Earthmoving equipment market size worth USD 192.45 billion by 2023
Published Date: May 1, 2016 Authors: Ankita Bhutani, Pallavi Bhardwaj
Earthmoving equipment market size is forecast to hit USD 192.45 billion revenue by 2023; as per a new research report by Global Market Insights, Inc.
Real time monitoring and detection of machinery failure is predicted to drive global earthmoving equipment market size in the coming years. Since they emit harmful gases, equipment must comply with fuel emission standards implemented by regulatory authorities.
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.
Quick-change attachment couplers, cab designs, and joystick controls have increased the feasibility for operation, while simultaneously reducing operator fatigue. The introduction of multifunctional products that can cater to numerous tasks has spurred adoption, due to higher cost savings.
Unpredictable raw material costs may negatively impact earthmoving equipment market price trend. High operating expenditure and need for skilled personnel are also among major growth restraints.
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Key insights from the report include:
- 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.
- Global loaders market size surpassed USD 50 billion in 2015, with the excavators industry predicted to grow at 9% CAGR over the forecast timeframe.
- Backhoe loaders are versatile and compact in nature, and therefore find applicability in a variety of construction projects. Small demolitions, excavation, light transportation for building materials, powering other building equipment, construction, and paving of roads are among the major end-use areas.
- 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.
- The construction segment comprises material handling machinery such as trailers, cranes, crawlers; road construction includes concrete mixers, construction pumps, etc.
- Industry participants possess considerable growth potential on account of government-aided projects. Retaining the customer base is heavily dependent on competitive pricing, product range, and technical support.
- Major players include Caterpillar, Volvo, Komatsu, Liebherr, Hitachi, John Deere, Terex, Doosan, etc.
- In 2015, Hitachi Construction Machinery acquired KCM in order to expand its construction equipment business. Companies have also been expanding their product offering in order to sustain and expand in the industry. In the same year, Komatsu entered into an agreement with Mitsui & Co. for restructuring a distributorship in Mexico.