Earthmoving Equipment Market Overview:
The purpose of this study is to provide an in-depth analysis of the Earthmoving Equipment market by segments, industry, and geography. The study provides detailed information on the major factors influencing the growth of the Earthmoving Equipment industry. The study also provides a thorough examination of the market's value chain.
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Global Earthmoving Equipment Market size was valued at US$ 80 Bn. in 2020 and the total revenue is expected to grow at 2.01% through 2021 to 2027, reaching nearly US$ 92 Bn.
Market Scope:
The research method used to assess and forecast the Earthmoving Equipment market begins with gathering revenue data from key suppliers using secondary research sources. When defining market segmentation, vendor offerings are also considered. Using the bottom-up method, the income of major corporations was utilized to assess the total size of the Earthmoving Equipment market.
Drivers:
The high demand for earthmoving equipment has been primarily driven by new megaprojects around the globe, with 1.1 million units of earthmoving equipment and heavy construction machinery expected to be sold globally by 2023. Mega-construction projects, like Dubailand in the United Arab Emirates, which will cost $64 billion and be completed in 2025, are now concentrated in the Middle East.
As a convenient way for the contractor to lease the equipment for a set period of time without depleting the project's financial resources as well as a profitable option for the lender, the rental market for earthmoving equipment has been booming, expected to reach US$103 billion in 2020.
Segmentation:
Excavators currently hold the majority of the market share in the Earthmoving Equipment market segment by product, with total revenue of 48.36 billion in 2020 and a CAGR of 4.7%, and expected to reach 66.70 billion. Due to their multipurpose functionality and variety of product types, including a crawler, wheeled, and short swing radius excavator, excavators are widely used in heavy construction sites. Sany Heavy Industry Limited outsells major corporations like JCB and Caterpillar in 2020 by selling 98,705 units globally and capturing 15% of the market. The other market segment for earthmoving equipment, which has less market share and limited functionality, includes pile drivers, compactors, and trenchers.
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Key Players: the key players are:
• Volvo CE
• Caterpillar Inc.
• Komatsu Limited
• Doosan Co.
• Hitachi Construction Machinery Co.
• Liebherr Group
• JCB
• Hyundai Construction Equipment Co. Ltd.
• Sany Heavy Industry Limited
• Terex Corporation
• CNH Heavy Industries Co. Ltd.
• Deere and Company
• Kobelco Construction Machinery Co. Ltd.
• Mitsubishi Heavy Industries Ltd.
• Zoomlion Heavy Industry Science & Technology Co. Ltd.
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Regional Analysis:
Market share information for North America, Europe, Asia-Pacific, the Middle East, and Africa, and South America are available separately. Maximize analysts assess competitive strengths and conduct competitive analysis on each rival separately.
COVID-19 Impact Analysis on Earthmoving Equipment Market: The detailed review of COVID-19 impact on the Earthmoving Equipment market based on import, suppliers, ket players have also been included in the Earthmoving Equipment market report.
Key Questions Answered in the Earthmoving Equipment Market Report are:
- Which segment had the largest share in the Earthmoving Equipment market?
- How is the competitive landscape of the Earthmoving Equipment market?
- Which are the key factors impacting the Earthmoving Equipment market growth?
- Which region has the maximum share in the Earthmoving Equipment market?
- What will be the CAGR of the Earthmoving Equipment market during the forecast period (2021-2027)?
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