PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238845
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238845
Earth moving equipment market size was valued at USD 70,008.3 Million in 2022, expanding at a CAGR of 3.1% from 2023 to 2030.
Earthmoving equipment is defined as a heavy-duty vehicle built for the development of earthwork operations. Additionally, it is extensively employed in the construction sector for digging the foundations or for moving large amounts of the earth for landscape areas and large building structures. Moreover, operating earthmoving equipment is known to be needed technically trained and skilled labor for operating equipment.
The factors rapidly increasing demand for earth-moving equipment includes loaders dump trucks and excavators across the mining and construction sectors. Additionally, heavy machinery used for grading soil & rock and excavating this in turn projected to drive the earthmoving equipment market growth during the forecast period. However, earthmoving equipment requires huge investment and maintenance costs as furl cost soar which is likely to restrain the market period.
The increasing urbanized population is a major factor propelling the earthmoving equipment industry's market growth. Furthermore, people demand better infrastructure amenities which further provide excellent opportunities for expansion and growth. The COVID-19 pandemic had a favorable impact on the market. As the world has halted various infrastructure projects which caused a decrease in demand and limited the growth of the earthmoving equipment market worldwide.
The global earth moving equipment market is segmented on the basis of product, application, industry, and region.
The market is divided into four categories based on product: excavators, loaders, backhoes, compaction equipment, and others. The excavators' sector is expected to dominate the market. Due to largely utilize in heavy construction sites owing to their multipurpose functionality and have different product types including wheeled, crawler, and short swing radius excavators.
The market is divided into two categories based on application: diesel and electric. The diesel sector is estimated to hold the market share and is likely to maintain its dominance during the forecast period. Ethanol-diesel and bio-diesel are being used in diesel engines. Electric earthmoving equipment has a bright future opportunity due to the environmental impact of diesel engines.
The market is divided into three categories based on industry: construction, underground mining, and surface mining. The construction sector is likely to possess the market. Mega construction projects need digging, mining, demolition, and excavation and have a high demand for earthmoving equipment and heavy machinery.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The increasing number of construction activities globally drives market growth. Rising demand for construction equipment for growth and innovation in the infrastructure is a never-ending process. Market players are constantly focusing on producing and innovating innovations to market types and sizes, offering moveable solutions for the earthmoving equipment market by manufacturing next-generation machinery, providing aftermarket services, and investing in operational excellence. Additionally, to accommodate the changing technological trends in the industry manufacturers are undertaking mergers & acquisitions activities. Moreover, for the expansion of their business strategies adopted by market players such as heavy investment in R&D, product development, product offerings, and mergers & acquisitions. For instance, in June 2021, Liebherr mining equipment manufacturers have launched the T 274. It is powered by a 3,650 engine which features the Liebherr litronic Plus AC drive system. The company informs improves cycle time efficiency by offering continuous uphill speed.
This proposed research study on earth moving equipment market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for earth moving equipment market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the earth moving equipment market.
Impact of COVID-19 on earth moving equipment market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on earth moving equipment market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the earth moving equipment market, we have also included competitive landscape and key innovator analysis for the earth moving equipment market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the earth moving equipment market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global earth moving equipment market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: