Global earth moving equipment market is expected to exhibit a CAGR of 7.7% in the forecast period, according to a new market research report Global Earth Moving Equipment Market Report, By Product Type (Excavators, Loaders, Dozers, and Others), By Application (Construction and Mining), and by Geography.
Increasing growth of the mining industry plays a key role for growth of the earth moving equipment market. For instance, according to World Mining Congress, the global mining production was 16.9 billion metric tons in 2016 up from 15.8 billion metric tons in 2010. Various types of earth moving equipment such as dump trucks, dozers, loaders, and excavators are used for several mining operations such as excavation, haulage of material, preparation of ground, and material handling. Increasing mining production in countries in North America is one of the major factors leading to growth of earth moving equipment market in this region. According to World Mining Congress, in 2016, North America held the second-largest position in the mining production with 14.1% share, globally.
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Key Takeaways of the Market:
- Asia Pacific held the dominant position in the earth moving equipment market in 2017 and is projected to retain its dominance throughout the forecast period. High production of minerals in Asia Pacific countries is one of the major driving factors for growth of earth moving equipment market in this region. For instance, according to World Mining Congress, Asia Pacific mining production was 9.8 billion metric tons in 2016 up from 8.9 billion metric tons in 2010 and held 65.1% share of the world’s mining production in 2016. Due to high mining production demand for earth moving equipment in Asia Pacific countries has witnessed significant increase. China and India are some of the major growth drivers in the market in this region. China is one of the largest mining producing countries in the world. According to World Mining Congress, in 2016, China’s mining production was around 4,000 million metric tons, which accounted for around 23.7% of the global mining production. Moreover, high production of raw material in India is also expected to drive growth of the market in the region. According to World Mining Congress, in 2016, India held the 5th position in the production of minerals raw material, globally.
- Excavator segment is projected to exhibit the highest CAGR over the forecast period. This is owing to increasing application of this equipment in construction and mining industry. Excavator is a heavy construction equipment used to perform the tasks that are not possible by human effort. Excavator helps to increase productivity and reduces production cost.
- Major players operating in the global earth moving equipment market are Caterpillar Inc., CNH Industrial N.V., Doosan Infracore Ltd., Hitachi Construction Machinery Co. Ltd., JCB Ltd., Komatsu Ltd., Liebherr AG, Sany Heavy Equipment International Holdings Co. Ltd, Terex Corporation, and Volvo Construction Equipment.