The Earthmoving Market Is Estimated To Reach $116.99 Billion By 2027 At A CAGR Of 4.0% – Includes Earthmoving Market Share
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The rising urban population generating higher demand for better infrastructure are expected to drive innovation in earthmoving manufacturing, thus driving the market during the forecast period.
The global earthmoving market is expected to grow from $95.2 billion in 2022 to $100.06 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The global earthmoving market size is expected to grow to $116.99 billion in 2027 at a CAGR of 4.0%.
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Global earthmoving Market Segments Include:
- By Equipment: Excavators, Loaders, Dump trucks, Other Equipments
- By Application: Construction, Underground, Mining, Surface Mining
- By End-User: Construction, Mining, Agriculture & forestry, Other End-Users
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global earthmoving market in 2021.
Major Market Players in the earthmoving market include Hyundai Heavy Industries Co. Ltd., J.C. Bamford Excavators Limited, AB Volvo, Doosan Infracore Co. Ltd., SANY America, Liebherr Group.
Major players operating in the market are concentrating on introducing new technological innovations which are gained popularity over recent years. Companies manufacturing earth-moving equipment are focusing on incorporating 5G cellular technology to advance remote operation toward real-time control. The ultra-low latency of 5G enables systems controlling a vehicle to react sooner, such as during braking or turning, vastly improving safety on the Jobsite. The 5G network also promises to advance artificial intelligence, virtual reality as well as IoT technologies for better remote control and connectivity. For instance, in March 2020, Zoomlion Heavy Industry Science and Technology Co., a Chinese producer of engineering and agricultural equipment launched two G-series hydraulic excavator flagship products the ZE75G and ZE215GLC with 5G technology incorporated.
The Earthmoving Global Market Report 2023 provides a earthmoving market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The earthmoving market forecast analyzes earthmoving market size, earthmoving market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Earthmoving machinery refers to any piece of heavy machinery that can move and grade soil and rock.
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