In a very short span of time, major Chinese manufacturers, SANY Group, Guangxi LiuGong Machinery Co., Ltd. and Zoomlion Heavy Industry Science and Technology Co., Ltd., positioned themselves in the top 10 global construction equipment manufacturers’ list.
According to a new market report published by Credence Research Inc “Earthmoving equipment Market– Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2026,” the global earthmoving equipment market expected to witness significant growth throughout the forecast period with resurgence in the global construction industry. The global market for earth moving equipment was valued at US$ 81.5 Bn in 2017 and expected to cross US$ 145 Bn by 2026 at a CAGR of 7.0% from 2018 to 2026.
Browse the full report at http://www.credenceresearch.com/report/earthmoving-equipment-market
Effect of financial crisis is reduced considerably and global economy is building momentum with improving credit conditions which is encouraging countries across the world to invest significant amount in infrastructure development projects to support their economic development. In addition, increasing urbanization and rising population in major cities will increase residential constructions globally. Leading earthmoving equipment manufacturers are focusing on development of advance solutions to improve efficiency and productivity of earthmoving equipment. End-users of earthmoving equipment are replacing their outdated machineries and equipment with advanced multifunctional solutions as they offer better productivity and efficiency. All these factors represents a positive outlook for earthmoving equipment market throughout the forecast period from 2018 to 2026.
In 2017, Asia Pacific accounted for the largest market share in the global earthmoving equipment market. The region is expected to maintain its dominating position and also expected to be the fastest growing market for earthmoving equipment over the forecast period. This growth is primarily driven by the increasing investment by India and Southeast Asia in road, urban infrastructure, railways and ports, and irrigation projects to support their economic growth. In addition, output of construction industry in China increased by 5% in 2016 compared to 2015, as government invested significant amount in infrastructure development and relaxed construction regulation and credit policies. The construction industry in the U.S. is recovering rapidly from the sharp economic slowdown during financial crises.
Wheeled/crawler loader is the largest equipment category in the overall earthmoving equipment market by type. The segment is expected to maintain its dominating position with its increasing deployment in Asia Pacific and Middle East & Africa (MEA). In addition, end-users in developed markets are replacing their traditional loaders with advanced loaders integrated with real-time monitoring solutions for better efficiency and output. Backhoe loader is predicted to be the fastest growing segment in the overall earthmoving equipment market by type. As backhoe loader is a highly versatile machine and capable of performing multiple jobs including loading, digging, excavating, demolitions, breaking asphalt, transporting materials, laying roads and levelling, they are replacing excavators and bulldozers in construction, mining and agricultural applications.
The global earthmoving equipment market is highly competitive and dominated by established players including Caterpillar Inc, Komatsu Ltd, Hitachi Construction Machinery Co. Ltd, Volvo Group, Liebherr Group, SANY Group, Guangxi LiuGong Machinery Co., Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., Terex Corp, Doosan Infracore, Deere & Company, XCMG Group and others. Manufacturers from North America and Europe are feeling the heat from Chinese manufacturer as they are rapidly expanding in international markets.