San Francisco, 15
November 2018: The global earthmovingequipment 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.
Access
Research Report of Earthmoving Equipment
Market @ www.grandviewresearch.com/industry-analysis/earthmoving-equipment-market
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.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/hvac-and-construction-technologies
Grand View Research has segmented the
earthmoving equipment market on the basis of product, application and region:
Earthmoving Equipment Product Outlook
(Revenue, USD Million, 2012 - 2022)
·
Excavators
·
Loaders
·
Others
Earthmoving Equipment Application Outlook
(Revenue, USD Million, 2012 - 2022)
·
Construction
·
Others
Earthmoving Equipment Regional Outlook
(Revenue, USD Million, 2012 - 2022)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
MEA
Access Press Release of
Earthmoving Equipment Market@ www.grandviewresearch.com/press-release/global-earthmoving-equipment-market
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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