Portland,OR, Feb. 17, 2021 (GLOBE NEWSWIRE) --
As per the report published by Allied Market Research, the global heavy construction equipment is expected to reach $240.49 billion, growing at a CAGR of 4.2% by 2027. The report highlights the major segments, market characteristics, top investment pockets, growth by segmentation, and competitive landscape.
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Amar Chinchane, LeadAnalyst, Construction and Manufacturing at Allied Market Research, stated, “The heavy construction equipment market has witnessed significant growth over the past decade, owing to the rise ininvestment in various end-user industries such as construction, infrastructure, mining, and others.A number of players are expanding their business around the globe, owing to increased customer base, enhanced effective operations, developed product portfolios, and expanded geographical reach. This is anticipated to fuel the demand for the heavy construction equipment.”
According to the report, the region across the Asia-Pacific dominated the market with more than two-fifths of the total share in 2019. In addition, the region is also expected to portray the fastest CAGR of 5.3% from 2020 to 2027. Other regions analyzed in the report include Europe, LAMEA, and North America.
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The global heavy construction equipment market is analyzed across equipment type, application, and end-user.
Based on equipment type, the market is classified into earthmoving equipment, material handling, heavy construction vehicles, and others. The earthmoving segment contributed to the highest market revenue, accounting for more than half of the total market. At the same time, the material handling segment is expected to manifest the fastest CAGR of 6.2% throughout the forecast period.
Based on end-user, the global heavy construction equipment market is divided into infrastructure, construction, mining, oil & gas, manufacturing, and others (forestry and agriculture). The construction segment contributed for the highest market share with more than two-fifths of the total market revenue. However, the manufacturing segments are expected to grow at the fastest CAGR of 6.6% from 2020 to 2027.
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The global heavy construction equipment market report includes a comprehensive analysis of the major market players such as 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 offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.