Earthmoving Global Market to Reach $115.91 Billion by 2026

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Aug 09, 2022, 15:00 ET

DUBLIN, Aug. 9, 2022 /PRNewswire/ -- The "Earthmoving Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global earthmoving market is expected to grow from $84.89 billion in 2021 to $94.48 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The market is expected to grow to $115.91 billion in 2026 at a compound annual growth rate (CAGR) of 5.2%.

The earthmoving market consists of sales of earthmoving machinery by entities (organizations, sole traders, or partnerships) that are engaged in manufacturing earthmoving machinery. Only goods and services traded between entities or sold to end consumers are included.

The main equipment of earthmoving are excavators, loaders, dump trucks, and other equipment. Excavator refers to a workman who excavates for foundations of buildings or for quarrying. The various applications involved are construction, underground, mining, and surface mining. The various end-users included are construction, mining, agriculture and forestry, and other end-users.

Asia Pacific was the largest region in the earthmoving market in 2021. Western Europe was the second-largest region in the earthmoving market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The rising urban population generating higher demand for better infrastructure is expected to propel the earthmoving market over the coming years. The increase in the urban population contributes to the demand for improved and advanced infrastructure. According to The International Institute for Environment and Development, the world's urban population has increased to 4.4 billion in 2020.

Furthermore, according to United Nations, Department of Economic and Social Affairs the proportion is expected to reach 68% by the end of 2050. This four-fold growth creates a need for more infrastructure, increased urban developments, and more building activities to accommodate people. Thus, propelling the demand for construction equipment including earthmoving, as these machines are used for land clearing, lifting, and other heavy work.

High capital and maintenance costs associated with earthmoving equipment are expected to hinder the market. Earthmoving equipment is a heavy machine that a company has to invest extensively to purchase it. For instance, the cost of CAT bulldozers ranges from $250,000 to $2.2 million. The following major expense that the company faces is maintenance, which is the result of the downtime of the equipment on the company. The financial burden increases on the company due to high equipment and maintenance costs. Thus, the high cost of equipment is expected to further limit the growth of the earthmoving market during the forecast period.

Major players operating in the market are concentrating on introducing new technological innovations which are gained popularity over recent years. Companies manufacturing earth moving equipment are focusing on incorporating 5G cellular technology to advance remote operation towards real-time control.

The ultra-low latency of 5G enables systems controlling a vehicle to react sooner, such as during braking or turning, vastly improving safety on the Jobsite. The 5G network also promises to advance artificial intelligence, virtual reality as well as IoT technologies for better remote control and connectivity. For instance, in March 2020, Zoomlion Heavy Industry Science and Technology Co., a Chinese producer of engineering and agricultural equipment launched two G-series hydraulic excavator flagship products the ZE75G and ZE215GLC with 5G technology incorporated.

Scope
Markets Covered:

1) By Equipment: Excavators; Loaders; Dump trucks; Other Equipments
2) By Application: Construction; Underground; Mining; Surface Mining
3) By End-User: Construction; Mining; Agriculture & forestry; Other End-Users

Key Topics Covered:

1. Executive Summary

2. Earthmoving Market Characteristics

3. Earthmoving Market Trends And Strategies

4. Impact Of COVID-19 On Earthmoving

5. Earthmoving Market Size And Growth

6. Earthmoving Market Segmentation

7. Earthmoving Market Regional And Country Analysis

8. Asia-Pacific Earthmoving Market

9. China Earthmoving Market

10. India Earthmoving Market

11. Japan Earthmoving Market

12. Australia Earthmoving Market

13. Indonesia Earthmoving Market

14. South Korea Earthmoving Market

15. Western Europe Earthmoving Market

16. UK Earthmoving Market

17. Germany Earthmoving Market

18. France Earthmoving Market

19. Eastern Europe Earthmoving Market

20. Russia Earthmoving Market

21. North America Earthmoving Market

22. USA Earthmoving Market

23. South America Earthmoving Market

24. Brazil Earthmoving Market

25. Middle East Earthmoving Market

26. Africa Earthmoving Market

27. Earthmoving Market Competitive Landscape And Company Profiles

29. Key Mergers And Acquisitions In The Earthmoving Market

29. Earthmoving Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned