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Earthmoving Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis
Earthmoving
How Big Is the Earthmoving Market Size Expected to Be by 2034?
Over the past few years, the size of the earthmoving market has been on a steady rise. The market, which currently stands at $93.51 billion as of 2024, is expected to incrementally increase by 4.1%, hitting $97.37 billion come 2025. This growth during the historical period can be credited to factors such as the rise in industrialization and urbanization, development of infrastructure projects, expansion of the mining industry, the demand in the agricultural sector, and significant governmental expenditure in the construction industry.
In the forthcoming years, a consistent growth is anticipated in the earthmoving market size. It is forecasted to reach $118 billion in 2029, with a compound annual growth rate (CAGR) of 4.9%. Factors such as automation and AI integration, the use of electric and hybrid machinery, remote monitoring and telematics, urban development and infrastructural growth, circular economy strategies, and the utilization of advanced materials contribute to this growth during the forecast period. Some key trends projected for this period include the application of augmented reality in training, adoption of autonomous and semi-autonomous machinery, advancements in hydraulic systems, increased demand for rental services, and decision-making based on data.
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What Are the Emerging Segments Within the Earthmoving Market?
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, Scrapers, Pavers, Trenchers
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What Long-Term Drivers Are Shaping Earthmoving Market Trends?
The earthmoving market is projected to surge due to an increasing urban population that necessitates enhanced infrastructure. This urban growth escalates the need for more sophisticated amenities. As per the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based governmental body, the worldwide urban populace was anticipated to hit 56.9% in 2022. This includes 79.7% in developed regions, as opposed to 52.3% in emerging regions, estimated in December 2023. Hence, the escalating urban populace fueling the need for superior infrastructure stimulates the expansion of the earthmoving market.
Who Are the Top Competitors in Key Earthmoving Market Segments?
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, Tere*x Corp., LiuGong Machinery Corp., Wacker Construction Equipment AG, Shantui Construction Machinery Co. Ltd., Doosan Infracore Co. Ltd., SANY America Inc.
What Are the Major Trends Shaping the Earthmoving Market?
Key players in the market are focused on launching innovative products, a trend that has gained prominence recently. Take for example, Doosan Corporation, a heavyweight machinery manufacturer from Korea, unveiled two new mini-excavators in April 2022. These include the DX27Z-7, which has a weight of 2.8 tonnes, and DX35Z-7, weighing 3.9 tonnes. Both variants meet the Stage V regulations, conforming to the newest emissions benchmarks established by the European Union. Powering these models is the Doosan D17 diesel engine that ensures they are Stage V compliant, offering a power output of 18.4 kW (24.7 HP) at 2400 and 2200 RPM respectively.
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Which Regions Are Becoming Hubs for Earthmoving Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Earthmoving Market?
2. What is the CAGR expected in the Earthmoving Market?
3. What Are the Key Innovations Transforming the Earthmoving Industry?
4. Which Region Is Leading the Earthmoving Market?
Why This Report Matters:
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