Earthmoving Equipment Market Sets Course for Growth, Projected to Reach US$ 95.69 Billion by 2029

22-01-2024: Market Values:

US$ 83.24 Billion in 2022, Expected to Grow at 2.01% CAGR (2023-2029)

Report Scope:

The latest report on the Earthmoving Equipment Market, covering the period 2024-2030, highlights its significant size valued at US$ 83.24 billion in 2022. Projections indicate a steady growth rate of 2.01% from 2023 to 2029, reaching a total revenue of nearly US$ 95.69 billion. The comprehensive report encompasses in-depth insights into market dynamics, drivers, restraints, and regional perspectives, providing a holistic view for industry stakeholders.

Research Methodology:

The research methodology employed for this report is based on real numbers and inputs from various primary sources. Data is meticulously structured to facilitate comprehensive market analysis for clients across diverse end-use segments. The report ensures transparency and accuracy through rigorous base-year analysis from FY 2021.

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Drivers and Opportunities:

The Earthmoving Equipment market is propelled by global megaprojects, contributing to high demand, with an anticipated global sale of 1.1 million units by 2023. The Middle East, particularly projects like Dubailand in the UAE ($64 billion), stands out as a construction megaproject epicenter, scheduled for completion in 2029. The rental market for Earthmoving equipment is emerging as a flourishing trend, reaching $103 billion in 2021, offering contractors a convenient and profitable option.

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Segment Analysis: Powder-Free Dominance and Medical Sector Surge:

by Product
• Excavator
• Crawler Excavator
• Wheeled Excavator
• Short swing radius excavator
• Pile Driver
• Diesel impact hammer
• Vibratory hammer
• Air/Steam impact hammer

Excavators dominate the Earthmoving Equipment market sector by product. In 2021, they generated a total revenue of 48.36 billion, with a compound annual growth rate of 4.7%. By 2022, they are predicted to hold the greatest share of the earthmoving equipment segment, reaching 66.70 billion. Excavators come in several product categories, including crawler, wheeled, and short swing radius models, and are primarily utilised on heavy construction sites because of their multipurpose capabilities. With a total market share of 15% in 2021, Sany Heavy Industry Limited outsells major players like JCB and Caterpillar by selling 98,705 units worldwide. The other category of earthmoving equipment with a lower market share and restricted functionality include pile drivers, compactors, and trenchers.

by Type
• Construction
• Mining
• Other

According to Application, the market for earthmoving equipment is dominated by the construction industry. Extensive building projects necessitated the use of heavy machinery and earthmoving equipment, as well as excavation, digging, mining, and demolition. Due to their vast national highway construction projects, smart city infrastructure development, and waterway connection projects, developed and developing nations like China and India are the ones that generate the most demand. The second-highest use of earthmoving equipment is in onshore and offshore mining for granite, mineral excavation, and oil extraction.

by Application
• Diesel
• Electric

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Who are Earthmoving Equipment Market Key Players?

• Volvo CE
• Caterpillar Inc.
• Komatsu Limited
• Doosan Co.
• Hitachi Construction Machinery Co.
• Liebherr Group
• JCB
• Hyundai Construction Equipment Co. Ltd.
• Sany Heavy Industry Limited
• CNH Heavy Industries Co. Ltd.
• Deere and Company
• Kobelco Construction Machinery Co. Ltd.
• Mitsubishi Heavy Industries Ltd.
• Zoomlion Heavy Industry Science & Technology Co. Ltd.

Table of content for the Earthmoving Equipment Market includes:

Part 01: Executive Summary

Part 02: Scope of the Earthmoving Equipment Market Report

Part 03: Earthmoving Equipment Market Landscape

Part 04: Earthmoving Equipment Market Sizing

Part 05: Earthmoving Equipment Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Perspectives: North America and APAC Leading the Way:

North America's Dominance: In 2023, North America held a market share of over 35.2%, driven by a robust healthcare sector and increasing industrial activities. Earthmoving Equipment have become a staple in hospitals, clinics, and households, with rising awareness among individuals about the importance of cleanliness.

APAC Growth Trajectory: The Asia-Pacific region is a significant contributor, experiencing a rising demand for Earthmoving Equipment due to a growing population and increased healthcare needs. The region serves as a major production hub, with governments encouraging hygiene practices and driving adoption.

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