In 2014, the global market for earthmoving equipment was valued at USD 98.43 million. The demand for earthmoving equipment is expected to rise due to an increasing urban population that demands better infrastructure. In the next seven year, advanced products that are eco-friendly and require little maintenance will replace traditional machinery. Demand is expected to rise due to numerous technological advances that allow for real-time monitoring and failure detection.
China's earthmoving equipment market, product by product, 2012-2022 (USD Billion).
Consumption is expected to rise due to various government initiatives for infrastructure development and increasing investment in the construction industry. Saudi Arabia's government plans to build six mega-economic cities, as well as close to 800 new factories. This will generate employment and accommodation and is expected to drive the region's earthmoving equipment market growth.
Globalization is expected to increase foreign direct investment, which will be beneficial for growth. Key growth opportunities are expected to be created by the higher spending power of consumers in emerging economies. Over the forecast period, the industry will be driven by the need for improved connectivity and better transport facilities. The uncertainty in economic conditions and enforcement of emission control norms could limit expansion. Many interdictions and regulations regarding mining activities around the world, as well as host costs, can be a constraint on demand.
You can classify the earthmoving equipment market by product type into loaders, excavators, and other. Trenchers, motor scrappers and backhoes are all examples of other products. Excavators can be used to discharge, elevate or excavate material. These self-propelled machines run on wheels or crawlers. They are used for various purposes, including above and below ground operations such as well sinking, trench digging and land travel. The Excavator Industry is expected to grow at a rate of more than 8.0% between 2015 and 2022.
In 2014, more than 45% of the market was dominated by loaders. This segment includes skid-steer and wheeled loaders. Because of their versatility and small size, backhoe loads are often used in construction projects. They are used for many tasks, including small demolitions, construction and excavation, digging, light transport of building materials, and paving roads. Construction work includes snow-removing, ditching, and grading.
Construction and other applications are included in the application segment. Construction equipment market includes products for concrete & road construction, material handling, etc. This segment represented more than 60% of total demand in 2014, and it is likely to decrease over the next few decades. The mining application includes products that are used for underground and surface mining, such as crushing, screening, pulverizing and mineral processing. Many large-scale construction projects, including those in the Middle East, are expected to stimulate growth.
The Asia Pacific market for earthmoving equipment is expected to see high growth, with a CAGR of more than 8% during the forecast period. The region will benefit from heavy investments in rural and urban infrastructure, including the construction of roads, residential areas, and ports in India. Large-scale infrastructural investment has been made in China in various sectors, including transport, energy, utilities and education. This will increase sales volume in the future. Slow growth and continued economic uncertainty could hinder growth in the U.S. market for earthmoving equipment.
Caterpillar and Komatsu are the key players that account for most of the earthmoving machine market share. To keep up with the evolving technological trends within the industry, companies are undertaking mergers and acquisitions. To bridge the gap between the product offerings, end-use requirements and geographical constraints, companies are making significant investments in R&D.
These companies provide products for rent or lease on a short-term and long-term basis to customers. This is expected to increase industry growth. Manufacturers of earthmoving equipment are working to reduce their global footprint, CO2 emissions, and improve energy efficiency. Caterpillar's CAT Connect, for example, makes smart use technology and other applications to improve job site efficiency. Komatsu and GE Mining have partnered to develop next-generation machinery for customers.
b. Global market for earthmoving equipment was valued at USD 144.9 billion in 2019, and is forecast to grow to USD 157.1 billion by 2020.
How is the market for earthmoving equipment growing?b. Global Earthmoving Equipment Market is expected to grow at 8.2% compound annual growth rate between 2015 and 2022, reaching USD 184.5 billion in 2022.
Which segment had the largest market share for earthmoving equipment?b. With a 51.8% share in 2019, Asia Pacific was the dominant market for Earthmoving Equipment. This can be attributed to the increasing investments in rural and urban infrastructure, including the construction of roads and IT parks in India.
What are the major players in the earthmoving equipment marketb. Caterpillar, Komatsu and Hitachi Construction Machinery are some of the key players in the Earthmoving Equipment Market.
What are the driving factors for the market for earthmoving equipment?b. The market is growing due to innovative products that are eco-friendly and easy to maintain. Technological advancements have also helped facilitate real-time monitoring.
Up Market Research published a new report titled “Earthmoving Equipment Market research report which is segmented by Application (Mining, Construction), by Product (Loaders, Excavators), By Players/Companies Volvo, Liebherr, Caterpillar, Hitachi Construction Machinery, Komatsu, CNH Industrial, John Deere”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Earthmoving Equipment Market Research Report |
By Application | Mining, Construction |
By Product | Loaders, Excavators |
By Companies | Volvo, Liebherr, Caterpillar, Hitachi Construction Machinery, Komatsu, CNH Industrial, John Deere |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 235 |
Number of Tables & Figures | 165 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Mining, Construction), by Product (Loaders, Excavators).
Earthmoving Equipment Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Earthmoving Equipment Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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