Global Earthmoving Equipment Market Report and Forecast 2024-2032

Global Earthmoving Equipment Market Outlook

The global earthmoving equipment market attained a value of nearly USD 84.32 billion in 2023. The market is projected to grow at a CAGR of 2.7% between 2024 and 2032 to reach a value of around USD 107.16 billion by 2032.

Key Trends in the Market

Earthmoving equipment refers to a type of heavy-duty machinery designed for applications involving earthworks, such as the displacement of rock and soil. This equipment is generally used for digging up foundations or landscaping. Earthmoving equipment uses hydraulic drive as its primary motion source, which enables it to carry out heavy digging operations.

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• The thriving construction sector across developed and developing countries, supported by rising population, favourable government initiatives, and the rapid development of smart cities, is driving the demand for earthmoving equipment in applications like digging trenches and grading soil, among others.

• Leading heavy industrial machinery manufacturers are expanding their product portfolio and launching innovative earthmoving equipment like excavators for use in diverse applications, including mass excavation, large-site digging, and large-scale mining. This factor is one of the crucial earthmoving equipment market trends.

• The availability of earthmoving equipment rental services, along with the flexibility of online booking, is another key trend in the market for earthmoving equipment.

• Heightening demand for heavy-duty equipment, such as bulldozers, across the agriculture sector to facilitate various processes, like soil spreading, material transporting, and shallow digging, among others, is likely to aid the earthmoving equipment market growth in the forecast period.

Market Analysis

Based on product type, the market is divided into include excavators, loaders, and dump trucks, among others. On the basis of application, the market is classified into mining, construction, and agriculture and forestry, among others. The major regional markets for earthmoving equipment are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global earthmoving equipment market report, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Caterpillar Inc.

• Komatsu Ltd.

• Xuzhou Construction Machinery Group Co., Ltd. (XCMG)

• Sany Heavy Industry Co., Ltd

• Deere & Company

• AB Volvo

• Liebherr-International Deutschland GmbH

• Hitachi Construction Machinery Co., Ltd.

• Sandvik AB

• Others

Market Share by Product Type

Loaders account for a significant portion of the earthmoving equipment market. This can be attributed to their high load-carrying capacity, versatility, and easy operability. Low operating costs of the equipment as compared to its counterparts, along with its growing availability in different sizes, are also boosting its demand.

In addition, the high load-carrying capacity of loaders enables them to carry out infrastructure construction activities quickly and efficiently, surging their demand across the construction sector.

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Market Share by Region

The Asia Pacific market for earthmoving equipment is likely to witness a healthy growth in the forecast period, owing to the large-scale investments in renovation activities in the region. The rapid development of parks, highways, roads, and railways across emerging economies such as India, China, and the Philippines, among others, is also fuelling the earthmoving equipment market growth.

Moreover, due to the strong foothold of leading companies, coupled with the economic growth of various countries, the demand for earthmoving equipment is likely to witness a heightened growth in the forecast period.

Competitive Landscape

Caterpillar Inc. is a leading manufacturer of construction and mining equipment. The product portfolio of this company also includes diesel and natural gas engines. It was founded in 1925 and is headquartered in Texas, the United States.

Komatsu Ltd. is an equipment manufacturing company which manufactures and sells construction, mining equipment, and forest and industrial machinery, among others. The company was established in 1921 and is headquartered in Tokyo, Japan.

Xuzhou Construction Machinery Group Co., Ltd. (XCMG) is a state-owned manufacturing company which sells construction equipment such as excavators and loaders. The company was founded in 1989 and is headquartered in Xu Zhou Shi, China.

Other market players include Sany Heavy Industry Co., Ltd, Deere & Company, AB Volvo, Liebherr-International Deutschland GmbH, Hitachi Construction Machinery Co., Ltd., and Sandvik AB, among others.

Key Highlights of the Report