Overview and Scope
Earthmoving machinery refers to any piece of heavy machinery that can move and grade soil and rock.
Sizing and Forecast
The earthmoving market size has grown steadily in recent years. It will grow from $89.95 billion in 2023 to $94.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to industrialization and urbanization, infrastructure development projects, mining industry expansion, agricultural sector demand, government investments in construction.
The earthmoving market size is expected to see steady growth in the next few years. It will grow to $112.06 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to automation and ai integration, electric and hybrid machinery, remote monitoring and telematics, urbanization and infrastructure development, circular economy initiatives, advanced material usage. Major trends in the forecast period include augmented reality in training, autonomous and semi-autonomous machinery, hydraulic system advancements, rise in rental services, data-driven decision making.
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Segmentation & Regional Insights
The earthmoving market covered in this report is segmented –
1) By Equipment: Excavators, Loaders, Dump trucks, Other Equipment’s
2) By Application: Construction, Underground, Mining, Surface Mining
3) By End-User: Construction, Mining, Agriculture & forestry, Other End-Users
Asia-Pacific was the largest region in the earthmoving market in 2023. Western Europe was the second-largest region in the global earthmoving market share. The regions covered in the earthmoving market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising urban population generating higher demand for better infrastructure is expected to propel the earthmoving market over the forecast period. 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 development, and more building activities to accommodate people. Thus, propels the demand for construction equipment including earthmoving, as these machines are used for land clearing, lifting, and other heavy work.
Key Industry Players
Major companies operating in the earthmoving market report are Hyundai Heavy Industries Co. Ltd., Caterpillar Inc., Nippon Steel & Sumikin Engineering Co. Ltd., Sumitomo Heavy Industries Ltd., Deere & Company, Volvo Group, Mitsubishi Heavy Industries Ltd., Komatsu Ltd., CNH Global NV, Toshiba Materials Co. Ltd., Kubota Corporation, Liebherr-International AG, Kawasaki Heavy Industries Ltd., Sany Heavy Industry Co. Ltd., IHI Corporation, Hitachi Construction Machinery Co. Ltd., Doosan Bobcat Inc., Zoomlion Heavy Industry Science and Technology Co. Ltd., J.C. Bamford Excavators Limited, Terex Corp., LiuGong Machinery Corp., Mitsui Engineering & Steel Co. Ltd., Wacker Construction Equipment AG, Nippon Kaihi Kogyo Co. Ltd., Shantui Construction Machinery Co. Ltd., Doosan Infracore Co. Ltd., Urban Arrowsmith Corporation, SANY America Inc., Jiangmen Jianghai Xiecheng Machinery Co. Ltd.
The earthmoving market report table of contents includes:
- Executive Summary
- Earthmoving Market Characteristics
- Earthmoving Market Trends And Strategies
- Earthmoving Market – Macro Economic Scenario
- Global Earthmoving Market Size and Growth
- Earthmoving Market Segmentation
- Earthmoving Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Earthmoving Market
- Earthmoving Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Earthmoving Market, Segmentation By Equipment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Earthmoving Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Earthmoving Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…………
Table 74: Hyundai Heavy Industries Co. Ltd. Financial Performance
Table 75: Caterpillar Inc. Financial Performance
Table 76: Nippon Steel & Sumikin Engineering Co. Ltd. Financial Performance
Table 77: Sumitomo Heavy Industries Ltd. Financial Performance
Table 78: Deere & Company Financial Performance
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