2014-04-29 02:25:01 - Heavy Construction Equipment Market: Global Trends & Forecast to 2018 - a new market research report on companiesandmarkets.com
The global heavy construction equipment market is estimated to have reached a value of around $131.1 billion at the beginning of 2013, and is forecast to grow to a total of $195 billion by 2018. This suggests a CAGR growth rate of 8.3% between 2013 and 2018.
Asia-Pacific has experienced a boom in construction and infrastructural activities as the emphasis on developing infrastructure for the sustainable economy is growing. The global population rise and migration to major cities since the last decade has further increased the demand for residential buildings. Asia-Pacific has seen growth in a number of airports, dams, hydro-electric projects, etc., to sustain high level industrial activities and growing energy demand. As a result, many international players have invested
and started their manufacturing facilities and distribution centres in the region.
Earth moving equipment has the largest market share in the heavy construction equipment market across the globe. Earth moving equipment is used globally for all types of geographic topologies. They are also used for excavation purpose which is a necessary operation and are performed in all types of terrain across the globe. Earth moving equipment includes excavators, loaders, backhoes, motor graders, and other equipment. BRIC nations drive the growth of this market.
Infrastructure includes the public infrastructure such as heavy civil works of rail, road, dams, irrigation canals, governmental schools, post offices, hospitals, sports complexes, stadiums, and other heavy civil construction work. These structures form the backbone for the development of the economy for any country. After the market slump of 2009, governments of various nations have started investing to develop better infrastructure. The infrastructure construction activities will be dominant in developing markets such as China, India and Brazil. The reconstruction activities in Japan after the devastating earthquake have also contributed to the infrastructure construction market.
Key players in the global heavy construction equipment market include Caterpillar (U.S.), Komatsu (Japan), JCB (U.K.), Hitachi Construction Machinery Co. Ltd (Japan), Volvo Construction Equipment (Sweden) and John Deere & Co. (U.S.).
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