The Global Earth Moving Equipment Market, By Product Type (Crawler/Wheeled Excavators, Mini Excavators, Backhoe Loaders, Crawler/Wheeled/Compact Loaders, Skid Steer Loaders, Bull Dozers/Crawler Tractors , Wheeled Tractors and Motor Graders)and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 238164.0 Million by 2027, exhibiting a CAGR of 7.1% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Overview
Earthmoving equipment refers to heavy machinery, typically heavy-duty vehicles that are designed for construction operations including earthworks. These types of machinery are used to move large amounts of earth, to dig foundations for landscaping and other activities. Different vehicles are included under this, namely excavators, loaders, construction tractors, loaders, material handlers, etc. These excavators are smaller than other types therefore, used for small to medium-sized projects. Backhoe loaders or mechanical excavator whose bucket is attached by a hinge to a two-part arm and is drawn back to the machine when in operation.
The global Earth Moving Equipment Market was accounted for US$ 137444.1 Mn in terms of value and 970,199 Units in terms of volume in 2019 and is expected to grow at CAGR of 7.1% for the period 2020-2027.
Market Driver
Increasing technological advancements is expected to accelerate growth of the global earth moving equipment market during the forecast period
Major manufacturers in the market are focused on earth moving equipment, in order to expand product portfolio and gain a competitive edge in the market. These companies are incorporating novel technologies such as GPS, cloud computing, and IoT that can enhance the capabilities of the machinery and improve the overall performance. For instance, in September 2016, Hitachi Construction Machinery Co. Ltd introduced a technology for dump trucks, which helps them to detect obstacles when the operator is driving, starting, or stopping during mining. Furthermore, in September 2016, Volvo launched its new double drum asphalt compactors, designed with 20 percent improved fuel efficiency. Thus, these factors are expected to drive growth of the global earth moving equipment market in the near future.
Market Opportunity
Joint ventures, mergers, and acquisitions, among major companies, can present lucrative growth opportunities
Key companies in the market are focused on joint ventures, mergers, and acquisitions, in order to gain a competitive edge in the market. For instance, in March 2017, Caterpillar Inc. entered into a strategic alliance with FIT AG to design and print additive manufacturing of aluminum and titanium parts. In September 2016, Hitachi acquired the stocks of KCM Corporation to make them their subsidiary. Major companies can capitalize on these opportunities and enhance the market presence.