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Steady Growth in the Earthmoving Market: Dominated by Global Industry Giants, Fueled by Urbanization, and Driven by Innovative Trends
Earthmoving Market
What Is The Projected Market Size Of The Global Earthmoving Market And Its Growth Rate?
The Earthmoving market continues to show steady growth fueled by industrialization, urbanization, infrastructure development, mining industry expansion, and more.
• 2024 Market Size: $93.51 billion
• 2025 Market Size: $97.37 billion (4.1% CAGR)
• 2029 forecasted Market Size: $118 billion (4.9% CAGR)
The estimated growth in the forecast period can be credited to automation and AI integration, electric and hybrid machinery, advanced material usage, and other key developments.
What Is Driving The Growth In The Earthmoving Market?
The surge in the earthmoving market is largely influenced by the rising urban population enticing the demand for better infrastructure. The increase in the urban population instigates the demand for enhanced and advanced infrastructure. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), the global urban population was projected to reach 56.9% in 2022, with 79.7% in developed regions compared to 52.3% in developing areas. This growth in urban population and the subsequent demand for superior infrastructure is propelling the earthmoving market forward.
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Who Are the Key Players Driving Earthmoving Market Growth?
• Hyundai Heavy Industries Co. Ltd.
• Caterpillar Inc.
• Sumitomo Heavy Industries Ltd.
• Deere & Company
• Volvo Group
• Komatsu Ltd.
• CNH Global NV
• Kubota Corporation
• Liebherr-International AG
• Sany Heavy Industry Co. Ltd.
• Hitachi Construction Machinery Co. Ltd.
• Doosan Bobcat Inc.
• Zoomlion Heavy Industry Science and Technology Co. Ltd.
• J.C. Bamford Excavators Limited
• ere*x Corp.
• LiuGong Machinery Corp.
• Wacker Construction Equipment AG
• Shantui Construction Machinery Co. Ltd.
• Doosan Infracore Co. Ltd.
• SANY America Inc.
What Are The Key Trends In The Earthmoving Market?
Few of the notable 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
What Are The Segments Of The Global Earthmoving Market?
1) By Equipment: Excavators, Loaders, Dump trucks, Other Equipment
2) By Application: Construction, Underground, Mining, Surface Mining
3) By End-User: Construction, Mining, Agriculture And forestry, Other End-Users
Which Region Leads The Earthmoving Market?
Asia-Pacific led the earthmoving market in 2024, followed by Western Europe, marking the second biggest 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.
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What Is Covered In The Earthmoving Market Global Market Report?
- Market Size Analysis: Analyze the Earthmoving Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Earthmoving Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Earthmoving Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Earthmoving Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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