Heavy Construction Equipment Market Worth $90.4B by 2025
JAN 22, 2018 - 7:14 am
The global heavy construction equipment market is expected to reach $90.4 billion by 2025 at a CAGR of 5.4%, according to a report by Grand View Research.
A rise in infrastructural development around the world is the key catalyst that will propel market growth over the forecast period. Infrastructural development results in increased construction activity, which eventually creates a demand for heavy duty construction equipment. Developed infrastructure boosts economic growth by assisting cross-border trade and industrial growth.
Private financing is a key way to fund infrastructural development plans. For instance, infrastructure development in India has witnessed increased participation of private players in recent years. Moreover, the Indian government has increased its budget for infrastructural development.
The heavy construction equipment market is likely to witness high demand due to various government initiatives to expand airports globally. As of January 2015, global investment for construction of airports was nearly $540.0 billion.
The global heavy construction equipment market demand was valued at $55.9 billion in 2016 and is expected to register a CAGR of 5.4% from 2017 to 2025. Increased investment in the infrastructure sector, especially in developing countries such as India, Malaysia and Indonesia, is a key factor.
Earth moving machinery emerged as the largest product segment and is estimated to generate a revenue of $36.6 billion by 2025. This can be attributed to a rise in investments to develop airports across the globe.
Real estate is anticipated to be the fastest-growing application segment over the forecast period with a CAGR of 6.3%. This sector is driven by the development of smart cities in countries such as India, France and Singapore.
Asia Pacific is expected to record the fastest growth, registering a CAGR of 6.6% by 2025. This can be attributed to a growth in construction activities in countries such as India, Malaysia and China.
Key market players include Komatsu, Volvo, Caterpillar and Hitachi Construction Machinery.
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