Newark, NJ, Feb. 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global earthmoving equipment market is expected to grow from USD 81 billion in 2020 to USD 104.21 billion by 2028, at a CAGR of 3.2% during the forecast period 2021-2028.
Certain key factors are fuelling the growth of the global earthmoving equipment market, such as increasing government investments in North America for infrastructure development, rising demand for high tech earthmoving equipment in Europe, smart city development projects in the Middle East, booming Latin American mining industry, rapidly growing population, and industrialization & urbanization in APAC. Technological developments in remote control and telematics are some of the main forces driving the market for earth moving equipment. Market leaders are combining their machinery with sophisticated software solutions in order to provide consumers with comprehensive control & monitoring capabilities. Technology products like Computer Aided Earthmoving System (CAES) and AccuGrade Grade Control System are becoming increasingly prevalent.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the earthmoving equipment market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Construction projects worldwide were temporarily halted due to lockdowns. Some other factors that are also hindering the growth of the global earthmoving equipment market are the high initial costs and the requirement of regular maintenance of earthmoving equipment.
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Key players operating in the global earthmoving equipment market include CNH Industrial, Doosan Group, Hitachi Construction Machinery Co. Ltd., JCB, Liebherr Group, Caterpillar, Inc., Deere & Co., Hyundai Heavy Industries Co., Ltd., Komatsu Ltd, Sumitomo Construction Machinery, Volvo Construction Equipment, and Zoomlion Heavy Industry Science & Technology Co., Ltd, among others. To gain a significant market share in the global earthmoving equipment market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Hitachi Construction Machinery Co. Ltd. and Sumitomo Construction Machinery are some of the biggest manufacturers and suppliers of earthmoving equipment in the global market.
- For instance, Doosan unveiled a range of new products at the Bauma exhibition in August 2019, including Stage V DX62R-3, DX63-3, DX85R-3, DX27z, and DX35z, mini excavators, Stage V DX300LC-7 30-ton excavator, DX800LC-5B 80-ton excavator, DX250WMH-5 25-ton material handler, and 30 & 40-ton Stage V comp.
- Volvo Construction Equipment unveiled its first electric wheel loader in October 2019. It is made for emission-free tree farming, offering a low maintenance wheel loader for a broad range of applications like material loading, sweeping, grading, and pallet handling.
Loaders dominated the market and held the largest market share of 24.1% in the year 2020
On the basis of product, the global market has been segmented into loaders, compaction equipment, excavators, backhoes, and others. Loaders dominated the market and held the largest market share of 24.1% in the year 2020. Loaders are mainly used in different building projects owing to their versatility and compact size. They are also used for a wide range of tasks like construction, digging, paving roads, small demolitions, excavation, and transportation of building materials.
Construction dominated the market and was valued at USD 52.6 billion in the year 2020
Based on application, the earthmoving equipment market has been divided into construction and mining. The construction segment dominated the market and was valued at USD 52.6 billion in the year 2020. Multiple large-scale development projects in developing regions, especially the Middle East, are expected to spur demand.
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Regional Segment Analysis of the Earthmoving Equipment Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global earthmoving equipment market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region accounted for the major market share of 43.8% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as increasing investments in urban as well as rural infrastructure, the building of roads, ports, IT parks & residential areas, and large-scale infrastructure investments over various industries such as energy, healthcare, education, transportation, & utilities. On the other hand, the Middle East region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like expanding large-scale construction activities, quality improvement in after-market services, and technological advancements.
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About the report:
The global earthmoving equipment market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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