EARTH MOVING EQUIPMENT MARKET ANALYSIS

Earth Moving Equipment MarketSize and Trends

Market Overview

The global Earth Moving Equipment Market was accounted for US$ 137444.1 Mn in terms of value and 970,199 Units in terms of volume in 2019 and is expected to grow at CAGR of 7.1% for the period 2020-2027.

Asia Pacific held dominant position in the global Earth Moving Equipment market in 2019, accounting for 57.04% share in terms of value, followed by North America and Europe, respectively

Figure 1: Global Earth Moving Equipment Market Share (%) in terms of Value, By Region, 2019

The global Earth Moving Equipment market was valued at US$ 137,444.1 Mn in 2019 and is forecast to reach a value of US$ 238,164.0 Mn by 2027 at a CAGR of 7.1% between 2020 and 2027.

Market Trends

1. Rental & leasing services is a major trend

According to Coherent Market Insights’ analysis, the construction sector creates 100% employment opportunities. Since earth moving equipment is relatively expensive and requires regular maintenance, majority of end users often lease or rent them. Some of the equipment that can be leased are backhoe loaders, excavators, bulldozers, crawler loaders, and motor graders. Leasing opens up an opportunity for builders to customize the equipment for their project purposes, get high level personal advice, and technical support.

2. Integration of GPS system into earth moving equipment

Majority of manufacturers are integrating GPS machine control systems into the design of backhoe loaders, excavators, motor graders, and bulldozers. Installation of machine control systems in their equipment helps to improve the efficiency and allow the user to work from their office without physically present on sites. Furthermore, by reducing the need for rework and decreasing material wastage, machine control can help to improve the sustainability of operation.