Heavy construction equipment market is growing
That growth is 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.
Heavy construction equipment is used extensively at the construction site to reduce labor cost and time. The high construction and infrastructural growth, technological developments and their adaptations, and growing population have fueled the growth for heavy construction equipment. Infrastructure is the largest application area for heavy construction equipment especially in developing markets such as China, Brazil and India.
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 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. ■