The earthmoving market consists of sales of earthmoving machinery by entities (organizations, sole traders, or partnerships) that are engaged in manufacturing earthmoving machinery. Only goods and services traded between entities or sold to end consumers are included.
Global Earthmoving Market Size And Drivers:
The global earthmoving market is expected to grow from $82.75 billion in 2020 to $92.82 billion in 2021 at a compound annual growth rate (CAGR) of 12.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $136.07 billion in 2025 at a CAGR of 10%. The rising urban population generating higher demand for better infrastructure is expected to propel the earthmoving market over the coming years.
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Trends In The Global Earthmoving Market
Major players operating in the market are concentrating on introducing new technological innovations which are gaining popularity over recent years. Companies manufacturing earth moving equipment are focusing on incorporating 5G cellular technology to advance remote operation towards real-time control. The ultra-low latency of 5G enables systems controlling a vehicle to react sooner, such as during braking or turning, vastly improving safety on the Jobsite. The 5G network also promises to advance artificial intelligence, virtual reality as well as IoT technologies for better remote control and connectivity. For instance, in 2018, Volvo CE joined Telia’s 5G partner program to test 5G equipped earth moving machines. In 2018, Doosan Infracore, in partnership with LG U+, introduced 5G-based remote control technology called concept- X to boost productivity and economic feasibility. Moreover, in March 2020, Zoomlion Heavy Industry Science and Technology Co., a Chinese producer of engineering and agricultural equipment launched two G-series hydraulic excavator flagship products the ZE75G and ZE215GLC with 5G technology incorporated.
Global Earthmoving Market Segments:
The global earthmoving market is further segmented –
By Equipment: Excavators, Loaders, Dump Trucks, Others
By End-user: Construction, Mining, Agriculture & Forestry, Others
By Application: Construction, Underground, Mining, Surface Mining
By Geography: The global earthmoving market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Earthmoving Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides earthmoving market overviews, analyzes and forecasts market size and growth for the global earthmoving market, earthmoving market share, earthmoving market players, earthmoving market segments and geographies, earthmoving market’s leading competitors’ revenues, profiles and market shares. The earthmoving market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
