Heavy construction equipment specifically refers to heavy construction vehicles and machines that are predominantly designed to perform construction work, which includes earthwork operations and material handling operations. Rise in building & construction activities, increase in focus on improving infrastructure, and recovery in the mining sector are boosting the demand for heavy construction equipment. However, heavy dependency on the global economy and regional political scenario may hamper construction activities. This, in turn, may adversely affect the overall demand for heavy construction equipment. Most of the equipment is procured on the rental basis to carry out various operation across the globe.

Heavy Construction Equipment Market: Segmentation

Based on equipment type, the heavy construction equipment market can be segmented into material handling equipment, earth moving equipment, and others. Earth moving equipment can be further sub-segmented into excavators, bulldozers, road rollers, crawlers, and other earth moving equipment. Material handling equipment consists of cranes, forklifts, loaders, haul trucks, and other material handling equipment. Other heavy construction equipment includes truck mounted concrete pumps.

Based on application, the heavy construction equipment market can be divided into oil & gas, mining, building & construction, commercial (including bridges and roadways), and others industrials. Building & construction is anticipated to hold significant share of the market, followed by the commercial segment, during the forecast period. Rise in construction of apartments, shopping malls, and business complexes in small and large cities are driving the demand for heavy construction equipment. After building & construction, the commercial segment is anticipated to expand at a significant pace during the forecast period. Commercial segment consists of public and private sector projects related to construction of bridges, roadways, tunnels, railway bridges, dams, etc. Increase in government initiatives related to infrastructure activities, especially in Asia Pacific, is estimated to propel the demand for heavy construction equipment in the commercial segment.

 

Heavy Construction Equipment Market: Region-wise Outlook

Based on region, the heavy construction equipment market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific held major share of the heavy construction equipment market in 2016. It is likely to remain the dominant region during the forecast period. Companies across the globe are focusing on Asia Pacific, as it is a high potential market for various industries. Rise in infrastructure activities in counties such as China and India and increase in government initiatives in developing infrastructure are anticipated to fuel the heavy construction equipment market. Furthermore, growth in industrial output, which requires material handling equipment, is also boosting the demand for heavy construction equipment in Asia Pacific. The heavy construction equipment market in the region is projected to expand at a significant pace in the near future. After Asia Pacific, the market in Middle East & Africa is expected to expand at a fast pace during the forecast period. Governments of major countries such as Saudi Arabia and the UAE are shifting their focus toward tourism and health care sectors. This is driving the requirement of proper infrastructure. In turn, this is anticipated to augment the demand for heavy construction equipment in the Middle East. Further, Qatar would be hosting ‘FIFA World Cup’ in 2022. Thus, the Government of Qatar is focusing on developing infrastructure for this mega event. This is also a major factor propelling the demand for heavy construction equipment. The heavy construction equipment market in Latin America is also likely to expand at a moderate pace owing to the slight recovery in the mining sector. North America and Europe are matured markets. Thus, the heavy construction equipment market in these regions is estimated to expand at a sluggish pace during the forecast period.

Heavy Construction Equipment Market: Key Players

Large number of companies operate in the global heavy construction equipment market.  Prominent manufacturers of heavy construction equipment market include Komatsu Ltd, Volvo Construction Equipment, Doosan Infracore Ltd., Hitachi Construction Machinery, and CASE Construction. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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