The global earthmoving equipment market is expected to reach USD 184.56 billion by 2022, according to a new study by Grand View Research, Inc. Technological advancements such as facilitation of real-time monitoring for detecting and monitoring equipment failure are anticipated to fuel product demand.
Vendors are increasingly investing in R&D to develop solutions in order to improve machine operations. Technology products such as AccuGrade Grade Control System and Computer Aided Earthmoving System (CAES) are increasingly being incorporated. Manufacturers also offer products with GPS technology and other electronic control modules and database tools for enhancing product offering.
Increasing mechanization of construction processes coupled with strong economic growth in Asia Pacific earthmoving machinery market is anticipated to boost consumption in the region. Rising expenditure on infrastructure activities is also expected to escalate demand significantly over the coming years.
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Further key findings from the study suggest:
- Loaders segment accounted for over 45% of the overall consumption in 2014 and is expected to shrink over the next seven years. Demand balancing is anticipated to take some time as the industry is expected to continue to be serviced with large number of existing units.
- Excavators market was valued over USD 30 billion in 2014 and is expected to exhibit high growth over the forecast period. Escalating demand across broad residential applications such as public and private infrastructure development would drive demand extensively. Rising adoption in the commercial sector is another key factor driving industry growth.
- Construction equipment industry is expected to reach over USD 100 billion by 2022. Strong economic growth coupled with increasing consumer spending on infrastructure activities is anticipated to fuel product demand over the forecast period.
- Private construction spending accounted for over 75% of the total construction industry spending in 2014. Increasing government investment in infrastructure development particularly in developing nations of Asia Pacific is expected to spur demand. Growing urbanization paired with increasing demand from corporate sector for infrastructure development may also drive industry growth.
- Asia Pacific earthmoving equipment market accounted for over 50% of the industry share in 2014 and is estimated to exhibit high growth prospects over the next seven years. Emergence of lease-based machinery along with private investment in real estate is further expected to propel demand.
- Middle East earthmoving equipment market is expected to grow at a CAGR of over 9.5% from 2015 to 2022. Growing large scale construction projects especially in the Middle East countries is expected to increase demand for these products over the next few years. Technological advancements and improvement in the quality and after-market services offered by vendors is also anticipated to drive industry growth.
- Key competitors dominating the earthmoving equipment industry include Doosan Infracore Ltd., Caterpillar, Komatsu Ltd., Sany Heavy Industries Co. Ltd and Liebherr. Industry participants emphasize on offering low cost products over energy-efficient products, particularly in price sensitive markets. Manufacturers also focus on lowering production cost and meet emission regulations set by the various regulatory bodies. Chinese manufacturers are increasing their international presence in the wheel loaders industry, competing with enormous array of manufactures in this segment.
Grand View Research has segmented the earthmoving equipment market on the basis of product, application and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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