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Manufacturers of ancillary products such as crane ropes, cables, pulleys and buckles too are benefited from the boom. The global construction equipment market size is expected to reach USD 112.52 billion by 2025. Earth moving machinery accounted for the highest market share in 2020.
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Heavy Construction Equipment Market Outlook - 2027. The heavy construction equipment market size was valued at $1,71,667.0 million in 2019, and is projected to reach $2,40,496.0 million by 2027, registering a CAGR of 4.2% from 2020 to 2027.Heavy construction equipment is used for heavy operations tasks such as lifting, material handling, excavation, and others.
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Industry Trends. Agriculture Equipment Market size exceeded USD 100 billion in 2020 and is projected to grow at around 8% CAGR from 2021 to 2027.The global industry shipments are likely to exceed 8 million units by 2027 on account of the increasing demand for automated and advanced technologies in the agriculture sector.
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This industry group comprises establishments primarily engaged in manufacturing one or more of the following: (1) farm machinery and equipment, power mowing equipment, and other powered home lawn and garden equipment; (2) construction machinery, surface mining machinery, and logging equipment; and (3) oil and gas field and underground mining machinery and equipment.
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