Press release
Earthmoving Equipment Market 2018-2023 By Regional Players Volvo Construction Equipment, Caterpillar Inc., John Deere, Terex Corporation, Hitachi, Liebherr Group, Atlas Copco.
Earthmoving Equipment Market 2018-2023
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.
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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.
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Atlas Copco
2. Bharat Earth Movers
3. Bobcat Company
4. Caterpillar
5. CNH Global
6. Doosan
7. Hitachi Construction Machinery
8. Hyundai Heavy Industries
9. JCB
10. John Deere
11. Komatsu
12. Liebherr
13. Sany Heavy Industries
14. Sumitomo
15. Terex Corp
16. Volvo Construction Equipment
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Global loaders market size surpassed USD 50 billion in 2015, with the excavators industry predicted to grow at 9% CAGR over the forecast timeframe. Asia Pacific earthmoving equipment market is projected to witness a noticeable growth over the period of 2016-2023 driven by growing automation in the construction industry along with the rising expenditure on infrastructure development. China market is estimated to register a revenue of USD 40 billion by 2023.
North America market is anticipated to witness a significant growth over the period of 2016-2023. U.S. market share worth USD 12 billion in 2015, is forecast to grow at a rate of 7.3% over the period of 2016-2023. Europe earthmoving equipment market is predicted to display a revenue of USD 43 billion by 2023.
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Key industry players include Caterpillar Incorporation, John Deere, Komatsu Limited, Liebherr Group, Hitachi Global, Terex Corporation, and Doosan Group. R & D Investments, technological innovations and product differentiation are the key business growth strategies adopted by the market players to enhance their market share. Firms have been expanding their business through mergers & acquisition to sustain the market competition. Furthermore, tough competition between global and emerging industry players along with growing demand for modern technology have compelled small players to form alliances with established giants. In 2015, Hitachi acquired KCM to expand its construction equipment business. During the same year, Komatsu entered a deal with Mitsui & Co for controlling distributorship in Mexico. In addition to this, industry players are focusing more towards low cost product development over energy efficiency in price sensitive regions such as Asia Pacific.
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Global Market Insights, Inc.
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