The earthmoving market size has grown steadily in recent years. It will grow from $89.95 billion in 2023 to $94.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth observed in the historic period can be attributed to several factors, including industrialization and urbanization trends, extensive infrastructure development projects, expansions within the mining industry, increased demand from the agricultural sector, and significant government investments in construction initiatives.
The earthmoving market size is expected to see steady growth in the next few years. It will grow to $112.06 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. Forecasted growth is driven by automation and AI integration, electric/hybrid machinery, remote monitoring, urbanization/infrastructure development, circular economy initiatives, and advanced material usage. Major trends include augmented reality in training, autonomous machinery, hydraulic system advancements, rising rental services, and data-driven decision-making.
The anticipated growth of the earthmoving market is driven by the rising urban population, which generates increased demand for enhanced infrastructure. The surge in urban population worldwide, reaching 4.4 billion in 2020 according to The International Institute for Environment and Development, and expected to reach 68% by 2050 as per the United Nations, Department of Economic and Social Affairs, underscores the need for advanced infrastructure. This rapid urbanization necessitates more infrastructure, heightened urban development, and increased building activities to accommodate the growing population. Consequently, there is a heightened demand for construction equipment, including earthmoving machinery, which is crucial for tasks such as land clearing and heavy-duty work.
The growth of the earthmoving market is influenced by the increasing resident population. The resident population, representing individuals permanently residing in a specific geographical region, drives land development trends, stimulates the demand for urban development sites, and dictates housing requirements. For instance, as of December 2022, the United States Census Bureau reported a 0.4% increase in the resident population, translating to a rise of 1,256,003 individuals, reaching a total of 333,287,557 in 2022. This growing resident population is expected to fuel the demand for earthmoving machinery as infrastructure needs expand.
Challenges arise due to the high capital and maintenance costs associated with earthmoving equipment, presenting potential hindrances to the market's growth. The substantial investment required for purchasing heavy earthmoving machinery, such as CAT bulldozers ranging from $250,000 to $2.2 million, poses a significant financial commitment for companies. Additionally, ongoing maintenance costs, driven by equipment downtime, further strain the financial resources of companies operating in the earthmoving sector. The elevated costs associated with equipment acquisition and maintenance are anticipated to limit the growth of the earthmoving market during the forecast period.
Key players in the market are strategically focusing on the introduction of innovative products that have gained popularity in recent years. An example of this trend is evident in the actions of Doosan Corporation, a Korea-based heavy machinery manufacturer. In April 2022, the company unveiled two new mini-excavators such as the DX27Z-7, weighing 2.8 tons, and the DX35Z-7, weighing 3.9 tons. Notably, both models comply with Stage V regulations, aligning with the latest emissions standards set by the European Union. Equipped with the Doosan D17 diesel engine, these excavators ensure compliance with Stage V standards, delivering 18.4 kW (24.7 HP) of power at 2400 and 2200 RPM for the DX27Z-7 and DX35Z-7, respectively.
Major companies in the earthmoving market are actively innovating new products, such as the 20-ton PC200-10M0 hydraulic excavator, with the aim of enhancing their profitability in the market. An illustrative case is the introduction of the PC200-10M0 hydraulic excavator by Komatsu, a Japan-based manufacturing company, in September 2021. Specifically designed for urban civil engineering work, these excavators boast optimal specifications suited for such tasks. Featuring a robust machine frame and durable key components crafted by Komatsu, the excavators exhibit exceptional durability, validated through extensive field testing. Additionally, they offer improved fuel efficiency and affordability, leading to reduced operational costs and increased profitability.
In August 2023, McCann Industries Inc., a construction equipment manufacturer based in the United States, successfully acquired Channahon Tractor LLC for an undisclosed sum. The newly formed branch of McCann Industries will specialize in offering sales and rental services for Kobelco and Takeuchi equipment, along with a range of used machinery. Furthermore, the facility will continue to prioritize the provision of parts and servicing for heavy equipment. Channahon Tractor LLC, the acquired entity, is a U.S.-based manufacturer specializing in heavy equipment.
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., Sany Heavy Industry Co. Ltd., IHI Corporation, Hitachi Construction Machinery Co. Ltd., Doosan Bobcat Inc., Zoomlion Heavy Industry Science and Technology Co. Ltd., J.C. Bamford Excavators Limited, Terex Corp., LiuGong Machinery Corp., Mitsui Engineering & Steel Co. Ltd., Wacker Construction Equipment AG, Nippon Kaihi Kogyo Co. Ltd., Shantui Construction Machinery Co. Ltd., Doosan Infracore Co. Ltd., Urban Arrowsmith Corporation, SANY America Inc., Jiangmen Jianghai Xiecheng Machinery Co. Ltd. Asia-Pacific was the largest region in the earthmoving market in 2023. Western Europe was the second-largest region in the global earthmoving market share. The regions covered in the earthmoving market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key equipment for earthmoving includes excavators, loaders, dump trucks, and other similar machinery. Excavators are commonly used for excavating foundations in construction or quarrying activities. These machines find applications across various sectors such as construction, underground projects, mining (both underground and surface), and other related industries. End-users of earthmoving equipment encompass construction, mining, agriculture, forestry, and other sectors.
The earthmoving market research report is one of a series of new reports that provides earthmoving market statistics, including earthmoving industry global market size, regional shares, competitors with an earthmoving market share, detailed earthmoving market segments, market trends, and opportunities, and any further data you may need to thrive in the earthmoving industry. This earthmoving market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The countries covered in the earthmoving market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The earthmoving machinery market consists of sales of backhoe loaders, bulldozers, skid-steer loaders, trenchers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The earthmoving market size is expected to see steady growth in the next few years. It will grow to $112.06 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. Forecasted growth is driven by automation and AI integration, electric/hybrid machinery, remote monitoring, urbanization/infrastructure development, circular economy initiatives, and advanced material usage. Major trends include augmented reality in training, autonomous machinery, hydraulic system advancements, rising rental services, and data-driven decision-making.
The anticipated growth of the earthmoving market is driven by the rising urban population, which generates increased demand for enhanced infrastructure. The surge in urban population worldwide, reaching 4.4 billion in 2020 according to The International Institute for Environment and Development, and expected to reach 68% by 2050 as per the United Nations, Department of Economic and Social Affairs, underscores the need for advanced infrastructure. This rapid urbanization necessitates more infrastructure, heightened urban development, and increased building activities to accommodate the growing population. Consequently, there is a heightened demand for construction equipment, including earthmoving machinery, which is crucial for tasks such as land clearing and heavy-duty work.
The growth of the earthmoving market is influenced by the increasing resident population. The resident population, representing individuals permanently residing in a specific geographical region, drives land development trends, stimulates the demand for urban development sites, and dictates housing requirements. For instance, as of December 2022, the United States Census Bureau reported a 0.4% increase in the resident population, translating to a rise of 1,256,003 individuals, reaching a total of 333,287,557 in 2022. This growing resident population is expected to fuel the demand for earthmoving machinery as infrastructure needs expand.
Challenges arise due to the high capital and maintenance costs associated with earthmoving equipment, presenting potential hindrances to the market's growth. The substantial investment required for purchasing heavy earthmoving machinery, such as CAT bulldozers ranging from $250,000 to $2.2 million, poses a significant financial commitment for companies. Additionally, ongoing maintenance costs, driven by equipment downtime, further strain the financial resources of companies operating in the earthmoving sector. The elevated costs associated with equipment acquisition and maintenance are anticipated to limit the growth of the earthmoving market during the forecast period.
Key players in the market are strategically focusing on the introduction of innovative products that have gained popularity in recent years. An example of this trend is evident in the actions of Doosan Corporation, a Korea-based heavy machinery manufacturer. In April 2022, the company unveiled two new mini-excavators such as the DX27Z-7, weighing 2.8 tons, and the DX35Z-7, weighing 3.9 tons. Notably, both models comply with Stage V regulations, aligning with the latest emissions standards set by the European Union. Equipped with the Doosan D17 diesel engine, these excavators ensure compliance with Stage V standards, delivering 18.4 kW (24.7 HP) of power at 2400 and 2200 RPM for the DX27Z-7 and DX35Z-7, respectively.
Major companies in the earthmoving market are actively innovating new products, such as the 20-ton PC200-10M0 hydraulic excavator, with the aim of enhancing their profitability in the market. An illustrative case is the introduction of the PC200-10M0 hydraulic excavator by Komatsu, a Japan-based manufacturing company, in September 2021. Specifically designed for urban civil engineering work, these excavators boast optimal specifications suited for such tasks. Featuring a robust machine frame and durable key components crafted by Komatsu, the excavators exhibit exceptional durability, validated through extensive field testing. Additionally, they offer improved fuel efficiency and affordability, leading to reduced operational costs and increased profitability.
In August 2023, McCann Industries Inc., a construction equipment manufacturer based in the United States, successfully acquired Channahon Tractor LLC for an undisclosed sum. The newly formed branch of McCann Industries will specialize in offering sales and rental services for Kobelco and Takeuchi equipment, along with a range of used machinery. Furthermore, the facility will continue to prioritize the provision of parts and servicing for heavy equipment. Channahon Tractor LLC, the acquired entity, is a U.S.-based manufacturer specializing in heavy equipment.
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., Sany Heavy Industry Co. Ltd., IHI Corporation, Hitachi Construction Machinery Co. Ltd., Doosan Bobcat Inc., Zoomlion Heavy Industry Science and Technology Co. Ltd., J.C. Bamford Excavators Limited, Terex Corp., LiuGong Machinery Corp., Mitsui Engineering & Steel Co. Ltd., Wacker Construction Equipment AG, Nippon Kaihi Kogyo Co. Ltd., Shantui Construction Machinery Co. Ltd., Doosan Infracore Co. Ltd., Urban Arrowsmith Corporation, SANY America Inc., Jiangmen Jianghai Xiecheng Machinery Co. Ltd. Asia-Pacific was the largest region in the earthmoving market in 2023. Western Europe was the second-largest region in the global earthmoving market share. The regions covered in the earthmoving market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key equipment for earthmoving includes excavators, loaders, dump trucks, and other similar machinery. Excavators are commonly used for excavating foundations in construction or quarrying activities. These machines find applications across various sectors such as construction, underground projects, mining (both underground and surface), and other related industries. End-users of earthmoving equipment encompass construction, mining, agriculture, forestry, and other sectors.
The earthmoving market research report is one of a series of new reports that provides earthmoving market statistics, including earthmoving industry global market size, regional shares, competitors with an earthmoving market share, detailed earthmoving market segments, market trends, and opportunities, and any further data you may need to thrive in the earthmoving industry. This earthmoving market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The countries covered in the earthmoving market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The earthmoving machinery market consists of sales of backhoe loaders, bulldozers, skid-steer loaders, trenchers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Earthmoving Market Characteristics3. Earthmoving Market Trends and Strategies32. Global Earthmoving Market Competitive Benchmarking33. Global Earthmoving Market Competitive Dashboard34. Key Mergers and Acquisitions in the Earthmoving Market
4. Earthmoving Market - Macro Economic Scenario
5. Global Earthmoving Market Size and Growth
6. Earthmoving Market Segmentation
7. Earthmoving Market Regional and Country Analysis
8. Asia-Pacific Earthmoving Market
9. China Earthmoving Market
10. India Earthmoving Market
11. Japan Earthmoving Market
12. Australia Earthmoving Market
13. Indonesia Earthmoving Market
14. South Korea Earthmoving Market
15. Western Europe Earthmoving Market
16. UK Earthmoving Market
17. Germany Earthmoving Market
18. France Earthmoving Market
19. Italy Earthmoving Market
20. Spain Earthmoving Market
21. Eastern Europe Earthmoving Market
22. Russia Earthmoving Market
23. North America Earthmoving Market
24. USA Earthmoving Market
25. Canada Earthmoving Market
26. South America Earthmoving Market
27. Brazil Earthmoving Market
28. Middle East Earthmoving Market
29. Africa Earthmoving Market
30. Earthmoving Market Competitive Landscape and Company Profiles
31. Earthmoving Market Other Major and Innovative Companies
35. Earthmoving Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Earthmoving Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on earthmoving market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for earthmoving? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Equipment: Excavators; Loaders; Dump trucks; Other Equipment
2) By Application: Construction; Underground; Mining; Surface Mining
3) By End-user: Construction; Mining; Agriculture & forestry; Other End-Users
Key Companies Mentioned: Hyundai Heavy Industries Co. Ltd.; Caterpillar Inc.; Nippon Steel & Sumikin Engineering Co. Ltd.; Sumitomo Heavy Industries Ltd.; Deere & Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- 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.
- Sany Heavy Industry Co. Ltd.
- IHI Corporation
- Hitachi Construction Machinery Co. Ltd.
- Doosan Bobcat Inc.
- Zoomlion Heavy Industry Science and Technology Co. Ltd.
- J.C. Bamford Excavators Limited
- Terex Corp.
- LiuGong Machinery Corp.
- Mitsui Engineering & Steel Co. Ltd.
- Wacker Construction Equipment AG
- Nippon Kaihi Kogyo Co. Ltd.
- Shantui Construction Machinery Co. Ltd.
- Doosan Infracore Co. Ltd.
- Urban Arrowsmith Corporation
- SANY America Inc.
- Jiangmen Jianghai Xiecheng Machinery Co. Ltd.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 94.35 Billion |
Forecasted Market Value ( USD | $ 112.06 Billion |
Compound Annual Growth Rate | 4.4% |
Regions Covered | Global |
No. of Companies Mentioned | 29 |