Earth Moving Equipment Market to see Booming Business Sentiments | Caterpillar Inc., CNH Industrial N.V

Market Overview:

Earth moving equipment includes a range of heavy machinery used for construction purposes like excavation, transportation or materials handling. This includes bulldozers, loaders, excavators and other off-highway trucks used widely in road construction, mining and heavy earthwork.

Market Dynamics:

The earth moving equipment market is expected to witness significant growth over the forecast period owing to increasing infrastructure development projects across both developed and developing countries. Governments around the world are investing heavily in construction of roads, railways, dams and other infrastructure to drive economic growth. Additionally, robust growth in the mining industry is also driving demand for heavy machinery for excavation and material handling applications. Mining companies are procuring advanced earthmoving equipment to increase productivity and output. Furthermore, growth in urbanization is translating into new residential and commercial construction, thereby augmenting sales opportunities for OEMs in the earth moving equipment market space.

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Opportunity in Adoption of Telematics and IoT Solutions

One of the major opportunities for earth moving equipment companies lies in increasing mechanization and digitization of construction and mining operations. The adoption of connectivity technologies like telematics and internet of things (IoT) solutions presents a huge scope for fleet management modernization. Remote monitoring of assets through IoT sensors can optimize fuel usage, prevent downtime, schedule timely maintenance and improve overall equipment utilization. Telematics also allows real-time fleet tracking and diagnostics to reduce operating costs. Earth moving OEMs tapping into this opportunity by offering connectivity packages along with their machines can enhance productivity, efficiency, safety and additionally boost aftermarket revenue streams over the long run.

Top Companies Covered In This Report:

Caterpillar Inc., CNH Industrial N.V., Doosan Infracore Ltd., Hitachi Construction Machinery Co. Ltd., JCB Ltd., Komatsu Ltd., Liebherr AG, Sany Heavy Equipment International Holdings Co. Ltd and Volvo Construction Equipment.

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Major Drivers for Growth in Infrastructure Projects

The global earth moving equipment market is expected to witness significant growth due to rising public and private investment in infrastructure projects around the world. Governments of both developing and developed nations are focusing on building highways, roads, airports, ports, railways and other public infrastructure to boost economic development. This rise in infrastructure construction activities is creating a surge in demand for earth moving machinery like bulldozers, excavators, loaders and others used extensively at construction sites. To keep up with population growth and improve connectivity, countries are allocating larger budgets for expanding and modernizing their existing infrastructure networks which is directly benefiting the sales of earth moving equipment.

Rising Mining Activities Propelling Equipment Procurement

Another key driver stimulating demand is the increase in mining activities across various geographies. Earth moving machinery has widespread applications in open-pit and underground mining operations for activities like digging, lifting, hauling and material handling. With rising global requirements for minerals, metals and fossil fuels, mining companies are ramping up investments in heavy equipment to augment production volumes. The recovery in commodity prices over the past few years is also encouraging mining sector expansion worldwide and pushing up machinery procurement. The need for efficient and advanced equipment to maximize operational productivity while reducing costs is positively impacting the earth moving equipment industry.

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The report answers a number of crucial questions, including:

Which companies dominate the global Earth Moving Equipment market?
What current trends will influence the market over the next few years?
What are the market's opportunities, obstacles, and driving forces?
What predictions for the future can help with strategic decision-making?
What advantages does market research offer businesses?
Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
What is the anticipated growth rate for the Earth Moving Equipment market economy globally?

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This release was published on openPR.