Earthmoving Equipment Market Growth Study Report by Application and Geographic Insights to 2023
Category: #headlines  By Rahul Varpe  Date: 2020-05-18
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Earthmoving Equipment Market Growth Study Report by Application and Geographic Insights to 2023

Construction will continue occupying more than 60% of the earthmoving equipment market share through the next few years, driven by infrastructure development and reconstruction activities. Funded national infrastructure development projects such as Colombia’s National Development Plan and Mexico’s National Infrastructure program are expected to boost demand in the sector.

Earthmoving equipment market size is forecast to hit USD 192.45 billion revenue by 2023; as per a new research report.

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Private investment across the real estate sector along with the adoption of lease-based or rental machinery due to high degree of convenience are forecast to provide a fillip to global revenue. Increasing investment for improvement of infrastructure facilities in across regional industries will favorably impact earthmoving equipment market growth.

Real time monitoring and detection of machinery failure is predicted to drive global earthmoving equipment market size in the coming years. Since they emit harmful gases, equipment must comply with fuel emission standards implemented by regulatory authorities.

Growth Drivers: -

  1. Favorable government initiatives
  2. Technological innovation
  3. Growing infrastructure development

Major players in earthmoving equipment market are: Caterpillar, Volvo, Komatsu, Liebherr, Hitachi, John Deere, Terex, Doosan, etc.

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Earthmoving Equipment Market by Application: -

  1. Construction
  2. Underground Mining
  3. Surface Mining

Industry participants prioritize low cost product development over energy efficiency in price sensitive regions such as the Asia Pacific earthmoving equipment market. China is the biggest contributor to the region, with revenue forecast to exceed USD 40 billion by 2023. U.S. earthmoving machinery market size will grow at 7.3% CAGR estimations from 2016 to 2023.

Backhoe loaders are versatile and compact in nature, and therefore find applicability in a variety of construction projects. Small demolitions, excavation, light transportation for building materials, powering other building equipment, construction, and paving of roads are among the major end-use areas.

In 2015, Hitachi Construction Machinery acquired KCM in order to expand its construction equipment business. Companies have also been expanding their product offering in order to sustain and expand in the industry. In the same year, Komatsu entered into an agreement with Mitsui &Co. for restructuring a distributorship in Mexico.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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