Earthmoving Equipment Market Research Report - Global Forecast to 2030

Earthmoving Equipment Market Information Report by Product (Loaders, Excavators, construction tractors and others), By Application (Construction, Mining, digging and others) and By Region - Global Forecast To 2030

ID: MRFR/CO/1637-HCR | February 2021 | Region: Global | 111 pages         

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Market Overview


The Earthmoving Equipment Market size exceeded a market sum of USD 68,524.10 million during the historic forecast period that had ended in 2030 and is anticipated to witness a growth of over a market CAGR of 2.10% between 2021 and 2030. There has been a rapid degree of increase in the number of new construction projects in both commercial and residential sectors with growing urbanization and industrialization is supporting the industry growth.


A piece of earthmoving equipment can be understood as the heavy-duty vehicle design that is specifically for the execution of construction jobs, mostly related to the earthwork operation. Earthmoving equipment is majorly employed in the construction industry for moving large amounts of earth or for digging the foundations for large building structures and landscape areas. Operating earthmoving equipment is known to be requiring technically skilled labor, trained for operating such equipment.


COVID 19 Analysis


The outbreak of the COVID-19 pandemic has spread across the globe. In March 2020, the declaration of coronavirus as a pandemic by the WHO has resulted in lockdowns being implemented in most of the countries. The strict restrictions that have been imposed by government authorities have compelled industry players to allow their employees to work remotely and in a virtual manner. However, the adoption of automated developed technologies to minimize human interaction in manufacturing and production facilities is expected to support the widespread growth of the global earthmoving equipment market during the forecast period that will be ending in 2028. The widespread use of technologies, including automated machinery and advanced electronics, has not only ensured the continuous running of businesses during the pandemic but has further enhanced work productivity.


The growing degree of sales of excavators and related products is likely to play a vital role in generating revenue for the earthmoving equipment industry. The rise of the demand for the products can be attributed to their high usage in the construction of commercial and residential buildings. The market report shows that there has been a huge demand for the products and hence, the losses during the pandemic are likely to be covered in the period. The fluctuating degree of sales of excavators is further expected to affect the global growth of the earthmoving equipment market over the projected timeframe.


Competitive Landscape


The earthmoving equipment market is witnessing a steady growth in the global competition due to the efforts pooled in by the understated companies: 



  • Bobcat Company (U.S.)

  • Volvo Construction Equipment (Belgium)

  • Atlas Copco(Nacka)

  • Bharat Earth Movers Limited (India)

  • The Liebherr Group (Bulle)

  • Ingersoll Rand Inc. (Republic of Ireland)

  • Hitachi Construction Machinery Co., Ltd. (Japan)

  • Case Construction Equipment (Netherlands)

  • Track Marshall. (UK)

  • New Holland Construction (Italy)


Market Segmentation


 


Market Dynamics


Drivers


The earthmoving equipment market trends support that the market is likely to be witnessing a huge rise in the market during the forecast period that will be ending in 2028. The market is witnessing a rise in the trends that increase in construction activities followed by a rapid increase in the industrialization sector. Also, the business analysts and experts suggest that there has been a huge rise in the urbanized population which is a major factor responsible for the growing demand and supply followed by the sales that have been anticipated for the ongoing forecast period of 2021-2028. The global target audience is also demanding better infrastructure facilities which are providing the market with excellent opportunities for growth and expansion.


Restraints


However, the earthmoving equipment market value is likely to be hampered during the ongoing forecast period that will be ending in 2028. The trends suggest that the global market is likely to witness a decline in sales because of the outbreak of the virus which has targeted the employment of people. Also, the capacity of the people to spend their disposable income is declined which is likely to give a hard growth to the market during the ongoing forecast period.


Technology Analysis


There has been a rapid increase in the urban population that is demanding better infrastructure facilities. This factor is expected to positively impact the demand of the earthmoving equipment market over the forecast period as projected by the market experts and chiefs. The implementation of various government initiatives which are undertaken for the development of infrastructure and the increasing investments in the construction industry is projected to drive consumption of the global earthmoving equipment market from 2021 to 2028. The rising need for better connectivity and enhanced transport facilities are also anticipated to drive the industry over the period. An increase in the degree of globalization is also expected to create a favorable environment for foreign direct investment which is estimated to enhance the employment of technology followed by the growth of the market in the forecast period.


Segment Overview


The earthmoving equipment market growth can be attributed to the excellent performance of the market segments followed by the rising revenue that has been witnessed. Also, the market segments are likely to meet the rising needs of the target audience that is further, helping to expand the market size and grow as per the predictions. The global earthmoving equipment market has been segmented based on the following:


Based on the Product



  • Excavators

  • Loaders

  • Backhoes

  • Compaction Equipment

  • Others


Based on the market applications



  • Construction

  • Underground mining

  • Surface mining


Regional Analysis


The Asian Pacific region is expected to dominate the global earthmoving equipment market followed by the Europe and North America region during the forecast period that ends in 2028. In the Asia-pacific region, the Chinese region is expected to lead the market with a large number of construction activities in various sub-region. However, the construction equipment market was hampered by the global recession, but the earthmoving equipment market is projected to show gradual growth in the forecast period ending in 2028. The earthmoving equipment market is also expected to remain steady over the forecasted period as the market is expecting to near maturity level. The North American region is also forecasted to experience sluggish growth due to economic uncertainty in the region.


Recent Developments



  • The ongoing infrastructure projects and rise in urbanization are likely to create a positive impact on the crawler/wheeled/compact loaders segment. The ongoing infrastructure projects include some like railways, roads, dams, and highways fuel the demand in the crawler/wheeled/compact loaders segment of the market. There are some ongoing projects like the Panama Canal expansion, Gujarat International Finance Tech City in India, Riyadh Metro in Saudi Arabia, and others like the South to North Water Transfer Project in China and the London Crossrail Project in the UK. These ongoing projects are boosting the usage and development in the crawler/wheeled/compact loaders segment belonging to the earthmoving equipment market.

  • There has been a rise in urbanization which is another reason for fuelling the growth of the crawler/wheeled/compact loaders segment. The degree of urbanization that is taking place at a faster pace will contribute to the growth of the construction industry in developing countries including China, India, Argentina, and Brazil, and this is expected to increase the demand for earthmoving equipment.

  • According to the information belonging to the International Labor Organization, approximately 2.3 million people die every year due because of accidents at workstations and other occupational ailments. Hence, there is a major need to employ products that safeguard their rights.

  • The rising degree of the population that is accompanied by growth in demand for residential areas is also likely to support the demand for earthmoving equipment such as crawler/wheeled/compact loaders.


Intended Audience



  • Earthmoving equipment manufacturers

  • Distributor & Supplier companies

  • End Users

  • consultants and Investment bankers

  • Government as well as Independent Regulatory Authorities


Report Overview


The report for the Earthmoving equipment market has been prepared after extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts. The key opinion leaders are mentioned to gain a deeper insight into the market and industry performance. The report gives a clear picture of the current market scenario which includes the historical and projected market size in terms of value, technological advancement, macroeconomic, and governing factors in the market. The report provides information and strategies that are a part of the top key players in the industry. The report also helps in providing a broad study of the different market segments and regions.



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 68,524.10 million
  CAGR   2.10% CAGR (2021-2030)
  Base Year   2021
  Forecast Period   2021-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Technology, by Application, by Material
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Bobcat Company (U.S.), Atlas Copco(Nacka), Bharat Earth Movers Limited (India), Ingersoll Rand Inc. (Republic of Ireland), Case Construction Equipment (Netherlands), New Holland Construction (Italy), Track Marshall. (U.K.), Hitachi Construction Machinery Co., Ltd. (Japan), The Liebherr Group (Bulle) and Volvo Construction Equipment (Belgium)
  Key Market Opportunities

  • Increase in construction activities
  • Increase in industrialization
  • Rising urbanized population
  •   Key Market Drivers

  • Rapidly increasing urban population
  • Demanding for better infrastructure facilities


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    Frequently Asked Questions (FAQ) :

    Key products in the Earthmoving Equipment Market include loaders, excavators, construction tractors, and others.

    Major applications of Earthmoving Equipment include construction, mining, digging, and others.

    The growing infrastructure development in emerging regions is likely to be a key driver for the Earthmoving Equipment Market.

    Asia Pacific is likely to dominate the global Earthmoving Equipment Market due to the growing construction industry in the region.

    Leading players in the global Earthmoving Equipment Market include Bobcat, Atlas Copco, and Bharat Earth Movers Limited, among others.