Earthmoving Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Earthmoving Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The earthmoving market has experienced consistent growth in recent years. It is expected to increase from $89.95 billion in 2023 to $94.35 billion in 2024, with a compound annual growth rate (CAGR) of 4.9%. The growth in the past period can be attributed to factors such as industrialization and urbanization, infrastructure development projects, expansion in the mining industry, demand from the agricultural sector, and government investments in construction.
How Big Is the Global Earthmoving Market Expected to Grow, and What Is Its Annual Growth Rate?
The earthmoving market is projected to experience steady growth in the coming years. It is expected to reach $112.06 billion by 2028, with a compound annual growth rate (CAGR) of 4.4%. The growth during the forecast period can be attributed to factors such as the integration of automation and AI, the adoption of electric and hybrid machinery, remote monitoring and telematics, urbanization and infrastructure development, circular economy initiatives, and the use of advanced materials. Key trends in the forecast period include the use of augmented reality in training, the development of autonomous and semi-autonomous machinery, advancements in hydraulic systems, a rise in rental services, and data-driven decision-making.
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What Is Driving the Growth of the Earthmoving Market?
The growing urban population, leading to greater demand for enhanced infrastructure, is expected to drive the earthmoving market during the forecast period. As the urban population increases, so does the need for more advanced and improved infrastructure.
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Which Leading Companies Are Driving The Growth Of The Earthmoving Market Share?
Major companies operating in the earthmoving market report are Hyundai Heavy Industries Co. Ltd., Caterpillar Inc., Nippon Steel & Sumikin Engineering Co. Ltd., Sumitomo Heavy Industries Ltd., Deere & Company, Volvo Group, Mitsubishi Heavy Industries Ltd., Komatsu Ltd., CNH Global NV, Toshiba Materials Co. Ltd., Kubota Corporation, Liebherr-International AG, Kawasaki Heavy Industries Ltd.
What Are The Key Trends Driving The Growth Of The Earthmoving Market Size?
Leading companies in the earthmoving market are developing new products, such as the 20-ton PC200-10M0 hydraulic excavator, to enhance their profitability. The PC200-10M0 hydraulic excavators are specifically designed for urban civil engineering projects, featuring optimal specifications for this type of work.
How Is the Global Earthmoving Market Segmented?
1) By Equipment: Excavators, Loaders, Dump trucks, Other Equipments
2) By Application: Construction, Underground, Mining, Surface Mining
3) By End-User: Construction, Mining, Agriculture & forestry, Other End-Users
Asia-Pacific: The Leading Region in the Earthmoving Market
Asia-Pacific was the largest region in the earthmoving market in 2023. Western Europe was the second-largest region in the market share. The regions covered in the earthmoving global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Is the Earthmoving Market?
Earthmoving machinery refers to any type of heavy equipment used to move and grade soil and rock.
The Earthmoving Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Earthmoving Market Report: Trends, Opportunities, Strategies, and More
The Earthmoving Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into the earthmoving market size, earthmoving global market drivers and trends, earthmoving global market major players, earthmoving competitors' revenues, earthmoving global market positioning, and earthmoving global market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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