Earthmoving Equipment Market is Going to Boom | Volvo Construction Equipment, Komatsu Ltd., Bobcat, Caterpillar, Inc., XCMG Group, Hitachi Construction Machinery, Terex Corporation

According to Global Market Insights, Inc., earthmoving equipment market size is estimated to surpass USD 91 billion by 2026. Rapidly growing urbanization and industrialization across various countries of the globe have increased the number of infrastructure development projects, which has instigated the deployment of earthmoving equipment over last few years. Considering this burgeoning product demand, earthmoving equipment market is projected to witness tremendous growth over the forthcoming years.

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Apart from the construction and infrastructure development projects, there has been a notable rise in mining activities which is favoring the adoption of earthmoving machinery. With growing awareness regarding worker safety and need for faster completion of projects, the use of earthmoving equipment is increasing further.

The heightened product demand has urged manufacturers to develop technologically advanced solutions to effectively meet the growing demand. For instance, in 2020, Doosan Bobcat partnered with Ainstein AI, Inc. for developing radar sensing systems for its construction and earthmoving equipment. According to the company, integration of the sensing technology with Bobcat equipment will help users detect objects on construction sites.

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An overview of some of the pivotal trends that are fostering the growth of earthmoving equipment market is as under:

Strategic business initiatives by prominent players

Major players operating in the market are focusing on establishing strategic collaborations and partnerships for developing advanced products offerings and gaining strong foothold in the industry. Such initiatives are opening new growth avenues for the industry. For instance, in 2021, leading commercial vehicle electrification technology company, Proterra announced partnership agreement with a renowned construction equipment manufacturer. Under this agreement, Proterra will provide its high-end battery technology for developing Komatsu's first ever battery-electric hydraulic excavator. Reportedly, the battery system by Proterra, which is powering the electric excavator, is expected to feature fast charging technology and high energy density. Through this collaboration, the company made its debut into the off-road vehicle segment strengthening the company’s product portfolio.

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Rising underground and surface mining activities

Significant expansion of underground and surface mining sector across emerging economies has evoked the adoption of various earthmoving equipment such as excavators, dozers, compacting equipment, and motor graders to large extent. With rising investments in mining projects by private sector companies, the adoption of these equipment is anticipated to grow further in coming years.

Heightened adoption of backhoes in infrastructure development

With growing construction activities pertaining to roads and highways around the world, demand for backhoes has increased considerably for several application like digging excavations, cleaning dirt piles at construction site, levelling the road, landscaping, etc. Quoting such developments, in 2019, the Government of India announced its plans of investing nearly USD 15 billion towards the development of National Highways in the country.

Increased development of infrastructure construction activities in Europe

Earthmoving equipment are witnessing enormous demand in Europe owing to the significant rise in regional public infrastructure construction projects in various countries such as Germany, the UK, Italy and France. Citing an instance, in 2019, German government announced the opening of a new bridge linking the regions of Eifel and Hunsrück. Reportedly, the government had made an investment of nearly USD 535 million for the construction of the bridge.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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