Rising Urban Population Fuels Growth In The Earthmoving Market: Powering Innovation and Expansion in the Earthmoving Market by 2025

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How Large Will the Earthmoving Market Size By 2025?
There has been a consistent expansion in the earthmoving market size in the past few years. This upward trend is expected to continue, with the market value set to increase from $93.51 billion in 2024 to $97.37 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.1%. Several factors have contributed to this growth during the historic period, including rapid industrialization and urbanization, the execution of infrastructure development projects, the broadening of the mining industry, rising demand in the agricultural sector, and significant government investment in construction projects.

How Big Is the Earthmoving Market Size Expected to Grow by 2029?
The size of the earthmoving market is anticipated to experience consistent expansion in the subsequent years. It is predicted to reach $118 billion by 2029, with a compound annual growth rate (CAGR) of 4.9%. The expansion during the projection period can be credited to the inclusion of automation and AI, the utilization of electric and hybrid machines, remote supervision and telematics, urban expansion and infrastructural advancements, measures for the circular economy, and usage of advanced materials. Noteworthy trends projected for this period consist of the introduction of augmented reality in training, the utilization of autonomous and semi-autonomous machinery, advancements in hydraulic systems, an increase in rental services, and decisions driven by data.

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Which Key Market Drivers Powering Earthmoving Market Expansion and Growth?
The growth of the earthmoving market is anticipated to be spurred by the increasing urban population that necessitates improved infrastructure. Higher numbers of urban dwellers translate to greater needs for elevated and advanced infrastructure. For example, the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, in December 2023 projected that the global urban population would hit 56.9% in 2022 - a figure that rises to 79.7% in developed regions, contrasting with 52.3% in developing regions. Hence, the rising number of urban residents and their ensuing increased demands for superior infrastructure continue to fuel the expansion of the earthmoving market.

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Which Fast-Growing Trends Are Poised to Disrupt the Earthmoving Market?
In an effort to remain competitive, key players in the market are focusing on introducing innovative products that have gained considerable attention in recent years. An example of this is Doosan Corporation, a prominent South Korean heavy machinery manufacturer. In April 2022, it unveiled two new mini-excavators: the DX27Z-7, weighing 2.8 tones, and the DX35Z-7, tipping the scale at 3.9 tones. These models are fully aligned with Stage V rules, strictly respecting the latest emission criteria laid out by the European Union. The DX27Z-7 and DX35Z-7 are driven by the Doosan D17 diesel engine, ensuring they meet Stage V norms, and they offer 18.4 kW (24.7 HP) of power at 2400 and 2200 RPM, respectively.

What Are the Emerging Segments in 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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Who Are the Global Leaders 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, Ter*ex Corp., LiuGong Machinery Corp., Wacker Construction Equipment AG, Shantui Construction Machinery Co. Ltd., Doosan Infracore Co. Ltd., SANY America Inc.

Which are the Top Profitable Regional Markets for the Earthmoving Industry?
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.

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