Earthmoving Equipment Market: Regional and Competitive Landscape

Earthmoving Equipment Industry Overview

The global earthmoving equipment market size was valued at USD 58.92 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. Increasing infrastructure development activities in developing countries and a rise in commercial and industrial construction activities is the primary factor expected to drive the growth of the global earthmoving equipment market. Countries such as India, China, and Australia are focused on improving the present infrastructure by initiating multiple projects related to roadway development, airport development, etc. This increasing infrastructure development activities and industrial construction projects call for heavy earthmoving equipment, such as excavators, loaders, dump trucks, etc. This machinery aids in tasks such as foundation digging, land leveling, and the transportation of heavy materials providing contractors an edge to overcome limitations pertaining to operations and time limitations.

Gather more insights about the market drivers, restrains and growth of the Earthmoving Equipment Market

The global demand for earthmoving equipment is also fueled by rapid urbanization. Urbanization involves the growth and expansion of cities and urban areas, which creates the need for infrastructure development and other construction activities. These changes in population lead to other changes in land use, economic activity, and culture. Various government initiatives undertaken for the development of infrastructure, coupled with increasing investments in the construction industry, are projected to drive consumption. For instance, in July 2022, the UAE government planned to invest AED 6,262.8 million (USD 23 billion) in infrastructure development. Hence, the rapid urbanization and population growth in various regions require the construction of residential and commercial buildings to accommodate the expanding population. As a result, these factors contribute to the growing demand for the earthmoving equipment market.

However, the high costs associated with purchasing and maintaining earthmoving equipment machines can deter potential buyers, especially Small and Medium-sized Enterprises (SMEs). The capital-intensive nature of the earthmoving equipment market restricts its growth and limits the accessibility of earthmoving equipment for these players. Furthermore, the increasing popularity of renting earthmoving equipment poses a significant challenge for OEMs. Renting offers access to high-quality equipment without substantial initial investments, reducing financial risks. Customers prefer flexible rental options that eliminate long-term ownership and maintenance costs. As rentals become more cost-effective and available, customers opt for them instead of outright purchases, resulting in decreased sales volume and revenue for OEMs. Adapting to these changing customer preferences is crucial for OEMs to meet evolving earthmoving equipment market demands.

The growing emphasis on environmental concerns and stricter regulations is fueling the demand for eco-friendly earthmoving equipment market. The industry is experiencing a notable transition towards electric and hybrid-powered equipment, effectively reducing carbon emissions and minimizing noise pollution at construction sites. Manufacturers are actively investing in research and development endeavors to enhance the energy efficiency and sustainability of earthmoving equipment. This trend presents a significant opportunity for companies to provide greener alternatives and distinguish themselves in the market. For instance, in June 2023, Volvo Group announced a collaboration with Heidelberg Materials, a building materials company. The collaboration aims to reduce carbon emissions in the construction industry by collaboratively researching and innovating approaches to address loading and hauling requirements using electric vehicles and associated solutions.

Browse through Grand View Research's Category HVAC & Construction Industry Research Reports.

• The global land survey equipment market size was estimated at USD 9.06 billion in 2023 and is expected to grow at a CAGR of 5.9% from 2024 to 2030.The global surge in construction and infrastructure projects is a major growth driver. Governments and private sectors are investing heavily in the development of roads, bridges, airports, and other public utilities.

• The global lawn mowers market size was valued at USD 32.31 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2030. Increasing awareness of environmental concerns is leading to a demand for eco-friendly, electric, and battery-powered mowers, reducing reliance on traditional gas-powered models.

Order a free sample PDF of the Earthmoving Equipment Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.