Tier 2 – 30%, and Tier 3 – 35%
By Designation: C Level – 65%, Manager Level – 35%
By Region: North America – 25%, Europe – 28%, Asia-Pacific – 22%, Latin America – 10%, and the Middle East & Africa – 15%
Note: The tier of the companies is defined on the basis of their total revenue, as of 2015.
Tier 1: Revenue > USD 500 million; Tier 2: USD 100 million < USD 500 million; Tier 3: Revenue < USD 100 million
The various key players profiled in the report are as follows:
1. Caterpiller Inc. (U.S.)
2. Liebherr (Switzerland)
3. Terex (U.S.)
4. Volvo Construction Equipment (Sweden)
5. Komatsu Ltd. (Japan)
6. Doosan Infracore Ltd. (South Korea)
7. Hitachi Construction Machinery Co. Ltd. (Japan)
8. JCB Ltd. (U.K.)
9. SANY Heavy Equipment International Holdings Co. Ltd (China)
10. CNH Industrial N.V (U.K.)
The segmentation considered for this report is based on type, end-use sector, application, and region that constitute the key markets. In terms of application, excavation and demolition held the largest market share, in terms of value and it is projected to grow at the highest CAGR. Factors such increase in mining activities of precious minerals and metals across the globe and increase in natural calamities where excavators are used in rescue operations are driving the growth of the excavation and demolition segment in heavy construction equipment market. On the basis of end-use industry, this market has been categorized into construction and manufacturing, oil & gas, public work, rail & road, mining, and others, which include military, forestry, and agriculture. The construction and manufacturing sector is projected to grow at the highest CAGR during the forecast period, due to the rise in public and private investments in the infrastructure sector in the emerging economies of Asia-Pacific, the Middle East, and Latin America.
Reasons to buy the report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the heavy construction equipment market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. The report helps stakeholders to understand the market and provides them information on key market drivers, restraints, opportunities, and challenges.
3. This report will help stakeholders to better understand their competitors and gain more insights into their position in the business. The competitive landscape section includes new product developments, acquisitions, agreements, partnerships, and expansions.
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