The earth moving equipment market is driven by global rapidly growing construction projects, growing economies of Asia-Pacific nations, large investment in urban and rural infrastructure, and development of advance new techniques and machineries.
The growth of construction industry in a country is measured by the growth in transportation infrastructure (rail, roads, airports, and ports), urban infrastructure (mass rail transit system, water supply and sanitation, and urban housing) and rural infrastructure (rural roads, irrigation, and rural housing). The large investment in urban and rural infrastructures such as highway networks, residential buildings, commercial buildings and airports, mainly in growing economies of Asia-Pacific countries, are fuelling the demand for earth moving equipment. The demand for earth moving equipment is also expected to increase owing to the growth of traditional end user industries, including mining and construction.
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The increase in demand is also observed due to the growing usage of earth moving equipment in newer application such as agriculture, digging and loading mainly in time sensitive projects. Further, the rapid urbanization had resulted in demand for construction in order to meet residential, commercial and infrastructure development needs. The easy availability of finance for the purchase of earth moving equipment and increased use of earth moving equipment on rental basis is supporting the growth of the earth moving equipment market. The rental market for earth moving equipment is expected to increase in tier 2 and tier 3 cities, where growth is driven by small contractors of construction work.
The manufacturers are investing in research & development to develop better machinability and efficiency. Technology products such as Grade Control System, hydraulic excavators and Computer Aided Earthmoving System (CAES) are increasingly being introduced in the market. The manufacturers also offer products equipped with GPS technology and other electronic control modules and database tools to enhance product offerings.
In 2015, Asia-Pacific was the largest market for earth moving equipment, followed by Europe and North America. Asia-Pacific is also likely to lead the earth moving equipment market during the forecast period, owing to the growing economy and growing demand for better infrastructure. In 2015, China, India and Japan were the major consumers of earth moving equipment in the region. High growth in construction sector is expected by large scale government backed projects in the region. The increase in the usage of concrete is likely to create the demand for concrete equipment in infrastructure and housing projects. This is expected to boost the demand of concrete equipment, which in turn is expected to further drive the growth of earth moving equipment market in Asia Pacific.
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Some of the major competitors in the global earth moving equipment market include Doosan Infracore Ltd., Caterpillar Inc., JCB, Volvo Group, Terex Corporation, Komatsu Ltd., Sany Heavy Industries Co. Ltd, Ingersoll-Rand Inc., Deere & Company, and Liebherr Industry.
Global Earth Moving Equipment Market Segmentation
- Motor Grader
- Underground Mining
- Surface Mining
- North America
- Western Europe
- Rest of Western Europe
- Central & Eastern Europe
- Rest of Central & Eastern Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
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