The heavy construction equipment market is projected to grow from USD 190.3 billion in 2022 to USD 252.4 billion by 2028, at a CAGR of 4.8% during the forecast period. Heavy construction equipment is specialized machinery that weighs more than 12 metric tons and performs specific construction or demolition work. The equipment is transportable, semi-permanent, or permanent, and is primarily used for earthmoving, lifting containers or materials, drilling holes in earth or rock, and in concrete and paving applications.
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Major manufacturers in this market are based in Asia Pacific and Europe. Caterpillar (US), Liebherr AG (Germany), Terex Corporation (US), Volvo Group (Sweden), Komatsu (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), SANY Heavy Industry Co., Ltd. (China), HD Hyundai (South Korea), XCMG Group (China), CNH Industrial N.V. (UK), and J C Bamford Excavators Ltd (UK), are among a few leading players operating in the heavy construction equipment market. Major focus was given to the development of new technologies to improve the performance of heavy construction equipment. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the heavy construction equipment market further.
Caterpillar (US) – Caterpillar manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives, globally. The company operates through three segments, namely, Construction Industries, Resource Industries, and Energy & Transportation. The Construction Industries segment supports customers using machinery in infrastructure and building construction applications. Caterpillar has a presence in more than 500 locations around the globe.
The heavy construction equipment business of the company operates under the Construction Industries and Resource Industries segments. Production of construction machinery is carried out across all the regions including US, China, India, UK, Brazil, etc. The company has a vast network of dealers globally, which is managed under its customer & dealer support. Its key competitors are Hitachi Construction Machinery Co., Ltd. (Japan), CNH Industrial N.V. (Netherlands), and Hyundai Construction Equipment Co., Ltd. (South Korea).
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Komatsu (Japan) – Komatsu manufactures, develops, markets, and sells construction, mining, utility, forestry, and industrial machinery. The company operates through business segments, namely, Construction, Mining and Utility Equipment, Retail Finance, and Industrial Machinery and Others. Its Construction, Mining and Utility Equipment segment provides excavators, loaders, bulldozers, electric rope shovels, dump trucks, motor graders, forklifts, and other related services. The Industrial Machinery and Others segment provides metal forging and stamping presses, sheet metal machines, machine tools, DI-water heaters, etc.
Komatsu operates mainly in the Asia Pacific and the American regions. It has subsidiaries operating across the world in countries such as Japan, China, India, the US, Brazil, Indonesia, Germany, and South Africa. The company has 60 manufacturing operations and 55 sales operations consisting of construction and mining/utility equipment. The key competitors of the company are ACS Actividades de Construcción y Servicios, S.A. (Spain), Bouygues Construction (France), Larsen & Toubro Limited (India), and Taisei Corporation (Japan).
Hitachi Construction Machinery Co., Ltd. (Japan) – Hitachi Construction Machinery Co., Ltd. manufactures and sells construction machinery and industrial vehicles. It operates through the Construction Machinery Business and Solution Business segments. It manages its heavy construction equipment business under the Construction Machinery Business segment, which produces hydraulic excavators, ultra-large excavators, mini-excavators, wheel loaders, and crawler cranes.
Hitachi Construction Machinery Co., Ltd. has 79 subsidiaries and 23 affiliates in Japan and overseas in various countries such as the US, Canada, China, Singapore, Indonesia, Thailand, Malaysia, India, Australia, New Zealand, the Netherlands, the UK, France, Italy, and South Africa. Its key competitors include Caterpillar (US) and Komatsu (Japan).
