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Earthmoving Market Research 2024 - Outlook, Overview And Forecast To 2033
Earthmoving Market
Earthmoving Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $112.06 billion In 2028 At A CAGR Of 4.4% :
The earthmoving market size has grown steadily in recent years. It will grow from $89.95 billion in 2023 to $94.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to industrialization and urbanization, infrastructure development projects, mining industry expansion, agricultural sector demand, government investments in construction.
The earthmoving market size is expected to see steady growth in the next few years. It will grow to $112.06 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to automation and ai integration, electric and hybrid machinery, remote monitoring and telematics, urbanization and infrastructure development , circular economy initiatives, advanced material usage. Major trends in the forecast period include augmented reality in training, autonomous and semi-autonomous machinery, hydraulic system advancements, rise in rental services, data-driven decision making.
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Earthmoving Market Major Segments
The earthmoving market covered in this report is segmented -
1) By Equipment: Excavators, Loaders, Dump trucks, Other Equipments
2) By Application: Construction, Underground, Mining, Surface Mining
3) By End-User: Construction, Mining, Agriculture & forestry, Other End-Users
Key Driver - Rising Urbanization Sparks Increased Demand For Earthmoving Equipment In Infrastructure Development
The rising urban population generating higher demand for better infrastructure is expected to propel the earthmoving market over the forecast period. The increase in the urban population contributes to the demand for improved and advanced infrastructure. According to The International Institute for Environment and Development, the world's urban population has increased to 4.4 billion in 2020. Furthermore, according to United Nations, Department of Economic and Social Affairs the proportion is expected to reach 68% by the end of 2050. This four-fold growth creates a need for more infrastructure, increased urban development, and more building activities to accommodate people. Thus, propels the demand for construction equipment including earthmoving, as these machines are used for land clearing, lifting, and other heavy work.
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Prominent Trend - Market Leaders Embrace Innovation With New Product Releases, Doosan Introduces Stage V Compliant Mini-Excavators In 2022
Major players operating in the market are concentrating on introducing new product innovations which are gained popularity over recent years. For instance, in April 2022 Doosan Corporation, a Korea-based heavy machinery manufacturer launched two new mini-excavators: the DX27Z-7, which weighs 2.8 tonnes, and the DX35Z-7, which weighs 3.9 tonnes. Both models are compliant with Stage V regulations, which adhere to the latest emissions standards set by the European Union. The DX27Z-7 and DX35Z-7 are equipped with the Doosan D17 diesel engine, ensuring compliance with Stage V standards, and they deliver 18.4 kW (24.7 HP) of power at 2400 and 2200 RPM, respectively.
Earthmoving Market Players
Major companies operating in the earthmoving market report are Hyundai Heavy Industries Co. Ltd., Caterpillar Inc., Nippon Steel & Sumikin Engineering Co. Ltd., Sumitomo Heavy Industries Ltd., Deere & Company, Volvo Group, Mitsubishi Heavy Industries Ltd., Komatsu Ltd., CNH Global NV, Toshiba Materials Co. Ltd., Kubota Corporation, Liebherr-International AG, Kawasaki Heavy Industries Ltd., Sany Heavy Industry Co. Ltd., IHI Corporation, Hitachi Construction Machinery Co. Ltd., Doosan Bobcat Inc., Zoomlion Heavy Industry Science and Technology Co. Ltd., J.C. Bamford Excavators Limited, , LiuGong Machinery Corp., Mitsui Engineering & Steel Co. Ltd., Wacker Construction Equipment AG, Nippon Kaihi Kogyo Co. Ltd., Shantui Construction Machinery Co. Ltd., Doosan Infracore Co. Ltd., Urban Arrowsmith Corporation, SANY America Inc., Jiangmen Jianghai Xiecheng Machinery Co. Ltd.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the earthmoving market in 2023. Western Europe was the second-largest region in the global earthmoving market share. The regions covered in the earthmoving market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Earthmoving Market Report Structure
3. Earthmoving Market Trends And Strategies
4. Earthmoving Market - Macro Economic Scenario
5. Earthmoving Market Size And Growth
…..
27. Earthmoving Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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