A new report published by Fortune Business Insights, titled “Earthmoving Equipment Market Size, Share & Industry Analysis, By Equipment Type (Excavators, Loaders, Dump Trucks and Others), By Industry (Construction, Mining, Agriculture & Forestry and Others) and Regional Forecast, 2019-2026”, states that the value of the market stood at USD 69.85 billion in 2018. The report also shares an exhaustive analysis of the trends, factors, and competitive and regional dynamics that will chart the growth trajectory of the market during the forecast period. Apart from this, the report also provides a macroscopic overview of the general industry outlook that will also influence the development of the market and aid businesses to make informed decisions regarding the strategies they need to adopt to stay ahead of the competition.
The global earthmoving equipment market is projected to reach USD 84.24 billion by 2026, exhibiting a CAGR of 2.4% during the forecast period.
Widening Service Offerings by OEMs to Elevate Market Potential
In a bid to enhance customer experience, Original Equipment Manufacturers (OEMs) are adopting different strategies to gain firm ground in this market, according to the earthmoving equipment market analysis. The most preferred strategies taken up by OEMs include constant improvement in operations, developing advanced machinery, and offering better and efficient after-sales services to customers. While in developing regions companies are competing over price, in developed nations competition is mainly based on delivering high-quality products and services that will benefit consumers in the long-run.
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One of the primary forces driving the growth of this market is the rising investment and energy in infrastructure development across the globe. According to the World Infrastructure Congress, global expenditure on infrastructure will touch USD 9 trillion by 2025. A study by Oxford Economics estimates that the world will need to invest around USD 94 trillion between 2016 and 2040 to meet the demands of an ever-increasing world population. This means, on average, infrastructure development will require an annual investment of USD 3.7 trillion till 2040. These numbers bode well for the earthmoving equipment market growth as rapid industrialization and urbanization, especially in developing nations, will ramp up the demand for heavy earth-moving machinery.
Key Industry Players:
- Hyundai Heavy Industries Co. Ltd
- J.C. Bamford Excavators Limited
- AB Volvo
- Doosan Infracore Co. Ltd
- SANY America
- Liebherr Group
- Hitachi Construction Machinery Co. Ltd
- Terex Corporation
- Caterpillar Inc.
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Stiff Competition to Energize Market Dynamics
Major companies are doubling down their investment in developing innovative products and introducing new-age technologies such as Internet of Things and Machine Learning. Furthermore, many companies are looking to entrench their position in this market through setting up of new plants and offering novel solutions to customers.
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Table of Content:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Earthmoving Equipment Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Equipment Type (Value)
- Mini Excavator
- Crawler Excavator
- Wheeled Excavator
- Others (Dragline, Long Reach, etc.)
- Skid Steer
- Wheeled Excavator
- Crawler/ Track
- Mini Loaders
- Dump Trucks
- Articulated Trucks
- Rigid Trucks
- Others (Dumpers, Motor Graders, etc.)
- By Industry (Value)
- Agriculture & forestry
- Others (Oil & Gas, etc.)
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Equipment Type (Value)
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