PUNE, India, Dec. 5, 2019 /PRNewswire/ -- The global earthmoving equipment market is projected to reach USD 84.24 billion by 2026, exhibiting a CAGR of 2.4% during the forecast period. One of the primary forces driving the growth of this market is the rising investment and energy in infrastructure development across the globe. According to the World Infrastructure Congress, global expenditure on infrastructure will touch USD 9 trillion by 2025. A study by Oxford Economics estimates that the world will need to invest around USD 94 trillion between 2016 and 2040 to meet the demands of an ever-increasing world population. This means, on average, infrastructure development will require an annual investment of USD 3.7 trillion till 2040. These numbers bode well for the earthmoving equipment market growth as rapid industrialization and urbanization, especially in developing nations, will ramp up the demand for heavy earth-moving machinery.
A new report published by Fortune Business Insights, 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", states that the value of the market stood at USD 69.85 billion in 2018. The report also shares an exhaustive analysis of the trends, factors, and competitive and regional dynamics that will chart the growth trajectory of the market during the forecast period. Apart from this, the report also provides a macroscopic overview of the general industry outlook that will also influence the development of the market and aid businesses to make informed decisions regarding the strategies they need to adopt to stay ahead of the competition.
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Widening Service Offerings by OEMs to Elevate Market Potential
In a bid to enhance customer experience, Original Equipment Manufacturers (OEMs) are adopting different strategies to gain firm ground in this market, according to the earthmoving equipment market analysis. The most preferred strategies taken up by OEMs include constant improvement in operations, developing advanced machinery, and offering better and efficient after-sales services to customers. While in developing regions companies are competing over price, in developed nations competition is mainly based on delivering high-quality products and services that will benefit consumers in the long-run.
Speedy Growth of Construction and Mining Industries to Propel the Market in Asia-Pacific
Rapid expansion of the construction and mining industries enabled Asia-Pacific to generate a revenue of USD 26.81 billion in 2018. The earthmoving equipment market trends show that the region will continue its dominance till 2026 owing to the roaring demand for better infrastructure in India and China. This, coupled with government initiatives and private sector investment in building of roads, bridges, etc., will further propel the market in the region.
North America is slated to hold a significant portion in the earth moving equipment market share as a result of presence of big companies in the region and their increasing investment in research and development to come out with advanced technologies.
Europe is also anticipated to experience a robust growth period on account of rising use of heavy earthmoving machinery, mainly in Western European countries. Additionally, strict implementation of regulatory norms by governments in the region will also bode well for the market.
In Middle East and Africa, healthy growth is expected as a result of steady economic development in these regions.
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Stiff Competition to Energize Market Dynamics
Major companies are doubling down their investment in developing innovative products and introducing new-age technologies such as Internet of Things and Machine Learning. Furthermore, many companies are looking to entrench their position in this market through setting up of new plants and offering novel solutions to customers.
Key Industry Developments:
- October 2019: Hitachi Construction Machinery's wholly-owned subsidiary in Queensland, Australia, Bradken Pty Ltd, shipped two EH5000AC-3 rigid dump trucks that are about 10% lighter than the conventional Hitachi dump trucks.
- March 2019: J.C. Bamford Excavators Limited announced an investment worth £65 million to set up a new plant in Vadodara, Gujarat, which will dedicatedly fabricate and export parts via the port at Surat to meet increasing earthmoving equipment demand from the Middle East and Africa.
List of Key Companies Operating in the Earthmoving Equipment Market are:
- AB Volvo
- Caterpillar Inc.
- Komatsu Ltd
- Doosan Infracore Co. Ltd
- Hitachi Construction Machinery Co. Ltd
- J.C. Bamford Excavators Limited
- Liebherr Group
- CNH Industrial N.V
- Hyundai Heavy Industries Co. Ltd
- Terex Corporation
- SANY America
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Table of Content:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter's Five Forces Analysis
- Global Earthmoving Equipment Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Equipment Type (Value)
- Mini Excavator
- Crawler Excavator
- Wheeled Excavator
- Others (Dragline, Long Reach, etc.)
- Skid Steer
- Wheeled Excavator
- Crawler/ Track
- Mini Loaders
- Dump Trucks
- Articulated Trucks
- Rigid Trucks
- Others (Dumpers, Motor Graders, etc.)
- By Industry (Value)
- Agriculture & forestry
- Others (Oil & Gas, etc.)
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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