The heavy construction equipment market will grow from an estimated $131.1 billion in 2013 to $195 billion by 2018 at a compounded annual growth rate of 8.3 percent, according to a new research study from global research company MarketsandMarkets.
The report “Heavy Construction Equipment Market: By Types (Earthmoving, Material Handling, Heavy Construction Vehicles, Others), Application Areas (Infrastructure, Commercial, Residential) and Geography – Global Trends & Forecast to 2018” defines and segments the global heavy construction equipment market with an analysis and forecast of the revenue.
The report says that Asia-Pacific will be the largest market for heavy construction equipment 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 and hydro-electric projects to sustain high-level industrial activities and growing energy demand.
With earthmoving equipment leading the way, infrastructure construction activities will be dominant in developing markets such as China, India and Brazil, the report says, with reconstruction activities in Japan after the devastating earthquake also contributing to the infrastructure construction market.
For more information or to purchase the report, go to: http://www.marketsandmarkets.com/Market-Reports/heavy-construction-equip ment-market-1211.html.