The global heavy construction equipment market is estimated to grow at a compounded annual growth rate (CAGR) of 8.5 percent upto 2018, some reports indicate.
The BRIC (Brazil, Russia, India, China) countries and emerging economies of Asia-pacific including South Korea, and Australia are leading the growth for this market, analysts feel.
Heavy investments made in the infrastructure sector bodes well for the global heavy construction equipment market, reports indicate.
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, analysts opine.
Infrastructure is the largest application area for heavy construction equipment especially in developing markets such as China, Brazil and India.
Some of the drivers of the global heavy construction equipment industry are high construction and infrastructural growth, technological developments and their adaptations, growing population, analysts feel.
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.