Increasing transport infrastructure development worldwide and favorable government initiatives is expected to drive earthmoving equipment market growth
Earthmoving equipment market size is projected to reach USD 192.45 billion by 2023; as per the latest research report by Global Market Insights, Inc. growing adoption in the commercial sector, favorable Government initiatives and growing transport infrastructure development worldwide will drive the global market size.
View a summary of the “Earthmoving Equipment Market Size, Industry Analysis Report” @ https://www.gminsights.com/industry-analysis/earthmoving-equipment-market
Global Market Insights has announced the addition of a new market study based on the Earthmoving equipment market. The report analyzes the restrainers, drivers and challenges of the market, future growth potentials and its impact on the demand shaping the market during the predicted period from 2015 to 2023.
Excavators will continue to be the most attractive equipment with more than 9% CAGR from 2016 to 2023. Real-time monitoring features for identyfying and supervising system failure are expected to drive demand.
The multifunction equipment is preferred over single-function equipment for saving the cost. This also reduces the time and labor required to accomplish the task with improved efficiency and extended productivity as added advantages. Rising investments in R&D to discover solutions to enhance product offerings will propel the market.
Earthmoving machinery is mainly applied in the construction industry. The construction industry is predicted to maintain its dominance, with more than 60 % of the Earthmoving machinery market share. Excavator are used in surface level and below ground operations. Rising demand in factories and manufacturing facilities will drive the excavator segment growth. Obtaining construction equipment on rent or lease is a rising trend. The construction equipment rental market is predicted to exceed USD 85 billion by 2023.
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In Private and Government sectors, increasing demand for technologically advanced solutions, featuring better material handling and improved fuel efficiency combined with lower emissions and safety is expected to propel the market worldwide. Europe earthmoving equipment market share will remain steady, with revenue forecast to exceed 43 billion in predicted timeframe.
The growing trend towards the usage of used heavy machinery across numerous countries may prove to be a threat to the new products that are to be launched in the segment. Increasing expenditure on infrastructure activities is also forecast to escalate demand, notably over the coming years.
Some of the key participants operating in the global earthmoving equipment include John Deer, Caterpillar, Komatsu, Volvo, Hitachi, Liebherr, Doosan, etc.