According to a report from Markets and Markets, the heavy construction equipment market is expected to witness high growth as a result of the rise in urbanization, large-scale investments in infrastructure and industrial sectors as well as an increase in construction activities in emerging economies.

The report also says the heavy construction equipment market size is estimated to grow from $121.46 Billion in 2015 to $180.66 Billion by 2021, rising at a CAGR of 7.0%.

The earth moving segment dominated the market in 2015 and is projected to be the fastest-growing equipment type sector in the next five years, as a result of the rapid urbanization and rise in demand for infrastructural development. The earth moving equipment market is driven by the increase in investments in the infrastructure industry to improve facilities in the government and private sectors. Furthermore, this has proven as an opportunity for manufacturers in the earth moving equipment market.

China contributes a major market share in the global as well as Asia-Pacific heavy construction equipment market. Increases in investments in infrastructure and countries adopting new technologies in residential and non-residential infrastructure, owing to the rise in population and increase in standard of living of people are some of the factors driving the heavy construction equipment market in Asia-Pacific. The heavy construction equipment market in this region is growing rapidly due to the presence of numerous leading players in the region, such as Caterpillar, Liebherr AG, Terex, Volvo Construction Equipment, Komatsu, Doosan Infracoe, Hitachi Machinery Construction, JCB, Sany and CNH.