Earthmoving Equipment Market Is Expected To Register A 6.7% CAGR between 2017 – 2025
Robust industrialization in several parts of the world continues to present lucrative opportunities for earth moving equipment manufacturers. Incidentally, some of the latest earth moving equipment come with state-of-the-art designs and customizations such as pedal to joysticks, suspension seats and air conditioned cabin. Despite the addition of such cutting-edge features, earth moving equipment remain quite affordable. According to a Persistence Market Report (PMR) report, the global earth moving equipment market is expected to grow 1.6x in term of volume by 2025.
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Increasing urbanization and construction & mining activities are amongst some of the primary factors fueling the demand for earth moving equipment in recent years. On the flipside, enforcement of stricter laws to check rising emission levels is limiting extensive use of such equipment. Moreover, most of the equipment used in mining, construction, farming, forestry, and other industries have a complex operating system and require extreme care in handling.
Persistence Market Research’s report, titled “Earth Moving Equipment Market: Global Industry Analysis and Forecast, 2017-2025” estimates that the global earth moving equipment market will witness 6.7% CAGR in terms of volume between 2017 and 2025. Further, the market is set to create an incremental opportunity of US$ 87,655 Mn over 2025 to reach a valuation of US$ 207,633.4 Mn. Countries such as Turkey, India, Canada, and the UK present a high demand for equipment such as mini excavators, crawler, wheeled, and compact loaders. This, in turn, compels manufacturers to design earth moving equipment that are more requirement-specific and can meet client expectation.
The report also observes that upcoming government infrastructural and construction projects in both developed and emerging countries are expected to create immense opportunities for earth moving equipment manufacturing companies. In addition, various PPP (Public Private Partnership) projects involving huge investments in commercial and residential constructions is expected to drive the growth of earth moving equipment market in the medium term. Public-private partnership guarantees better institutional legal framework for private investors while helping governments to progress rapidly in developing country’s public welfare infrastructures.
Additional Excerpts from the Report Include
- By product type (volume), demand for backhoe loaders is expected to remain strong in 2017 and beyond. This primarily due to their relatively smaller size, making them easy to use in medium, large and small scale construction projects. In terms of volume, backhoe loaders will witness a CAGR of 7.3% during the forecast period.
- Amongst regions, the market for earth moving equipment in APAC is expected to remain in a dominant position over the assessment period. By 2017-end, the region’s market is anticipated to account for more than 50% volume share of the global earth moving equipment. Emerging countries such as China and India are undergoing intensive construction activities, which is majorly supporting the growth of the market in the region.
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Some of Key companies operating is the global earth moving equipment market include Caterpillar Inc., Volvo Corporation Equipment, Terex Corporation, Komatsu Ltd., Doosan Corporation, Deere & Company, Liebherr Group, Hitachi Construction Machinery Co. Ltd., Xuzhou Construction Machinery Group Co. Ltd. and Sany Heavy Industry Co Ltd.