According to a study by Zion Market Research “the global heavy construction equipment market was valued at $145 billion USD in 2018 and is expected to reach $231.3 billion USD by 2025, at a compound annual growth rate (CAGR) of 6.9% between 2019 and 2025.”
The heavy equipment market is projected to increase considerably in the next few years, primarily due to mounting product demand in construction, oil and gas, and mining. Specific equipment product sectors projected for growth are in heavy construction vehicles, earthmoving equipment, material handling equipment and other like items.
Within the global market in 2018 the Asia Pacific region represented the largest area of growth and is expected to continue to lead worldwide share, with North America as the second largest market.
An article by Brennan University predicts that ‘as residential construction expands, it is natural that commercial construction will also see measurable growth. As these sectors increase; demand for road, highway and other necessary infrastructure will experience positive impacts. All of this will create further demand for the heavy equipment market’.
BOSS Hydraulics is proud to support our business partners in the Heavy Equipment sector, with a range of quality products to suit all kinds of hydraulic applications. From lifting, moving or pressing, to pulling and tightening, there’s a BOSS Hydraulics product that delivers quality and value to this growing market.
For more information on our range of hydraulic solutions, call 1300 BOSS HYD or email email@example.com and ‘Let your BOSS do the hard work’.