SELBYVILLE, Del., September 29, 2020 (Newswire.com) - Global Market Insights, Inc. has recently added a new report on the earthmoving equipment market, which estimates the market valuation for earthmoving equipment will cross US $91 billion by 2026. The market is anticipated to grow rapidly, owing to the increasing deployment of advanced earthmoving equipment in construction and mining applications. Increasing awareness related to worker safety and the requirements for the fast completion of projects is driving the adoption of earthmoving machines.
The market growth of earthmoving equipment is restricted due to the escalating spread of the COVID-19 pandemic across the globe. Several large construction projects have been suspended due to a shortage of capital, labor, and raw materials. However, the earthmoving equipment market is expected to grow with the reduction of the pandemic impact in the second half of 2021.
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The backhoe segment is expected to witness a steady demand in the earthmoving equipment industry. The growth can be attributed to the increasing deployment of backhoes in digging applications for roadbuilding purposes. Increasing investments in the development of road infrastructure across the globe are driving the segment share. For instance, in March 2019, the Indian government announced its plans to invest approximately USD 15 billion in the development of national highways in the country.
The European earthmoving equipment market is forecast to witness rapid growth due to the increasing public infrastructure construction activities in countries including Germany, Italy, the UK, and France. For instance, in November 2019, the government of Germany announced the opening of a new bridge connecting the German regions of Hunsrück and Eifel. The government invested an amount of approximately USD 535 million for the construction of this bridge.
Leading players in the market are engaged in establishing strategic partnerships and collaborations with other industry players to gain a competitive edge in the industry. For instance, in June 2020, Doosan Bobcat announced its partnership with Ainstein AI, Inc. to develop radar sensing systems for its earthmoving and construction equipment. This sensing technology integrated with Bobcat equipment will aid users to detect objects on construction sites.
Browse key industry insights spread across 160 pages with 111 market data tables and 21 figures and charts from the report, "Earthmoving Equipment Market Share & Forecast, 2020-2026" in detail, along with the table of contents:
Some major findings in the earthmoving equipment market report include:
- Rapidly growing industrialization and urbanization have led to an increasing number of infrastructure projects, augmenting the demand for earthmoving equipment across the globe.
- The positive outlook of underground and surface mining industries in developing economies is expected to support the demand for excavators, compacting equipment, dozers, and motor graders. Increasing private sector investments in mining projects will further augment the market size.
- The Latin America earthmoving equipment is anticipated to grow steadily owing to the increasing government investments in the development of the manufacturing sector.
- Earthmoving equipment industry players are laying an emphasis on strategic product launches and partnerships to increase their market share and expand their business operations.
Key players operating in the earthmoving equipment market include Bobcat, Komatsu, Ltd., Caterpillar, Hitachi Construction Machinery Company, Terex Group, Sany Group, XCMG, and Kobelco Construction Machinery Co.
Browse the complete report's table of contents at https://www.gminsights.com/toc/detail/earthmoving-equipment-market
Partial chapters of the report's table of contents (TOC):
Chapter 2. Executive Summary
2.1. Earthmoving equipment industry 360° synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 on earthmoving equipment industry landscape
3.2.1. Global outlook
3.2.2. Regional impact
18.104.22.168. North America
22.214.171.124. Latin America
3.2.3. Industry value chain
126.96.36.199. Research & development
3.2.4. Competitive landscape
188.8.131.52. Distribution network
184.108.40.206. Business growth
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Technology providers
3.3.4. End-use landscape
3.3.5. Distribution channel analysis
3.3.6. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. North America
3.5.4. Latin America
3.6. Industry impact forces
3.6.1. Growth drivers
220.127.116.11. Government investments in infrastructure development in North America
18.104.22.168. Growing demand for technologically advanced equipment in Europe
22.214.171.124. Rapidly growing urbanization & industrialization in Asia-Pacific
126.96.36.199. Positive outlook of mining industry in Latin America
188.8.131.52. Smart city development initiatives in MEA
3.6.2. Industry pitfalls & challenges
184.108.40.206. High initial and maintenance cost of earthmoving equipment
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. PESTEL analysis
Browse related report:
Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
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