According to the report by Expert Market Research (EMR), the global earthmoving equipment market size reached a value of around USD 82.1 billion in 2022. Aided by the escalating demand for heavy-duty machinery in construction and mining sectors and the increasing number of infrastructure projects worldwide, the market is projected to further grow at a CAGR of 2.70% between 2023 and 2028 to reach a value of USD 96.33 billion by 2028.
Earthmoving equipment, comprising bulldozers, excavators, loaders, and motor graders, are fundamental to heavy-duty construction, mining, and infrastructure projects. They are instrumental in tasks such as digging foundations, grading soil, and moving large quantities of earth. Due to their high efficiency and productivity, earthmoving equipment is crucial to reducing the time and effort invested in various construction activities, leading to their significant demand in numerous industries.
The primary driver of the global earthmoving equipment market growth is the surge in urbanisation worldwide. As a result of the population influx into urban areas, the demand for residential and commercial properties has skyrocketed, thereby necessitating an increase in construction activities. Additionally, the improvement in living standards and increased per capita income have bolstered the construction of shopping malls, leisure centres, and commercial complexes, further amplifying the demand for earthmoving equipment.
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Infrastructural development, including the construction of roads, bridges, railway lines, and airports, is another significant factor increasing the earthmoving equipment market demand. Governments worldwide are investing heavily in infrastructural projects as a part of their economic development plans, which directly fuels the demand for earthmoving machinery.
Technological advancements in the field of earthmoving equipment have also played a crucial role in boosting the earthmoving equipment market expansion. The advent of equipment with features like GPS tracking, advanced transmission, and emission control systems have not only increased their efficiency but also adhered to stringent emission regulations, making these machines more desirable for modern construction needs.
Finally, the increase in automation and the rise of AI technology in the construction sector provide significant growth potential for the earthmoving equipment market. Automated earthmoving equipment can reduce labour costs, increase productivity, and enhance safety standards. As more companies recognise these benefits, the adoption rate of automated and AI-enabled earthmoving equipment is expected to increase, which will continue to fuel the market’s growth in the forecast period.
Earthmoving Equipment Market Segmentation
The market can be divided based on product type, application, and region.
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Market Breakup by Product Type
• Excavators
• Loaders
• Dump Trucks
• Others
Market Breakup by Application
• Mining
• Construction
• Agriculture and Forestry
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global earthmoving equipment companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Caterpillar Inc.
• Komatsu Ltd.
• Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
• Sany Heavy Industry Co., Ltd
• Deere & Company
• AB Volvo
• Liebherr-International Deutschland GmbH
• Hitachi Construction Machinery Co., Ltd.
• Sandvik AB
• Others
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