According to this report the commencement of various infrastructural projects has supported the market's growth to USD 72 Billion in the year 2021, which is expected to grow with a CAGR of more than 4.5% during the forecast period.
A rapidly growing construction industry is a key factor expected to drive growth of the global earth moving equipment market over the forecast period. The increase in the demand for more housing units and better infrastructure has been a reason for the increase in demand for earth moving equipment.
Apart from the construction industry, these machines are widely used in other industries such as mining, the oil industry, forestry, agriculture, etc. Earth moving equipment is typically heavy-duty vehicles designed for a variety of tasks associated with construction operations.
Earthmoving equipment is generally used in tasks where a large amount of earth is to be dug up, such as laying foundations, grading soil, removing dirt and rocks, digging trenches, etc. This heavy equipment helps in completing the tasks in the easiest way possible with minimal risk and less manual labor.
The earthmoving equipment works on electric and hybrid power sources, similar to the other major equipment. With innovations in the equipment and advanced technologies used, the market is anticipated to witness prominent market growth during the upcoming timeframe. The global earthmoving machinery market is dominated by the Asia-Pacific region, due to the infrastructural development and residential and commercial construction in many countries. Governments in these regions are now concentrating considerably on infrastructural development, which in turn will help in improving the economy.
Based on equipment type, the market is segmented into excavators, loaders, dozers, and motor graders. Excavators are expected to expand their market over the forecast period, driving demand across the industrial, residential, and commercial sectors. The rental services for the excavators are also anticipated to drive the earthmoving equipment market growth. A shift from conventional excavators to automated excavators is observed.
The equipment is more efficient than the traditional excavators. Crawler excavators are expected to dominate the earthmoving equipment market. Mini-excavator wheel excavators are expected to grow considerably over the forecast period. The motor graders are now being preferred as they can perform various activities with versatile attachments, thus capturing more market share by the end of the forecast year.
There has been a rapid increase in the number of new construction projects in both commercial and residential sectors, as growing urbanization and industrialization are supporting the industry's growth. A piece of earthmoving equipment can be understood as a heavy-duty vehicle designed specifically for the execution of construction jobs, mostly related to earthwork operations.
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 require technically skilled labor, specifically trained for operating such equipment.
Further, the rising urban population generating higher demand for better infrastructure is expected to propel the earthmoving market over the coming years. The increase in the urban population contributes to the demand for improved and advanced infrastructure. According to the International Institute for Environment and Development, the world's urban population will increase to 4.4 billion in 2020.
Furthermore, according to the United Nations Department of Economic and Social Affairs, the proportion is expected to reach 68% by the end of 2050. This four-fold growth creates a need for more infrastructure, increased urban development, and more building activities to accommodate people.
Thus, these factors propel the demand for construction equipment, including earthmoving, as these machines are used for land clearing, lifting, and other heavy work.
Major players operating in the market are concentrating on introducing new technological innovations which have gained popularity over recent years. Companies manufacturing earth moving equipment are focusing on incorporating 5G cellular technology to advance remote operation towards real-time control.
The ultra-low latency of 5G enables systems controlling a vehicle to react sooner, such as during braking or turning, vastly improving safety on the jobsite. The 5G network also promises to advance artificial intelligence, virtual reality, as well as IoT technologies for better remote control and connectivity.
Major companies present in the market
Caterpillar Private Limited, Doosan Infracore, Epiroc Construction Machinery Co. Ltd, Hitachi Construction Machinery Co. Ltd, J C Bamford Excavators Ltd, John Deere Ltd, Kobe Steel Ltd, Komatsu Ltd., Sany Group, XCMG Ltd., Zoomlion Co. Ltd
5. Global Construction Equipment Market Outlook 5.1. Market Size By Value 5.2. Market Share 5.2.1. By Region 5.2.2. By Country 5.2.3. By Company 5.2.4. By Application
6. Global Earth Moving Machinery Market Outlook 6.1. Market Size By Value 6.2. Market Share 6.2.1. By Region 6.2.2. By Equipment
7. Global Material Handling Machinery Market Outlook 7.1. Market Size By Value 7.2. Market Share 7.2.1. By Region 7.2.2. By Equipment
8. Global Concrete and Road Construction Machinery Market Outlook 8.1. Market Size By Value 8.2. Market Share 8.2.1. By Region 8.2.2. By Equipment
9. North America Earth Moving Machinery Market Outlook
10. Europe Earth Moving Machinery Market Outlook
11. Asia-Pacific Earth Moving Machinery Market Outlook
12. South America Earth Moving Machinery Market Outlook
13. Middle East & Africa Earth Moving Machinery Market Outlook
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