Earthmoving Equipment Market Size By Application (Construction, Underground Mining, Surface Mining), By Product (Loaders, Excavators), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
Published Date: Apr 2016 | Report ID: GMI408 | Authors: Preeti Wadhwani, Prasenjit Saha
Earthmoving Equipment Market size was USD 104.97 billion in 2015 with revenue estimates of USD 192.45 billion by 2023, at 7.9% CAGR. Increasing transport infrastructure development worldwide and favorable government initiatives is expected to drive growth.
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Technological focus has led to a significant number of development initiatives and superior equipment. Major technological developments such as real-time monitoring facilities for detecting as well as monitoring system failure are forecast to propel demand. Growing adoption in the commercial sector will also favorably impact revenue.
Multifunctional machinery has witnessed considerable adoption over the recent past, and provides several advantages over traditional or single function counterparts. These include reduce time and labor, as well as high degree of efficiency and productivity. Growing large scale construction projects along with enhancement in after-sales services are among other key drivers.
High capital and operating expenditure may restrain growth. Unpredictable raw material cost, uncertainty in economic conditions, and the presence of emission control regulations are factors responsible for impacting the market price trend.
|Base Year:||2015||Market Size in 2015:||104.97 Billion (USD)|
|Historical Data for:||2012 to 2015||Forecast Period:||2016 to 2023|
|Forecast Period 2016 to 2023 CAGR:||7.9%||2023 Value Projection:||192.45 Billion (USD)|
|Pages:||85||Tables, Charts & Figures:||92|
|Geographies covered (9):||U.S., Canada, UK, Germany, China, Japan, India, Mexico, Brazil|
|Segments covered:||Application, Product and Region|
|Companies covered (16):||Atlas Copco, Bharat Earth Movers, Bobcat Company, Caterpillar, CNH Global, Doosan, Hitachi Construction Machinery, Hyundai Heavy Industries, JCB, John Deere, Komatsu, Liebherr, Sany Heavy Industries, Sumitomo, Terex Corp, Volvo Construction Equipment|
|Pitfalls & Challenges:||
Earthmoving Equipment Market, By Application
Construction is forecast to remain the leading application, with over 60% of the market share in 2015. Underground mining equipment include hydraulic shovels, long wall mining equipment, cable shovels, etc.
Other mining equipment includes mineral processing machinery, surface machinery, pulverizing & screening equipment, and crushing, drills & breakers. Demand across these sectors is predicted to boost earthmoving equipment market demand. Global surface mining equipment market is predicted to exceed USD 29 billion by 2023.
Based on product, excavator segment is forecast to grow at 9% CAGR through 2023. They are used in below ground and surface level operations, such as trench digging, well sinking, and land traveling. Loaders comprise skid loaders, backhoe or diggers, etc. Backhoe loaders find application across construction projects, mainly due to their small size and versatility. They help in executing tasks including small demolitions, powering building machinery, digging, excavation, construction, paving roads, as well as building material transportation.
Increasing demand in manufacturing facilities and factories is expected to catapult excavator segment growth. Increasing affinity by end-users to obtain earth moving equipment on lease or rent is a growing trend. Increasing availability of lease-based machinery has spurred adoption on a global scale. The construction equipment rental market size is forecast to surpass USD 170 billion by 2026.
U.S. earthmoving equipment market revenue exceeded USD 12 billion in 2015. Increasing mechanization of construction processes coupled with strong economic growth is anticipated to boost the Asia Pacific industry demand. Increasing spending in infrastructure activities may also escalate demand, with 8.3% CAGR estimates.
Europe earthmoving equipment industry is predicted to remain steady, with revenue projected at over USD 43 billion by 2023. Industry players prioritize lower price points as opposed to high energy efficiency in price sensitive regions. They also aim to reduce production cost and meet emission regulations.
Competitive Market Share
Investment in technology, innovation and R&D are the key growth strategies employed to address changing customer requirements. Competitors aim at providing product differentiation as the customer loyalty depends on competitive pricing, quick delivery and after-sales technical support.
Global earthmoving machinery market share is consolidated in nature. Major companies include Caterpillar, Volvo, Komatsu, Liebherr, Hitachi, Doosan, John Deere, etc.
Intense competition between global and emerging participants coupled with rising demand for advanced technology have forced small operators to form strategic alliances with the major players. Rental companies have enabled contractors to complete specific job requirements with greater cost control and flexibility. Rising trend towards usage of used heavy machinery across several countries is expected to prove as a threat to the new products that are to be launched in the industry.
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