Press release
Earthmoving Equipment Market Regional Trend By Top Players Volvo Construction Equipment, Terex Corporation, Liebherr Group
Earthmoving Equipment Market
Earthmoving equipment market size is forecast to hit USD 192.45 billion revenue by 2023. Real time monitoring and detection of machinery failure is predicted to drive global earthmoving equipment market size in the coming years. Since they emit harmful gases, equipment must comply with fuel emission standards implemented by regulatory authorities.
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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.
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.
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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.
Major players include Caterpillar, Volvo, Komatsu, Liebherr, Hitachi, John Deere, Terex, Doosan, etc. 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.
Related News - https://www.globenewswire.com/news-release/2016/05/04/836477/0/en/Earthmoving-Equipment-Market-size-worth-192-45-Billion-by-2023-at-7-9-CAGR-Global-Market-Insights-Inc.html
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