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.
Full
Research Report On Global Earthmoving Equipment Market Analysis:
www.grandviewresearch.com/industry-analysis/earthmoving-equipment-market
www.grandviewresearch.com/industry-analysis/earthmoving-equipment-market
Further
key findings from the report 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.
View more
reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/hvac-and-construction-technologies
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
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- China
- India
- Japan
- Latin
America
- Brazil
- Mexico
- MEA
View press
release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-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.
For more
information: www.grandviewresearch.com
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