The global earthmoving equipment market size to projected to reach USD 84.24 billion 2026. Increasing adoption of advanced construction equipment is expected to be one of the key growth drivers for this market. According to the Fortune Business Insights report, titled “Earthmoving Equipment Market Size, Share & Industry Analysis, By Equipment Type (Excavators, Loaders, Dump Trucks and Others), By Industry (Construction, Mining, Agriculture & Forestry and Others) and Regional Forecast, 2019-2026”, the value of the market stood at USD 69.85 billion in 2018. The market is expected to exhibit a CAGR of 2.4% from 2019 to 2026.
Increasing Adoption of Excavators to Boost Sales Opportunities
Steady rise in uptake of excavators is anticipated to be one leading earthmoving equipment market trends during the forecast period. This is primarily owing to the increasing demand for these machineries for carrying out quarrying, demolition, and mining activities. Moreover, technologically advanced forms of these equipment are being rapidly adopted as they aid in reducing labor and operational costs. One of the most preferred types of excavators are crawler excavators due to their ability to work in muddy conditions and have a higher capacity to lift considerable weight. As a result, removal of debris becomes easier and less time-consuming, which augurs well for this market.
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- By Equipment Type: Based on type of equipment, the market is segmented into excavators, loaders, dump trucks and others which include motor graders, dumpers etc. Here, excavators are expected to be the leading segment, with a share of 50.3%. This dominance is anticipated to be a result of the high demand in the commercial, industrial, and residential sectors and the convenience of rental services for this equipment. Under excavators, the crawler type is expected to lead the market, with mini and wheeled excavators also slated to showcase healthy growth. Loaders are set to be the second most dominant segment owing to their demand in mining and construction, while backhoe and wheeled loaders are poised to grow considerably in the forecast period. Moderate growth is expected in the dump trucks and other equipment (dumpers, motor-graders, etc.) segments.
- By Industry: In terms of industry, the market is divided into construction, mining, agriculture & forestry and others, which include oil & gas etc. Here, the construction industry segment is set to hold a leading position in the market owing to fast-paced global infrastructure development, which is spiking the demand for earthmoving equipment. The next dominant segment is expected to be the mining industry as the industry is expanding at a rapid rate across the world due to industrialization. Agriculture and forestry is projected to register modest growth till 2026.
- By Region: Geographically, the market is categorized into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. Here, Asia-Pacific is anticipated to dominate the earthmoving equipment market share, having generated USD 26.81 billion in revenue in 2018. Increasing government investment in infrastructure development, especially in India and China, will be the main factor fueling the market in the region. North America will display impressive growth owing to the presence of major market players, while growth in Europe will be driven by rising demand for earthmoving machinery. The Middle East and Africa along with Latin America will grow decently during the forecast period.
Growing Investment in R&D Activities to Stimulate Competition
Competition in this market is expected to be characterized by the main players increasingly engaging in integrating advanced technologies such as Artificial Intelligence with their products. Some companies are also collaborating with other competitors to diversify their product portfolio, says the earthmoving equipment market forecast by Fortune Business Insights.
Key Industry Developments:
- January 2019: Volvo Construction Equipment announced its plan of manufacturing electric-powered compact electric wheel loaders (L20 to L28) and compact excavators (EC15 to EC27) by 2020, making Volvo the first manufacturer with electric-based equipment.
- September 2019: SANY America and ProSource Machinery LLC entered into a strategic collaboration to deliver SANY’s construction equipment to customers in Montana and North Dakota.
Key Industry Players:
- Hitachi Construction Machinery Co. Ltd
- Hyundai Heavy Industries Co. Ltd
- SANY America
- Caterpillar Inc.
- J.C. Bamford Excavators Limited
- CNH Industrial N.V
- AB Volvo
- Terex Corporation
- Doosan Infracore Co. Ltd
- Liebherr Group
- Komatsu Ltd
The global earthmoving equipment market is segmented in the following manner:
Value (USD billion)
By Equipment Type
- Mini Excavator
- Crawler Excavator
- Wheeled Excavator
- Others (Dragline, Long Reach, etc.)
- Skid Steer
- Crawler/ Track
- Mini Loaders
- Dump Trucks
- Articulated Trucks
- Rigid Trucks
- Others (Dumpers, Motor Graders, etc.)
- Agriculture & forestry
- Others (Oil & Gas, etc.)
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, and the Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia, and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and the Rest of Latin America)