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Global Earthmoving Equipment Market Size, Share, Growth, Trends, Price, Forecast: By Product Type: Excavators, Loaders, Dump Trucks, Others; By Application: Mining, Construction, Agriculture and Forestry, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Earthmoving Equipment Market Outlook
The global earthmoving equipment market attained a value of nearly USD 84.32 billion in 2023. The market is projected to grow at a CAGR of 2.7% between 2024 and 2032 to reach a value of around USD 107.16 billion by 2032.
Key Trends in the Market
Earthmoving equipment refers to a type of heavy-duty machinery designed for applications involving earthworks, such as the displacement of rock and soil. This equipment is generally used for digging up foundations or landscaping. Earthmoving equipment uses hydraulic drive as its primary motion source, which enables it to carry out heavy digging operations.
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- The thriving construction sector across developed and developing countries, supported by rising population, favourable government initiatives, and the rapid development of smart cities, is driving the demand for earthmoving equipment in applications like digging trenches and grading soil, among others.
- Leading heavy industrial machinery manufacturers are expanding their product portfolio and launching innovative earthmoving equipment like excavators for use in diverse applications, including mass excavation, large-site digging, and large-scale mining. This factor is one of the crucial earthmoving equipment market trends.
- The availability of earthmoving equipment rental services, along with the flexibility of online booking, is another key trend in the market for earthmoving equipment.
- Heightening demand for heavy-duty equipment, such as bulldozers, across the agriculture sector to facilitate various processes, like soil spreading, material transporting, and shallow digging, among others, is likely to aid the earthmoving equipment market growth in the forecast period.
Market Analysis
Based on product type, the market is divided into include excavators, loaders, and dump trucks, among others. On the basis of application, the market is classified into mining, construction, and agriculture and forestry, among others. The major regional markets for earthmoving equipment are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global earthmoving equipment market report, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Caterpillar Inc.
- Komatsu Ltd.
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
- Sany Heavy Industry Co., Ltd
- Deere & Company
- AB Volvo
- Liebherr-International Deutschland GmbH
- Hitachi Construction Machinery Co., Ltd.
- Sandvik AB
- Others
Market Share by Product Type
Loaders account for a significant portion of the earthmoving equipment market. This can be attributed to their high load-carrying capacity, versatility, and easy operability. Low operating costs of the equipment as compared to its counterparts, along with its growing availability in different sizes, are also boosting its demand.
In addition, the high load-carrying capacity of loaders enables them to carry out infrastructure construction activities quickly and efficiently, surging their demand across the construction sector.
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Market Share by Region
The Asia Pacific market for earthmoving equipment is likely to witness a healthy growth in the forecast period, owing to the large-scale investments in renovation activities in the region. The rapid development of parks, highways, roads, and railways across emerging economies such as India, China, and the Philippines, among others, is also fuelling the earthmoving equipment market growth.
Moreover, due to the strong foothold of leading companies, coupled with the economic growth of various countries, the demand for earthmoving equipment is likely to witness a heightened growth in the forecast period.
Competitive Landscape
Caterpillar Inc. is a leading manufacturer of construction and mining equipment. The product portfolio of this company also includes diesel and natural gas engines. It was founded in 1925 and is headquartered in Texas, the United States.
Komatsu Ltd. is an equipment manufacturing company which manufactures and sells construction, mining equipment, and forest and industrial machinery, among others. The company was established in 1921 and is headquartered in Tokyo, Japan.
Xuzhou Construction Machinery Group Co., Ltd. (XCMG) is a state-owned manufacturing company which sells construction equipment such as excavators and loaders. The company was founded in 1989 and is headquartered in Xu Zhou Shi, China.
Other market players include Sany Heavy Industry Co., Ltd, Deere & Company, AB Volvo, Liebherr-International Deutschland GmbH, Hitachi Construction Machinery Co., Ltd., and Sandvik AB, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Earthmoving Equipment Market Analysis
8.1 Key Industry Highlights
8.2 Global Earthmoving Equipment Historical Market (2018-2023)
8.3 Global Earthmoving Equipment Market Forecast (2024-2032)
8.4 Global Earthmoving Equipment Market by Product Type
8.4.1 Excavators
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Loaders
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Dump Trucks
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Earthmoving Equipment Market by Application
8.5.1 Mining
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Construction
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Agriculture and Forestry
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Earthmoving Equipment Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Earthmoving Equipment Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Earthmoving Equipment Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Earthmoving Equipment Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Earthmoving Equipment Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Earthmoving Equipment Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Caterpillar Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Komatsu Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Sany Heavy Industry Co., Ltd
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Deere & Company
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 AB Volvo
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Liebherr-International Deutschland GmbH
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Hitachi Construction Machinery Co., Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Sandvik AB
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Earthmoving Equipment Market: Key Industry Highlights, 2018 and 2032
2. Global Earthmoving Equipment Historical Market: Breakup by Product Type (USD Billion), 2018-2023
3. Global Earthmoving Equipment Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
4. Global Earthmoving Equipment Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Earthmoving Equipment Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Earthmoving Equipment Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Earthmoving Equipment Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Earthmoving Equipment Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Earthmoving Equipment Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Earthmoving Equipment Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Earthmoving Equipment Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Earthmoving Equipment Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Earthmoving Equipment Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Earthmoving Equipment Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Earthmoving Equipment Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Earthmoving Equipment Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Earthmoving Equipment Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Earthmoving Equipment Market Structure
Key Questions Answered in the Report
The market reached a value of nearly USD 84.32 billion in 2023.
The market is estimated to grow at a CAGR of 2.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 107.16 billion by 2032.
The thriving construction sector across developed and developing countries, the increasing demand for heavy industrial machinery from the agriculture sector, and the growing demand for earthmoving equipment across various end use sectors, including mining, are the major drivers of the market.
The key trends in the market include the rising demand for loaders, surging infrastructure development activities, and increasing investments by heavy industrial machinery manufacturers towards expanding their product portfolio.
Excavators, loaders, and dump trucks, among others, are the different product types considered in the market report.
Mining, construction, and agriculture and forestry, among others, are the major applications of earthmoving equipment.
Caterpillar Inc., Komatsu Ltd., Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Sany Heavy Industry Co., Ltd, Deere & Company, AB Volvo, Liebherr-International Deutschland GmbH, Hitachi Construction Machinery Co., Ltd., and Sandvik AB, among others, are the key earthmoving equipment market players.
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