Latin America Heavy Construction Equipment Market refers to the market for heavy machinery and equipment used in the construction, mining, and infrastructure sectors across the countries in Latin America.
The Latin America Heavy Construction Equipment Market has been experiencing growth due to factors such as increasing infrastructure development, urbanization, and mining activities in the region. Countries like Brazil, Mexico, Argentina, Colombia, Chile, and Peru have been significant contributors to the market's growth, as they have witnessed substantial investments in infrastructure projects and construction activities.
The demand for heavy construction equipment in Latin America is driven by the need for modernization of infrastructure, such as roads, bridges, airports, and public utilities, as well as the expansion of mining operations to extract valuable natural resources.
According to a new report published by Allied Market Research, titled, Latin America Heavy Construction Equipment Market by Equipment, Application, and End User: Opportunity Analysis and Industry Forecast, 2014-2022", the 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 construction segment accounted for the dominant share of total heavy construction equipment market in 2016.
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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. 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.
The key factors that drive the Latin America heavy construction equipment market include recovery of construction sector, 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 demand for heavy construction equipment has increased within the region, especially in Colombia and Chile, owing to rapid urbanization and heavy investment in 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.
The Latin America heavy construction equipment market is segmented based on equipment type, application, end user, and country. In 2016, the earthmoving equipment segment dominated the Latin America heavy construction equipment market, with 48.5% share, followed by the material handling equipment segment. This is attributed to the plummeting operational costs with the advent of smart and intelligent excavators. In addition, the market is driven by proactive initiatives by the government to develop industrial and commercial sectors.
In 2016, excavation & demolition application dominated the market, and is expected to grow at a CAGR of 6.5%. Excavators, cranes, and dozers are major equipment used for excavation & demolition activities. The heavy lifting application is expected to grow at the highest CAGR of 7.4% from 2016 to 2022.
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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