According to a new report published by Allied Market Research, Latin America Heavy Construction Equipment Market size was valued at $4,310 million in 2016, and is projected to reach $6,391 million by 2022, growing at a CAGR of 6.8% from 2016 to 2022.
The key factors that drive the Latin America heavy construction equipment market include recovery of the construction sector, the surge in public-private partnerships, and rapid urbanization. However, the Latin America heavy construction equipment market growth is restrained by the increase in carbon footprint, shift in oil prices, and weaker economic conditions in countries such as Brazil and Argentina.
The heavy construction equipment comprises heavy-duty vehicles, which are specifically designed for use in various construction operations such as drilling, hauling, excavating, paving, and grading. The market players in the Latin America heavy construction equipment industry cater to various end-user industries including manufacturing, oil & gas, forestry, mining, construction, and infrastructure.
The demand for heavy construction equipment has increased within the region, especially in Colombia and Chile, owing to rapid urbanization and heavy investment in the infrastructure segment. In addition, prominent players, such as Caterpillar Inc. and Volvo AB, are inclined toward developing efficient earthmoving machines to reduce carbon emission and improve performance.
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Heavy construction equipment manufacturers focus on designing high-quality products that have high-performance and efficiency. The prominent players have introduced advanced heavy construction equipment, which adhere to the government norms and cater to the demand from these end-users.
Key Findings of the Latin America Heavy Construction Equipment Market:
• The material handling equipment is expected to grow at the highest CAGR of 8.2% from 2016 to 2022.
• The tunneling application segment was valued at $743 million in 2016.
• Brazil’s heavy construction equipment market is expected to grow at a CAGR of 5.5%.
• Chile is the fastest growing market among all the Latin American countries.
The construction industry is the major end-user industry for heavy construction equipment in Latin America, accounting for 34% in 2016. Equipment such as excavators, loaders, motor graders, backhoe, cranes, dumpers, and tippers are utilized for large-scale construction activities. Manufacturers are continuously designing advanced products with advanced technology and increased performance. The manufacturing segment is expected to grow at the highest CAGR of 8.4% to reach $671 million by 2022.
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