Earthmoving Equipment Market To Reach $96.71 Billion By 2030

Earthmoving Equipment Market Growth & Trends

The global earthmoving equipment market size is expected to reach USD 96.71 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2023 to 2030. The global demand for earthmoving equipment is propelled by rapid urbanization and the necessity for modern infrastructure. Governments worldwide are investing substantially in infrastructure projects, including roads, bridges, airports, and railways. For instance, in May 2023, in the U.S. government announced funding of over USD 220 billion for over 32,000 projects across the U.S. As part of the Investing in America agenda, the administration is rebuilding the bridges & roads, cleaning up legacy pollution, high-speed internet, and replacing lead pipes to provide clean water. Such government initiatives increase the demand for earthmoving equipment in the country. Additionally, the accelerated urbanization and population growth in various regions necessitate the construction of residential and commercial buildings to accommodate the expanding population.

However, the growing popularity of earthmoving equipment rentals presents a significant challenge for Original Equipment Manufacturers (OEMs). Renting provides access to top-notch equipment without significant initial investments, reducing financial risks. Customers prefer flexible rental options that eliminate long-term ownership and maintenance costs. Adapting to these shifting customer preferences is crucial for OEMs to meet evolving market demands. Furthermore, the exorbitant expenses associated with acquiring and upkeeping earthmoving equipment can dissuade potential buyers, particularly Small and Medium-sized Enterprises (SMEs). The industry’s capital-intensive nature hampers its expansion and hinders SMEs' access to earthmoving equipment.

Increasing environmental concerns and stricter regulations drive the demand for eco-friendly market. This shift prompts the industry to adopt electric and hybrid-powered equipment, reducing carbon emissions and decreasing noise pollution at construction sites. Manufacturers invest in research and development to improve earthmoving equipment's energy efficiency and sustainability. This trend offers significant opportunities for companies to offer greener alternatives and differentiate themselves in the market. For instance, in February 2023, CNH Industrial N.V. announced an agreement with TOBROCCO-GIANT, a construction equipment company based in the Netherlands. Under the agreement, the TOBROCCO-GIANT’s compact and sub-compact wheel loaders will be supplied under CNH Industrial N.V.’s brands: New Holland Construction and CASE Construction Equipment in North America.

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Earthmoving Equipment Market Report Highlights

• Amongst the product, loaders segment is expected to register the highest CAGR over the forecast period. The segment includes wheeled, skid-steer loaders, etc. Countries in Asia, Africa, and Latin America are investing heavily in the construction, agriculture, and mining sectors, driving the demand for loaders

• Amongst the engine capacity, up to 250 HP segment is expected to register the highest CAGR over the forecast period. These machines provide the necessary power and versatility to operate in challenging forest environments, improving efficiency and safety

• Amongst the type, the electric segment is anticipated to register the highest CAGR over the forecast period. One of the primary advantages of electric engines is their contribution to environmental sustainability. By replacing ICEs with electric motors, earthmoving equipment can significantly reduce greenhouse gas emissions and air pollution

• Asia Pacific region is anticipated to register the highest CAGR over the forecast period. Asia Pacific is witnessing an extensive surge in infrastructure development, driven by the need to accommodate increasing urban populations and support economic growth

• Companies are undertaking M&A activities to accommodate the changing technological trends in the industry. Further strategic expansions, heavy investments in R&D, and new product development have been adopted to bridge the gap in the geographical constraints, end-use requirements, and product offerings. For instance, in April 2022, Doosan Corporation introduced DX27Z-7 2.8-ton and DX35Z-7 3.9-ton Stage V mini-excavators. These models have a greater operating range than the prior generation equipment, competing mini excavators in the market, and stronger lifting capacity and digging forces. These launches have enabled the company to cover a wide range of applications.

Earthmoving Equipment Market Segmentation

Grand View Research has segmented the global earthmoving equipment market based on product, engine capacity, type, and region.

Earthmoving Equipment Product Outlook (Revenue, USD Million; Volume, Units; 2018 - 2030)

• Dozer

  • Vehicle Weight

    • <10

    • 11 to 45

    • 46>

  • Engine Capacity

    • Up to 250 HP

    • 250-500 HP

    • More than 500 HP

  • Type

    • Wheel

    • Crawler

  • Drive Type

    • ICE

    • Electric

• Excavator

  • Vehicle Weight

    • <10

    • 11 to 45

    • 46>

  • Engine Capacity

    • Up to 250 HP

    • 250-500 HP

    • More than 500 HP

  • Type

    • Wheel

    • Crawler

  • Drive Type

    • ICE

    • Electric

• Loader

  • Type

    • Backhoe Loaders

    • Skid Steer Loaders

    • Crawler/Track Loaders

    • Wheeled Loaders

  • Drive Type

    • ICE

    • Electric

• Motor Grader

  • Vehicle Weight

    • <10

    • 11 to 45

    • 46>

  • Engine Capacity

    • Up to 250 HP

    • 250-500 HP

    • More than 500 HP

  • Drive Type

    • ICE

    • Electric

• Dump Truck

  • Engine Capacity

    • Up to 250 HP

    • 250-500 HP

    • More than 500 HP

  • Vehicle Type

    • Rigid Frame

    • Articulated Frame

  • Drive Type

    • ICE

    • Electric

Earthmoving Equipment Engine Capacity Outlook (Revenue, USD Million; 2018 - 2030)

• Up to 250 HP

• 250-500 HP

• More than 500 HP

Earthmoving Equipment Type Outlook (Revenue, USD Million; 2018 - 2030)

• ICE

• Electric

Earthmoving Equipment Regional Outlook (Revenue, USD Million; Volume, Units; 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa (MEA)

  • U.A.E.

  • Saudi Arabia

  • South Africa

List of Key Players in the Earthmoving Equipment Market

• AB Volvo

• BEML LIMITED.

• Bobcat Company

• Caterpillar

• CNH Industrial N.V.

• Deere & Company

• Doosan Corporation

• Hitachi Construction Machinery Co., Ltd.

• Hyundai Construction Equipment Co., Ltd.

• J C Bamford Excavators Ltd.

• Kobelco Construction Machinery Co. Ltd

• Komatsu Ltd.

• LIEBHERR

• SANY Group

• Sumitomo Heavy Industries, Ltd.

• Terex Corporation

• XCMG Group

• Zoomlion Heavy Industry Science&Technology Co., Ltd