Portland, OR, Aug. 24, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global heavy construction equipment market generated $171.66 billion in 2019, and is estimated to reach $240.49 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rise in investment in construction sector, increase in focus on public-private partnership, and focus on expansion of the mining sector drive the growth of the global heavy construction equipment market. However, increase in carbon footprint and fluctuating oil prices and weak economic conditions in Latin America hinder the market growth. On the other hand, technical advancement and development of low emission & fuel-efficient equipment create new opportunities in the coming years.
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Covid-19 scenario:
- Businesses through equipment manufacturing industries are executing risk alleviation strategies to curtail down the impact of the forthcoming slowdown of economies and industrial production.
- In addition, decline in public demands for construction-based processes has impacted on the global heavy construction equipment market.
- Furthermore, due to the global lockdown, movement of people and goods have also been limited, which disrupted the global supply chain in the industrial and heavy equipment sector.
Based on type, the earth moving segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the material handling segment is expected to register the highest CAGR of 6.2% from 2020 to 2027.
Based on end user, the construction segment accounted for the largest share in 2019, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the manufacturing segment is estimated to portray the highest CAGR of 6.6% during the forecast period.
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Based on region, Asia-Pacific contributed to the highest share, accounting for more than two-fifth of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, the region is expected to grow at the highest CAGR of 5.3% from 2020 to 2027.
Leading market players analyzed in the research include AB Volvo, Caterpillar Inc., CNH, Deere & Company, Doosan Infracoe, Hitachi Machinery Construction, JCB, Komatsu, Liebherr AG, and Sany.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.