Portland, OR -- (SBWIRE) -- 09/28/2017 -- In countries such as Peru, Brazil and Columbia, the construction sector has recovered from slowdown due to increased consumer confidence and rise in infrastructural investment. For instance, the government of Brazil announced the completion of 34 infrastructure projects by 2018. The recovery of construction segment is expected to drive the market for heavy construction equipment

Latin America Heavy Construction Equipment Market size was valued at $4,310 million in 2016, and is expected to reach $6,391 million by 2022, registering a CAGR of 6.8% from 2016 to 2022. Latin America heavy construction equipment, namely, excavators, loaders, dumpers, and compactors among others are used for heavy construction tasks such as lifting, mining, excavation, and demolition. These heavy equipment are used to move raw materials from one place to another.

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Some of the factors that drive the Latin America heavy construction equipment market are recovery from the construction sector, surge in privatepublic partnerships, and rapid urbanization. In addition, development of low-emission and energy-efficient equipment provides opportunities to the Latin America heavy construction equipment market growth. However, fluctuation in oil prices, increased carbon footprint, and weak economic conditions restrain the Latin America heavy construction equipment market growth.

Fuel consumption and carbon emissions are the major concerns for most of the construction companies and expend more on fuel consumption than on maintenance of the machine. Fuel expenditure accounts for a significant portion of the overall construction expenditure of the equipment. Heavy construction equipment manufacturers have launched several machines with high fuel efficiency. However, they are reluctant towards investment in these equipment that consume less fuel due to their high prices compared to the conventional machines. Extensive R&D activities conducted by equipment manufacturers are expected to enable development of low-cost machines with better fuel efficiency and lower carbon emissions.

The Latin America heavy construction equipment market is segmented on the basis of equipment, application, end user, and country. Based on equipment, it is divided into earthmoving, material handling, heavy construction vehicles, and others. Earthmoving equipment is further classified into excavators, loaders, backhoe loaders, and motor graders. Material handling is further bifurcated into crane and telescopic handlers while heavy construction vehicles are divided into dumpers, tippers, and others (compactors and pavers). By application, the Latin America heavy construction equipment industry is categorized into excavation & demolition, heavy lifting, material handling, tunneling, and recycling & waste management. Based on end user, Latin America heavy construction equipment market is classified into infrastructure, mining, construction, oil & gas, manufacturing, and others. The Latin America heavy construction equipment market is analyzed across countries such as Brazil, Argentina, Chile, Colombia, Peru, rest of South America, and Central America.

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.

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