Heavy construction equipment is specialized machinery that weighs more than 12 metric tons and performs specific construction or demolition work. The equipment is transportable, semi-permanent, or permanent, and is primarily used for earthmoving, lifting containers or materials, drilling holes in earth or rock, and concrete and paving applications. MarketsandMarkets projects that the heavy construction equipment market size will grow from USD 121.46 Billion in 2015 to USD 180.66 Billion by 2021, at a compound annual growth rate (CAGR) of 7.0 % from 2016 to 2021. Increase in government investments in infrastructure in developing nations and rise in construction & mining activities are expected to boost the demand for heavy construction equipment.
The key players in the heavy construction equipment market are Caterpillar Inc. (U.S.), Liebherr AG (Switzerland), Terex (U.S.), Volvo Construction Equipment AB (Sweden), Komatsu (Japan), Doosan Infracoe (South Korea), Hitachi Machinery Construction (Japan), JCB (U.K.), Sany (China), and CNH (U.K.) These players adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, partnerships & agreements, investments & expansions, and new product launches are some of the major strategies adopted by the market players to achieve growth in the heavy construction equipment market.
The year 2016 witnessed several new product launches in the heavy construction equipment market by key players, in order to expand their geographical footprint and improve their distribution network through the means of launching various products. This market has been constantly evolving and advancing as the need for residential and non-residential infrastructure is increasing, owing to rapid urbanization and growth in population.
Caterpillar (U.S.) develops new cold planers which would be highly maneuverable half-lane milling machines that would perform controlled full-depth removal of asphalt and concrete pavements in a single pass. It continuously focuses on enhancing its global presence by launching new products. The company announced the availability of the Cold Planers—PM620 and PM622 which expanded its product portfolio in cold planers sector. Its core competencies are constructing and selling mining equipment. The company operates globally with its broad product portfolio and is focused on establishing its operations globally.
Liebherr developed a new series of top-slewing cranes with a flat-top design at Bauma Conexpo India: the NC-B cranes. The new 16 EC tower system has been developed for these cranes. The cranes would also have a new, variable climbing system. The new concept included a large number of time-tested elements from existing Liebherr top-slewing cranes. These new product developments have supported the company’s strategic objective of generating profitable growth in the heavy construction equipment market. Its core competencies are to manufacture earthmoving equipment, mobile cranes, and mining division’s equipment. The company signed a supply contract with RBS Kiesgewinnung GmbH & Co. KG (Germany) and Zimmermann Autokrane (Germany) to supply its construction equipment.
Heavy Construction Equipment Market by Type (Earthmoving, Material Handling, Heavy Construction Vehicles), End-Use Industry (Construction & Manufacturing, Public Work & Rail Road, Mining), Application, and Region - Global Forecast to 2021
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