According to Research and Markets, heavy construction equipment is witnessing decent growth based on heavy investments done in the infrastructure recreation to accommodate smart residential and commercial buildings. The emerging markets in South America and Asia-Pacific are witnessing strong demand for heavy construction equipment and large investments are made in these regions.
The global infrastructure development scenario drives the growth of heavy construction machinery in infrastructure application areas. The heavy construction equipment market is estimated to witness 8.5% CAGR within the forecast period for infrastructure development purposes. The BRIC (Brazil, Russia, India and China) countries and emerging economies of Asia-pacific including South Korea, and Australia are leading the growth for this market.
Caterpillar, Komatsu, JCB, Hitachi Construction Machinery, Volvo Construction Equipment and John Deere & Co. are the major players that constitute a major share of the global heavy construction equipment market. Most of these companies mainly rely on growth strategies such as new product launch, agreements & collaborations, joint ventures, mergers & acquisitions, investments & expansions in diversified geographic areas. The growing demand in the Asia-Pacific and South & Central American market prompted most of the companies to invest in these markets and launch new products. New product launches and investments & expansion are the key strategies that help the companies penetrate the existing market, and expand into new and emerging markets.
Major heavy construction equipment types include earth moving equipment, material handling equipment, construction vehicles, and other heavy construction equipment. Earth moving equipment is the largest segment in terms of revenue, generating more than half of the revenue.