Market Overview
The heavy construction equipment market is set to grow at a high CAGR during the forecast period 2022 to 2030. As per the market research report, the market will grow at a stellar growth rate till the end of 2030. The market growth will be driven by the rise of infrastructural projects in urban areas. Based on the research report, modernization efforts by governments will accelerate growth in the market till 2030. Although stringent government regulations will have a negative impact on the global heavy construction equipment market’s growth during this period. Lack of skilled labor force is predicted to be a key challenge which could become a strong threat from 2022-2030 to companies. The market report published by expert analysts includes primary and secondary data and suggests that type, end-users, and applications segments are anticipated to witness tremendous growth till 2030. Factors such as the best technology and conduct development projects will become key growth drivers during the forecast period and the production of jobs and creation of employment opportunities is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by high costs for maintenance of the equipment which could negatively affect activities taking place across the market. The lack of a proper and skilled workforce is another challenge the market could face till 2030.
Market Segmentation
The heavy construction equipment market is segregated into different market segments based on type, end-users, and applications. For a comprehensive analysis of the market, the type, end-users, and applications segments are further split into smaller segments. The type segment is categorized into earthmoving equipment, heavy construction equipment, heavy construction vehicles, and material handling equipment. Furthermore, based on end-users, the global market is also segmented into oil & gas industry, construction industry, military and mining. Based on the market segmentation analysis, the report covers market forecasts. On the basis of applications, the global market is split into sub segments including infrastructure, commercial buildings and residential buildings.
The emergence of renting/leasing companies will support the market growth from 2022-2030. As per the market research report, the global market for heavy construction equipment is anticipated to grow at a healthy rate across all the type, end-users, and applications segments. However, the presence of active threats such as training of personnel for maintenance could hamper the market growth. Business activities across construction have also been examined and studied by construction industry’s experienced analysts. The heavy construction equipment market research report covers findings with predictions and forecasts till 2030.
Regional Overview
The heavy construction equipment market, with its product and service related segments, is spread across the world. Construction based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. Improvement in economic scenarios is anticipated to be a major factor for growth across the construction space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others. The construction sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. Construction based businesses in these regional markets are anticipated to grow due to rapid development of residential and commercial infrastructure during the forecast period 2022 to 2030. Although the market’s growth could be affected by continuous operation of machines. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.
Competitive Landscape
Construction based organizations are profiled in the market research report. The heavy construction equipment market along with companies and segments has been studied. The analysis of construction based business is also done to identify key challenges and strengths of these companies. The global heavy construction equipment market research report covers SWOT analysis, Porter’s Five Force analysis of major construction related organizations. The strategy and other key details of these companies for the forecast period 2022-2030 are covered in the report. The growth of the real estate sector is anticipated to support the market growth as the market is set to grow at a high CAGR and grow well by 2030.
Industry News
Alta Equipment Group Inc. recently announced that it has reached a definitive agreement with Vantage Equipment, a privately owned construction equipment distributor with locations in Batavia, Syracuse, and Albany, to buy Vantage's construction dealerships in an asset sale. Vantage Equipment has provided a wide range of high-quality items to the large end of the public building industry since its inception in 2004. Volvo Construction Equipment and Gradall are among the heavy equipment producers represented by Vantage.