Press release
Earthmoving Equipment Market 2019 - 2024 Application Overview & Regional Analysis including Leading Manufacturers: John Deer, Caterpillar, Volvo, Liebherr, Doosan
Earthmoving Equipment Market
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.
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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.
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.
Global loaders market size surpassed USD 50 billion in 2015, with the excavators industry predicted to grow at 9% CAGR over the forecast timeframe.
Backhoe loaders are versatile and compact in nature, and therefore find applicability in a variety of construction projects. Small demolitions, excavation, light transportation for building materials, powering other building equipment, construction, and paving of roads are among the major end-use areas.
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Major players in earthmoving equipment market include:
• Caterpillar
• Volvo
• Komatsu
• Liebherr
• Hitachi
• John Deere
• Terex, Doosan
In 2015, Hitachi Construction Machinery acquired KCM in order to expand its construction equipment business. Companies have also been expanding their product offering in order to sustain and expand in the industry. In the same year, Komatsu entered into an agreement with Mitsui & Co. for restructuring a distributorship in Mexico.
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.
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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