The global heavy construction equipment market was valued at USD 132.52 billion in 2018 and it is anticipated to reach USD XX Billion market by 2030, growing at a CAGR of 2.1% between 2020 to 2030. The COVID19 has significantly affected the growth of construction sector, the rate of urbanization as well as sale of construction equipment. As per our revised estimation, the growth rate is expected to reduce to 2.1% from previous estimation of 5.7% over the forecast period.
The mining segment is growing at a higher pace compared to other segments owing to boost in oil & gas industry. The corona crisis is expected to reduce the prices of properties, as the demand will fall significantly. The report demonstrates complete scenario with a revised forecast numbers in order to better understand the fragile situation. Purchase full report or try a FREE sample report here: Heavy Construction Equipment Market Report 2020 PDF
Key Research Findings
- The Excavator segment accounted for largest market share of greater than 30% in 2018, As the demand for mini excavator increased significantly in Europe region.
- The demand for road construction equipment is growing at CAGR of 3.1% between 2020-2030, mainly due to mega road construction projects across APAC region.
- The Middle East & Africa region is growing at fastest CAGR owing to increasing demand for construction machinery in oil & gas industry.
- Increasing demand for backhoe loaders
- Growing road construction activities
- Increasing demolition & reconstruction activities
- COVID-19 Impact
- Global economic slowdown
Global Heavy Construction Equipment Market, By Equipment Type:
- Earth Moving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Energy & Power
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy)
- Asia Pacific (China, India, Japan, South Korea, Taiwan)
- Latin America (Brazil, Mexico)
- Middle East & Africa
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- Global Automotive Infotainment Market Size, Share & Trends Analysis
- Global Advanced Driver Assistance System ADAS market
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