Press release
Earth Moving Equipment Market : Compact loaders to Reach US$ 15 Bn by 2025
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The primary factors influencing the demand for earth moving equipment are construction, mining activities and growing urbanization. Moreover, the immense opportunity will be created by the upcoming government projects. Earth moving equipment market in APAC is estimated to represent more than 50% of market value share in the global earth moving equipment. China and India are among the developing countries with intensive construction activities, fueling the growth of earth moving equipment market.
Crawler/Wheeled/Compact Loaders Segment to see Significant Demand
Among the product type, crawler/wheeled/compact loaders will witness the growth at 7.2% CAGR by the end of 2025. Accounting largest share of earth moving equipment, China will be the biggest market for wheeled loaders. The segment is also estimated to have a major market share in Latin America by the end of 2017. Also, in terms of volume, backhoe loaders will grow at 7.3% CAGR, owing to its smaller size, making it simple to use in different types of construction projects.
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Stringent Laws on the Emission Levels Hampering the use of Earth moving Equipment
Rules and regulations on emission level for mining and construction equipment is restricting the demand for earth moving equipment. Different countries have different laws for the emission, for example, Europe and North America have more stringent laws on emission as compared to other countries.
Complex operating system and requirement of extreme care in handling make it more difficult to use these type of equipment. Approximately, 2.3 million people die every year due to the accidents, according to the International Labor Organization.
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The increase in Public Private Partnership projects in commercial and residential constructions will drive the earth moving equipment market, says the report.
The report has also focused on some of the key companies in the earth moving equipment market such as Volvo corporation equipment, Deere & Company, Terex Corporation, Caterpillar Inc. and Hitachi Construction Machinery Co. Ltd., etc.
The demand for earth moving equipment is also rising due to the ongoing projects in various countries like Panama Canal Expansion in India, Riyadh Metro in Saudi Arabia and South to North water transfer project in China, etc.
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