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Impact of COVID-19 on global heavy construction equipment market | CAGR: 2.1%

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Impact of COVID-19 on global heavy construction equipment market | CAGR: 2.1%

June 01
17:24 2020

The global heavy construction equipment market was valued at USD 132.52 billion in 2018 and it is anticipated to reach USD XX Billion market by 2030, growing at a CAGR of 2.1% between 2020 to 2030. The COVID19 has significantly affected the growth of construction sector, the rate of urbanization as well as sale of construction equipment. As per our revised estimation, the growth rate is expected to reduce to 2.1% from previous estimation of 5.7% over the forecast period.

The mining segment is growing at a higher pace compared to other segments owing to boost in oil & gas industry. The corona crisis is expected to reduce the prices of properties, as the demand will fall significantly. The report demonstrates complete scenario with a revised forecast numbers in order to better understand the fragile situation. Purchase full report or try a FREE sample report here: Heavy Construction Equipment Market Report 2020 PDF

Key Research Findings

    • The Excavator segment accounted for largest market share of greater than 30% in 2018, As the demand for mini excavator increased significantly in Europe region.
    • The demand for road construction equipment is growing at CAGR of 3.1% between 2020-2030, mainly due to mega road construction projects across APAC region.
    • The Middle East & Africa region is growing at fastest CAGR owing to increasing demand for construction machinery in oil & gas industry.

    Market DynamicsMarket Driver:

    • Increasing demand for backhoe loaders
    • Growing road construction activities
    • Increasing demolition & reconstruction activities

    Market Restraints:

    • COVID-19 Impact
    • Global economic slowdown

    Market SegmentationFor the purpose of this report confianza market research has segmented the global heavy construction equipment market into following key segments:

Global Heavy Construction Equipment Market, By Equipment Type:

 

About Confianza Market Research & Consultancy:

Confianza Market Research & Consultancy is a global market intelligence services provider company based in Pune, India. It has a database of more than 3000 highly informative market research reports from 35+ different industries worldwide. Confianza monitors & timely updates data for 56+ countries and 5 regions worldwide. The company aims at providing reliable, affordable and accurate market research services to companies of all sizes ranging from fortune 500 companies to small start-ups. Confianza’s explanatory and insightful reports help companies to streamline & strategize their business activities in order to gain an edge over competitors. 

Media Contact
Company Name: Confianza Market Research & Consultancy LLP
Contact Person: Gaurav Joshi
Email: Send Email
Phone: +91-7021173992
Address:Lokmanya Nagar, Kothrud
City: Pune
State: Maharashtra
Country: India
Website: confianzaresearch.com/industry-analysis/automotive-infotainment-market/

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