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Leading Element Driving Change in the Earthmoving Market in 2025: Rising Urban Population Fuels Growth In The Earthmoving Market Driver
Earthmoving
The escalating urban population and the corresponding need for enhanced infrastructure is anticipated to push growth in the earthmoving market in the forecasted duration. The expansion of the urban population is tied to the need for more sophisticated and high-grade infrastructure. For instance, in 2023, the United Nations Conference on Trade and Development (UNCTAD), an intergovernmental organization based in Switzerland, predicted that the worldwide urban population would reach 56.9% in 2022, with developed regions witnessing a high of 79.7% compared to 52.3% in developing regions. Hence, the increasing urban population and the resulting demand for superior infrastructure serves as a significant driver for the expansion of the earthmoving market.
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What growth opportunities are expected to drive the earthmoving market's CAGR through 2034?
In recent times, there has been a consistent increase in the size of the earthmoving market. It is projected to rise from $93.51 billion in 2024 to $97.37 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.1%. Factors contributing to this growth during the historic period include industrialization and urbanization, infrastructure development initiatives, growth of the mining sector, demand from the agricultural industry, as well as governmental investment in construction projects.
The size of the earthmoving market is projected to experience consistent growth in the coming years, expected to expand to $118 billion by 2029 with a compound annual growth rate (CAGR) of 4.9%. Factors contributing to growth in the projected period include the incorporation of automation and AI, the use of electric and hybrid machinery, remote surveillance and telematics, urban development and infrastructure improvements, circular economic strategies, and augmented material utilization. Key trends for the forecast period encompass the use of augmented reality for training, the rise of autonomous and semi-autonomous machines, advancements in hydraulic systems, an increase in rental services, and decision making based on data analysis.
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What are the emerging trends shaping the future of the earthmoving market?
Leading participants in the market are focusing on the launch of innovative products, which have seen increased acceptance in recent years. For example, Doosan Corporation, a heavy machinery producer based in Korea, unveiled two new mini-excavators in April 2022: the DX27Z-7, with a weight of 2.8 tons, and the DX35Z-7, weighing 3.9 tons. Both these models conform to Stage V guidelines, abiding by the newest emission standards set forth by the European Union. The DX27Z-7 and DX35Z-7 are fitted with the Doosan D17 diesel engine, ensuring they meet Stage V standards, and offer power output of 18.4 kW (24.7 HP) at 2400 and 2200 RPM, respectively.
Which growth-oriented segments of the earthmoving market are leading the industry's development?
The earthmoving market covered in this report is segmented -
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
Subsegments:
1) By Excavators: Mini Excavators, Crawler Excavators, Wheeled Excavators, Long Reach Excavators
2) By Loaders: Wheel Loaders, Skid-Steer Loaders, Compact Track Loaders, Backhoe Loaders
3) By Dump Trucks: Articulated Dump Trucks, Rigid Dump Trucks, Off-Highway Dump Trucks, On-Highway Dump Trucks
4) By Other Equipment: Graders, Bulldozers, cra*pers, Pavers, Trenchers
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What regions are leading the charge in the earthmoving market?
Asia-Pacific was the largest region in the earthmoving market in 2024. 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.
What companies are at the forefront of innovation in the earthmoving market?
Major companies operating in the earthmoving market include 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.
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What Is Covered In The Earthmoving Global Market Report?
•Market Size Forecast: Examine the earthmoving market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the earthmoving market for a structured understanding.
•Key Players Overview: Analyze major players in the earthmoving market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the earthmoving market.
•Segment Contributions: Evaluate how different segments drive overall growth in the earthmoving market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the earthmoving market.
•Industry Challenges: Identify potential risks and obstacles affecting the earthmoving market.
•Competitive Landscape: Review strategic developments in the earthmoving market, including expansions, agreements, and new product launches.
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