Press release
Earthmoving Equipment Market to exceed USD 192 billion with grow at over 7.5%+ CAGR from 2016 – 2023: Fractovia.Org
High infrastructural development and increase in renovation activities will drive the growth. Surface mining equipment sector, which is likely to surpass USD 28 billion by 2022, is further expected to notably impact earthmoving equipment industry value over the coming timeframe.
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Private investment across the real estate sector along with the adoption of lease-based or rental machinery due to high degree of convenience are forecast to provide a fillip to global revenue. Increasing investment for improvement of infrastructure facilities in across regional industries will favorably impact earthmoving equipment market growth.
Industry participants prioritize low cost product development over energy efficiency in price sensitive regions such as the Asia Pacific earthmoving equipment market. China is the biggest contributor to the region, with revenue forecast to exceed USD 40 billion by 2023. U.S. earthmoving machinery market size will grow at 7.3% CAGR estimations from 2016 to 2023.
Technological breakthroughs such as real-time monitoring for detecting equipment failure is projected to boost earthmoving equipment market size over the coming years. Furthermore, increasing product demand across the commercial sector will positively influence the industry growth over the next few years.
Heavy capital investments in real estate coupled with the growing popularity of rental equipment is expected to drive the industry trends in the near future. In addition to this, enhanced infrastructure facility across various industries is projected to significantly influence drive the industry revenue.
In terms of product, earthmoving equipment industry is segmented as loaders and excavators. Excavators market is anticipated to grow at a rate of 9% over the coming timeframe, driven by its rising demand for land levelling, trench digging, and well sinking. High demand across manufacturing sector and factories will further boost the revenue.
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Construction will continue occupying more than 60% of the earthmoving equipment market share through the next few years, driven by infrastructure development and reconstruction activities. Funded national infrastructure development projects such as Colombia’s National Development Plan and Mexico’s National Infrastructure program are expected to boost demand in the sector.
Loaders market revenue, which was estimated over USD 50 billion in 2015, is expected to grow substantially over the coming period of 2016-2023, driven by its wide application in excavations, small demolitions, digging, paving roads, and constructions.
North America earthmoving equipment market revenue is expected to grow significantly over the coming timeframe. The U.S. is forecast to be a major contributor to the regional share.
Europe earthmoving equipment industry revenue is expected to surpass USD 43 billion by 2023.
Market players will make heavy investments in R&D activities to enhance their product portfolios and regional presence. Key industry participants include John Deere, Caterpillar Inc., Komatsu Limited, Volvo, The Liebherr Group, Doosan Corporation, Terex Corporation, and Hitachi Limited.
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