Heavy Duty Equipment Market – Explosive Growth in the Near Future
Heavy duty equipment refers to self-powered, self-propelled, or pull-type equipment and machinery, specially designed for construction, industrial, maritime, mining, and forestry uses. Heavy duty equipment usually contains five equipment systems: traction, implement, power train, structure, control and information. Some equipment uses hydraulic drives as a primary source of motion.
Manufacturers of heavy duty equipment are aggressively looking to add innovative elements to their product category, by carrying out manufacturing advancements in technology along with introduction of latest product lines. These advancements are mainly for precast engineering construction both in residential and commercial construction, and for general infrastructure application.
The new generation heavy duty equipment are designed to cater to the practical working surroundings and needs of industry sites. The heavy duty equipment market is primarily driven by commercial, residential, and industrial development, and increasing public-private partnership. There are various types of heavy duty equipment available in the market; however, choosing the right type of heavy duty equipment is imperative. Some of the parameters for selecting heavy duty equipment are material, complexity of the project, quality, cost, safety, and time.
The heavy duty equipment market is expected to grow at a good rate in the coming years. Rise in infrastructural development around the world is the key factor that would drive heavy duty equipment market growth over the forecast period. Enormous growth in the real estate sector and developed infrastructure boosts economic growth by helping cross-border trade and industrial growth, which eventually creates demand for heavy duty equipment. Growth in public?private partnerships for the construction of public infrastructure systems in countries such as China and India, and increase in government initiatives toward infrastructure development propel the growth of the heavy duty equipment market.
The high initial capital investment, and use of high-class and costly material in the manufacturing of equipment might act as a restraint to the market. Various factors such as growth in industrial projects, increasing number of projects which involve heavy duty equipment such as construction, mining, oil & gas, and repowering of old projects are likely to provide good growth opportunities to the heavy duty equipment market during the forecast period.
The heavy duty equipment market has been segmented in terms of type, application, and region. Based on type, the market has been segmented into excavators, wheel loaders, bulldozers, dump truck, and others. In terms of application, the market has been segmented into aggregate mining, metal mining, coal mining, ready-mix, asphalt & paving, equipment rental, building, and infrastructure.
In terms of region, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The heavy duty equipment market in North America has been classified into the U.S., Mexico, and Rest of North America. The Asia Pacific region has been sub segmented into Australia, New Zealand China, India, and the Rest of Asia Pacific while the market in Europe has been divided into the U.K., Germany, Italy, and Rest of Europe.
Some of the key players operating in the global heavy duty equipment market are Caterpillar, Deere & Company, Komatsu Ltd., CNH Industrial, Kubota Agricultural Machinery India, Hitachi, Ltd., AB Volvo, Liebherr, Daimler AG., Doosan Corporation, SANY GROUP, JCB, Terex Corporation., Zoomlion Heavy Industry Science &Technology Co., Ltd., Liugong Machinery Co., Ltd., Weichai Holding Group Co.,Ltd., and Sinotruk (Hong Kong) Limited. Key operating players in the market focus on design and develop smart, fuel- & energy-efficient machinery, thus accelerating the market growth. Furthermore, companies operating in the market focus on launch of quality and efficient products to retain their customer base.