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Earthmoving Equipment Market By Equipment (Excavators, Loaders and Others),By End User Industry - Global Industry Outlook, Key Companies (Doosan Co, Volvo CE, Built Robotics and others), Trends and Forecast 2023-2032

Published on : October-2023  Report Code : RC-450  Pages Count : 256  Report Format : PDF
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Market Overview

The Global Earthmoving Equipment Market is expected to reach a value of USD 82.5 billion in 2023, and it is further anticipated to reach a market value of USD 102.9 billion by 2032 at a CAGR of 2.5%. The market has seen a significant increase in the recent past and is predicted to grow significantly during the forecasted period as well.

Earthmoving equipment, also known as heavy equipment, is mainly designed for tasks having earthworks & construction operations. This category includes heavy vehicles, machinery, water pumps, & engineering equipment. In addition, these strong and advanced machines find application in a range of activities including foundation digging, mining, & more. The range of earthmoving equipment is huge, featuring excavators, loaders, construction tractors, & similar units. A major example is the road roller, a conventional machine that compacts surfaces through rolling. Another significant type is pile drivers, used to insert piles into the ground.

Earthmoving Equipment Market Growth Analysis

Further driven by the need to establish solid building foundations, this equipment plays a major role in construction. The growing volume of global construction endeavors sets the stage for progress, constituting an ongoing cycle that encourages the demand for innovative construction equipment, consequently fueling infrastructure growth.

The earthmoving equipment industry is abuzz with activity, driven by advancements in technology, increased infrastructure development, and rising demand in emerging markets. Recent conferences and events, such as EXCON India 2024 and CONEXPO-CON/AGG, have spotlighted innovations in automation, fuel efficiency, and sustainability. Surveys reveal a steady global growth trajectory, fueled by smart city projects and renewable energy initiatives. 

Meanwhile, mergers and acquisitions, like Caterpillar's strategic acquisition of Marble Robot, underscore the sector's push toward automation and robotics. The industry’s collaborative pools, combining OEMs and suppliers, aim to streamline supply chains and address evolving challenges, solidifying its future potential.

Market Dynamic

A number of governmental initiatives towards improving infrastructure, coupled with significant funding in the construction industry, are anticipated to be a driving force behind increased consumption. The trend towards rising globalization is expected to create a favorable environment for foreign direct investment, thus benefiting overall growth. 

Mainly, the increase in the spending power of consumers in developing countries is anticipated to open significant growth opportunities. Additionally, the importance of improved connectivity & upgraded transportation facilities is anticipated to be a key driver for industry expansion throughout the forecast period.

However, these expansion prospects may face challenges due to economic uncertainty & the implementation of emission-control regulations. The presence of a number of restrictions & norms on global mining activities, integrated with increased operational costs, could potentially impact to demand as well as the growth of the market.

Research Scope and Analysis

By Equipment

Anticipated during the forecast period, excavators are set to have a larger market share in the Global Earthmoving Equipment Market by contributing to the overall growth of the market as well, as the growth is anticipated by growing demand across industrial, residential, & commercial sectors. Further, the expansion of rental services for excavators is anticipated to be a major driver for the Earthmoving Equipment Market's advancement. 

A noticeable shift from conventional excavators to automated substitutes is also underway, due to their superior efficiency compared to standard models, as all these factors are anticipated to the growth of the market over the forecasted period.

By End User Industry

The growing construction industry & widespread global infrastructure development provide a great opportunity for Earthmoving equipment manufacturers to significantly increase their earnings. These equipment solutions play a major role in assisting major construction & infrastructure projects, setting the stage for significant financial growth for the market. 

In addition, there's an anticipation of significant growth forecast for excavators, loaders, & other construction machinery, providing encouraging prospects in the forecasted period. Moreover, the mining sector is anticipated to experience significant growth, driven by increased industrialization & active investor participation.

Earthmoving Equipment Market End USer Analysis

The Global Earthmoving Equipment Market Report is segmented on the basis of the following:

By Equipment

  • Excavators
  • Loaders
  • Dump Trucks
  • Others

By End User Industry

  • Construction
  • Mining
  • Agriculture & Forestry
  • Others

Regional Analysis

In 2023, the Asia Pacific region has secured a significant market share, contributing about 37.2% of the total revenue in the global earthmoving equipment market. This dominance in the market presence is majorly due to the increase in the construction & mining sectors across the region. The Asia Pacific leads in revenue generation, mainly driven by the growth in construction & mining activities. 

Furthermore, the growing demand for infrastructural development, mainly in developing nations like China & India, is anticipated to fuel the need for earthmoving equipment during the forecasted period. Further, the increasing government initiatives & significant investments in constructing roads, bridges, & tunnels act as major drivers for increasing the demand for such equipment. Moreover. Europe is also anticipated for considerable growth, with countries like Germany and Italy emerging as key players in the markets during the forecasted period.

Earthmoving Equipment Market Regional Analysis

By Region

North America
  • The U.S.
  • Canada
Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific
Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America
Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Competitive Landscape

In the global earthmoving equipment market, strong competition can be seen among established players as well as emerging players. These companies offer a range of equipment, from excavators to loaders, highlighting technological innovation for efficiency & environmental compliance. Strategic collaborations & mergers are some basic strategies to improve their market positions & tap into new opportunities, reflecting the industry's dynamic nature & commitment to meet changing demands & regulations.

For instance, In October 2022, Built Robotics, a major construction player & the creator of the robotic Exosystem, introduced its strategic entry into the European market. The company unveiled the Exosystem and conducted a live, real-time video demonstration of its robotic operations at Bauma, a popular global construction industry trade fair.

Some of the prominent players in the Global Earthmoving Equipment Market are:

  • Doosan Co
  • Volvo CE
  • Built Robotics
  • JCB
  • Komatsu Ltd
  • Caterpillar Inc
  • CNH Heavy Industries Co. Ltd
  • Hyundai Construction Equipment Co. Ltd
  • Terex Corporation
  • Deere and Company
  • Other Key Players

COVID-19 Pandemic & Recession: Impact on the Global Earthmoving Equipment Market:

The global market for earthmoving equipment faced a significant impact from the effects of the COVID-19 pandemic & the following recession, which can be due to the widespread delay of construction & infrastructure initiatives, which led to a substantial decrease in the demand for these machines. The reduced network of supply chains also challenged the market, causing further hindrances to manufacturing & delivery. 

As companies limited their budgets & curtailed capital expenses, the need for earthmoving equipment experienced a major dip. Despite these challenges, joint efforts of governments to kickstart economic recovery supported the market to recover as well. 

Through significant stimulus measures, many countries are adding funds to infrastructure development projects, which have the potential to reinvigorate the earthmoving equipment market, as new investments in construction, roadworks, & other projects involve the use of such machinery. Further, the market's growth holds the promise of a gradual resurgence as it aligns with the growing curve of infrastructure revitalization.

                                      Report Characteristics
Market Size (2023) USD 82.5 Bn
Forecast Value (2032) USD 102.9 Bn
CAGR (2023-2032) 2.5%
Historical Data 2017 - 2022
Forecast Data 2023 - 2032
Base Year 2022
Estimate Year 2023
Report Coverage Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc.
Segments Covered By Equipment (Excavators, Loaders, Dump Trucks and Others), By End User Industry (Construction, Mining, Agriculture & Forestry and Others)
Regional Coverage North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
Prominent Players Doosan Co, Volvo CE, Built Robotics, JCB, Komatsu Ltd, Caterpillar Inc, CNH Heavy Industries Co Ltd., Hyundai Construction Equipment Co Ltd., Terex Corporation, Deere and Company, and Other Key Players
Purchase Options We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively.

 

Frequently Asked Questions

  • How big is the Global Earthmoving Equipment Market?

    The Global Earthmoving Equipment Market is estimated to reach USD 82.5 billion in 2023, which is further expected to reach USD 102.9 billion by 2032.

  • Which region accounted for the largest Global Earthmoving Equipment Market?

    Asia Pacific dominates the Global Earthmoving Equipment Market with a share of 37.2% in 2023.

  • Who are the key players in the Global Earthmoving Equipment Market?

    Some of the major key players in the Global Earthmoving Equipment Market are Volvo CE, JCB, Doosan Co, and many others.

  • What is the growth rate in the Global Earthmoving Equipment Market?

    The market is growing at a CAGR of 2.5 % over the forecasted period.

  • Contents

      1.Introduction
        1.1.Objectives of the Study
        1.2.Market Scope
        1.3.Market Definition and Scope
      2.Earthmoving Equipment Market  Overview
        2.1.Global Earthmoving Equipment Market  Overview by Type
        2.2.Global Earthmoving Equipment Market  Overview by Application
      3.Earthmoving Equipment Market  Dynamics, Opportunity, Regulations, and Trends Analysis
        3.1.Market Dynamics
          3.1.1.Earthmoving Equipment Market  Drivers
          3.1.2.Earthmoving Equipment Market  Opportunities
          3.1.3.Earthmoving Equipment Market  Restraints
          3.1.4.Earthmoving Equipment Market  Challenges
        3.2.Emerging Trend/Technology
        3.3.PESTLE Analysis
        3.4.PORTER'S Five Forces Analysis
        3.5.Technology Roadmap
        3.6.Opportunity Map Analysis
        3.7.Case Studies
        3.8.Opportunity Orbits
        3.9.Pricing Analysis
        3.10.Ecosystem Analysis
        3.11.Supply/Value Chain Analysis
        3.12.Covid-19 & Recession Impact Analysis
        3.13.Product/Brand Comparison
      4.Global Earthmoving Equipment Market  Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By Equipment, 2017-2032
        4.1.Global Earthmoving Equipment Market  Analysis by By Equipment: Introduction
        4.2.Market Size and Forecast by Region
        4.3.Excavators
        4.4.Loaders
        4.5.Dump Trucks
        4.6.Others
      5.Global Earthmoving Equipment Market  Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By End User Industry, 2017-2032
        5.1.Global Earthmoving Equipment Market  Analysis by By End User Industry: Introduction
        5.2.Market Size and Forecast by Region
        5.3.Construction
        5.4.Mining
        5.5.Agriculture & Forestry
        5.6.Others
      6.Global Earthmoving Equipment Market  Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by Region, 2017-2032
        6.1.North America
          6.1.1.North America Earthmoving Equipment Market : Regional Trend Analysis
            6.1.1.1.The US
            6.1.1.2.Canada
        6.2.1.Europe
          6.2.1.Europe Earthmoving Equipment Market : Regional Trend Analysis
            6.2.1.1.Germany
            6.2.1.2.France
            6.2.1.3.UK
            6.2.1.4.Russia
            6.2.1.5.Italy
            6.2.1.6.Spain
            6.2.1.7.Nordic
            6.2.1.8.Benelux
            6.2.1.9.Rest of Europe
        6.3.Asia-Pacific
          6.3.1.Asia-Pacific Earthmoving Equipment Market : Regional Trend Analysis
            6.3.1.1.China
            6.3.1.2.Japan
            6.3.1.3.South Korea
            6.3.1.4.India
            6.3.1.5.ANZ
            6.3.1.6.ASEAN
            6.3.1.7.Rest of Asia-Pacifc
        6.4.Latin America
          6.4.1.Latin America Earthmoving Equipment Market : Regional Trend Analysis
            6.4.1.1.Brazil
            6.4.1.2.Mexico
            6.4.1.3.Argentina
            6.4.1.4.Colombia
            6.4.1.5.Rest of Latin America
        6.5.Middle East and Africa
          6.5.1.Middle East and Africa Earthmoving Equipment Market : Regional Trend Analysis
            6.5.1.1.Saudi Arabia
            6.5.1.2.UAE
            6.5.1.3.South Africa
            6.5.1.4.Israel
            6.5.1.5.Egypt
            6.5.1.6.Turkey
            6.5.1.7.Rest of MEA
      7.Global Earthmoving Equipment Market  Company Evaluation Matrix, Competitive Landscape, Market Share Analysis, and Company Profiles
        7.1.Market Share Analysis
        7.2.Company Profiles
        7.3.Doosan Co
          7.3.1.Company Overview
          7.3.2.Financial Highlights
          7.3.3.Product Portfolio
          7.3.4.SWOT Analysis
          7.3.5.Key Strategies and Developments
        7.4.Volvo CE
          7.4.1.Company Overview
          7.4.2.Financial Highlights
          7.4.3.Product Portfolio
          7.4.4.SWOT Analysis
          7.4.5.Key Strategies and Developments
        7.5.Built Robotics
          7.5.1.Company Overview
          7.5.2.Financial Highlights
          7.5.3.Product Portfolio
          7.5.4.SWOT Analysis
          7.5.5.Key Strategies and Developments
        7.6.JCB
          7.6.1.Company Overview
          7.6.2.Financial Highlights
          7.6.3.Product Portfolio
          7.6.4.SWOT Analysis
          7.6.5.Key Strategies and Developments
        7.7.Komatsu Ltd
          7.7.1.Company Overview
          7.7.2.Financial Highlights
          7.7.3.Product Portfolio
          7.7.4.SWOT Analysis
          7.7.5.Key Strategies and Developments
        7.8.Caterpillar Inc
          7.8.1.Company Overview
          7.8.2.Financial Highlights
          7.8.3.Product Portfolio
          7.8.4.SWOT Analysis
          7.8.5.Key Strategies and Developments
        7.9.CNH Heavy Industries Co. Ltd
          7.9.1.Company Overview
          7.9.2.Financial Highlights
          7.9.3.Product Portfolio
          7.9.4.SWOT Analysis
          7.9.5.Key Strategies and Developments
        7.10.Hyundai Construction Equipment Co. Ltd
          7.10.1.Company Overview
          7.10.2.Financial Highlights
          7.10.3.Product Portfolio
          7.10.4.SWOT Analysis
          7.10.5.Key Strategies and Developments
        7.11.Terex Corporation
          7.11.1.Company Overview
          7.11.2.Financial Highlights
          7.11.3.Product Portfolio
          7.11.4.SWOT Analysis
          7.11.5.Key Strategies and Developments
        7.12.Deere and Company
          7.12.1.Company Overview
          7.12.2.Financial Highlights
          7.12.3.Product Portfolio
          7.12.4.SWOT Analysis
          7.12.5.Key Strategies and Developments
        7.13.Other Key Players
          7.13.1.Company Overview
          7.13.2.Financial Highlights
          7.13.3.Product Portfolio
          7.13.4.SWOT Analysis
          7.13.5.Key Strategies and Developments
      8.Assumptions and Acronyms
      9.Research Methodology
      10.Contact
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