Press release
Earthmoving Equipment Market 2019-2023 Industry Growth, Revenue & Trend By Top Players Volvo Construction Equipment, JCB, Caterpillar Inc., John Deere, JCB North America, Terex Corporation, Hitachi.
Earthmoving equipment market size worth USD 192.45 billion by 2023
Global loaders market size surpassed USD 50 billion in 2015, with the excavator’s industry predicted to grow at 9% CAGR over the forecast timeframe.
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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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Quick-change attachment couplers, cab designs, and joystick controls have increased the feasibility for operation, while simultaneously reducing operator fatigue. The introduction of multifunctional products that can cater to numerous tasks has spurred adoption, due to higher cost savings.
Unpredictable raw material costs may negatively impact earthmoving equipment market price trend. High operating expenditure and need for skilled personnel are also among major growth restraints.
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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The construction segment comprises material handling machinery such as trailers, cranes, crawlers; road construction includes concrete mixers, construction pumps, etc.
Industry participants possess considerable growth potential on account of government-aided projects. Retaining the customer base is heavily dependent on competitive pricing, product range, and technical support.
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Global Market Insights, Inc.
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