Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
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The Heavy Construction Equipment Market is projected to exhibit a CAGR of 6.9% during 2020-2028. The market value for Heavy Construction Equipment Market in 2019 is USD XX Bn and it is to be reaching around USD 275.1 Bn in 2028.
The heavy construction equipment market is projected as having a considerable amount of market share growth due to the expansion of the construction and infrastructure market. The construction market is expected to gain momentum due to the advancement in the construction industry in developed regions worldwide. The geographical expansion of cities and towns is at a good pace enabling the heavy construction equipment market to grow at a rapid pace.
The developing economies worldwide are also investing heavily in the heavy construction equipment market to offer innovative solutions. Due to such advancements and investments in technologies heavy construction equipment market is growing considerably. Infrastructure development is also increasing due to government initiatives such as subsidies and modernization of regions in a country.
Vital drivers of heavy construction equipment market are by commercial, residential and industrial sectors. One among the reason for heavy construction equipment is also due to the increased amount of government and private company’s partners. The market of heavy construction equipment is also driven by accuracy, precision, project, material, time and cost involved by the heavy construction equipment market.
Thus, the major drivers of the heavy construction equipment market are based on choosing the right type of heavy construction equipment for a considered project. Another most important growth factor is social-economic changes and political transformations contributing to the growth of the heavy construction equipment market. The high rate of urbanization and industrialization are vital forces substantiating the growth of the heavy construction equipment market. This equipment is restrained by factors such as involvement of high maintenance cost and high depreciation rate for this equipment. It could be reduced by substantial investments in technological advancements as per the respective needs of the application.
Moving Machinery Segment Is Expected To Grow At A Rapid Rate During the Forecast Period:
Movable machinery segment is estimated to have a significant market value of US$ XX billion by 2028. It is mainly because of the heavy investments in construction projects such as airports and commercial projects. The moving machinery segment is substantially contributing mainly to the construction industry enabling heavy construction equipment industry to grow. Rising construction activities in the developing economies such as India and Brazil are anticipated to positively impact the demand for moving machinery segment during the forecast period.
The moving machinery segment held around more than 50% share in the global heavy construction equipment market. The construction industry is supported through advent in equipment such as automated moving machinery. Such technological advancements in the moving machinery segment including artificial intelligence, high productivity, and cost-effectiveness are some of the driving factors of this market.
In the moving machinery segment, the evacuation and demolition equipment is one of the highest demanded equipment having a CAGR of 4.83% during the forecast period. Due to increased natural disasters worldwide there is a substantial role of movable machinery in the evacuation process that has surged its market share. This equipment is also utilized in the mining industry which procures a high amount of movable equipment across the globe. Earth-moving equipment’s market share is 5.15% in the heavy construction equipment market. This equipment is also being utilized and demanded in unmanned and remotely operated systems.
Asia-Pacific Region to account for significant share In the Heavy Construction Equipment:
Asia-Pacific the largest consumer of heavy construction equipment and is leading among other regions. The governments in this region are introducing policies supporting the construction industry and hence rise in the heavy construction equipment is observed. Growth of this equipment is anticipated because of the heavy investments in infrastructure facilities. The cultural changes in this region are also considered as one of the factors for a shift in the advancements in heavy construction equipment in the market.
The region has a market value of USD XX Bn during 2019. The market for this equipment is also dependent on rental basis procurement of equipment and online retailing services offered by the companies. There is a rise in investments in heavy construction equipment manufacturing for advancements in technology. China is also putting huge efforts in the government initiatives supporting the infrastructure and construction that shall surge the market growth of heavy construction equipment.
Maritime Silk Road is one of the biggest projects of Asian region which optimizes the road and waterways connectivity increasing the transportation infrastructure, such projects contribute to a market share of the heavy construction equipment market. An increase in disposable income among the customers of the APAC region is another most vital factor contributing to the rise of heavy construction equipment.
Another important region driving heavy construction equipment market is the Middle East, where the prime focus is on infrastructure development for tourism and health-care industries. Europe generated a substantial amount of revenue estimated at about USD XX Bn in 2019. Among other nations, Germany is considered the home of best performing heavy construction equipment in Europe.
AB Volvo is one of the leading players in the market having a substantial amount of revenue generation at USD 390.834 bn and its net income accounted for US$ 24.423 billion in 2019. The company has been offering heavy construction equipment across various countries enabling infrastructure development.
Prominent players of heavy construction equipment market are listed as follows: JCB, John Deere & Co., Kobelco Construction Machinery Co. Ltd., Komatsu Ltd., Liebherr-International AG., Manitou Group, Manitowoc Group, Atlas Copco Construction & Mining, Caterpillar, Cnh Global NV., Doosan Infracore Ltd., and Hitachi Construction Machinery Co. Ltd.
Key Segments of Heavy Construction Equipment:
By product outlook:
- Earth Moving Machinery
- Material Handling Machinery
- Concrete & Road Machinery
- Institutional and Industrial building
- North America
- Latin America
- Middle East & Africa