Earthmoving Equipment Market size worth $192.45 Billion by 2023, at 7.9% CAGR: Global Market Insights Inc.

Dover, DE, May 04, 2016 (GLOBE NEWSWIRE) -- Earthmoving equipment market size is forecast to hit USD 192.45 billion revenue by 2023; as per a new research report by Global Market Insights, Inc.

Real time monitoring and detection of machinery failure is predicted to drive global earthmoving equipment market size in the coming years. Since they emit harmful gases, equipment must comply with fuel emission standards implemented by regulatory authorities.

Private investment across the real estate sector along with the adoption of lease-based or rental machinery due to high degree of convenience are forecast to provide a fillip to global revenue. Increasing investment for improvement of infrastructure facilities in across regional industries will favorably impact earthmoving equipment market growth.

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Quick-change attachment couplers, cab designs, and joystick controls have increased the feasibility for operation, while simultaneously reducing operator fatigue. The introduction of multifunctional products that can cater to numerous tasks has spurred adoption, due to higher cost savings.

Unpredictable raw material costs may negatively impact earthmoving equipment market price trend. High operating expenditure and need for skilled personnel are also among major growth restraints.

Key insights from the report include:

• Industry participants prioritize low cost product development over energy efficiency in price sensitive regions such as the Asia Pacific earthmoving equipment market. China is the biggest contributor to the region, with revenue forecast to exceed USD 40 billion by 2023. U.S. earthmoving machinery market size will grow at 7.3% CAGR estimations from 2016 to 2023. 

• Global loaders market size surpassed USD 50 billion in 2015, with the excavators industry predicted to grow at 9% CAGR over the forecast timeframe. 

• Backhoe loaders are versatile and compact in nature, and therefore find applicability in a variety of construction projects. Small demolitions, excavation, light transportation for building materials, powering other building equipment, construction, and paving of roads are among the major end-use areas. 

• Construction will continue occupying more than 60% of the earthmoving equipment market share through the next few years, driven by infrastructure development and reconstruction activities. Funded national infrastructure development projects such as Colombia’s National Development Plan and Mexico’s National Infrastructure program are expected to boost demand in the sector.

• The construction segment comprises material handling machinery such as trailers, cranes, crawlers; road construction includes concrete mixers, construction pumps, etc. 

• Industry participants possess considerable growth potential on account of government-aided projects. Retaining the customer base is heavily dependent on competitive pricing, product range, and technical support. 

• Major players include Caterpillar, Volvo, Komatsu, Liebherr, Hitachi, John Deere, Terex, Doosan, etc. 

• In 2015, Hitachi Construction Machinery acquired KCM in order to expand its construction equipment business. Companies have also been expanding their product offering in order to sustain and expand in the industry. In the same year, Komatsu entered into an agreement with Mitsui & Co. for restructuring a distributorship in Mexico.

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Global Market Insights has segmented the earthmoving equipment market on the basis of product, component, application, technology, and region:

• Global Earthmoving Equipment Product Analysis (Revenue, USD Billion, 2012 - 2023)
  • Excavators
  • Loaders
  • Others
• Global Earthmoving Equipment Application Analysis (Revenue, USD Billion, 2012 - 2023)
  • Construction
  • Others
• Global Earthmoving Equipment Regional Analysis (Revenue, USD Billion, 2012 - 2023)
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
    • Mexico
  • MEA

About Global Market Insights 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.