Earthmoving Equipment Industry Observes Rising Growth Potentials in Excavators - Grand View Research, Inc.
SAN FRANCISCO, June 7, 2023 /PRNewswire/ -- The global earthmoving equipment industry size stood at USD 85.8 billion in 2022 and is poised to depict a CAGR of 6.7% from 2023 to 2030, according to "Earthmoving Equipment Industry Data Book, 2023 – 2030," published by Grand View Research. While an exponential rise in construction activities has spiked equipment demand, it is the emergence of environmentally friendly services, electro mobility, digitization, autonomous machinery and telematics that has unlocked opportunities galore for stakeholders. The footprint of 5G technology has streamlined remote operations of heavy equipment, prompting forward-looking players to invest in bespoke solutions across excavators, loaders and dumpers.
Bullish demand for modern and advanced infrastructure has made excavators one of the most ubiquitous pieces of equipment. Expanding applications in heavy lifting, excavation, landscaping, demolition, mining, grading and dredging have furthered the penetration of the heavy machine. Of late, investments in zero-emission vehicles have become prevalent to build a sustainable construction future. For instance, in March 2022, VOLVO CE introduced a battery electric compact excavator in the Asian market. The global excavator market size was valued at USD 40 billion in 2022 and will depict a CAGR of 7.2% through 2030. The bullish outlook is partly attributed to the trend shifting towards more sustainable construction solutions.
The construction sector has furthered investments in loaders that align with modern construction practices. To illustrate, electro-hydraulic controls have garnered popularity for enhancing performance, ease of operation and comfort. End-users have exhibited an inclination for backhoe loaders for filling up & digging trenches, while focus on the optimized driveline, attachments and compact design has also surged. The global loader market size garnered USD 32.9 billion in 2022 and is slated to expand at a CAGR of 4.1% till 2030. Industry players expect medium and large-scale construction sites to exhibit heightened demand for the machine.
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The underlying opportunities and trends that are poised to redefine the global landscape are delineated below:
- The rising penetration of smart cities has prompted forward-looking companies to inject funds into the dumper.
- Dozers will witness investment galore on the back of a growing footprint of real estate, metros, rail projects and highways.
- Motor graders will be sought due to the prevalence of attachments in the construction and mining sectors.
- The Asia Pacific market will observe investment abound against the backdrop of burgeoning urbanization, upgradation of existing infrastructure and construction of new ones.
- The construction industry in Europe will surge on the heels of the Russia-Ukraine war that has augmented the need for reconstruction activities, especially in Eastern Europe.
Incumbent players are slated to up their penetration in North America as the advanced economies exhibit buoyant demand for backhoe loaders. Manufacturing and mega infrastructure projects to foster decarbonization will bode well for the regional outlook. Besides, the U.S. Inflation Reduction Act has impelled market growth as it incentivizes and funds a sustainable approach to construction. Penetration of machines with lower embodied greenhouse gas emissions will soar with the Act pouring USD 350 million to help stakeholders reduce GHG emissions.
The competitive scenario alludes to investments in technological advancements, machine launches of eco-friendly solutions, innovations, geographical expansion, mergers & acquisitions and partnerships. To illustrate, in June 2022, Liebherr Mining suggested introducing a hydraulic excavator in October, while it would also present low carbon emission solutions for mining trucks at Bauma 2022. Meanwhile, in August 2021, Hyundai Heavy Industries completed the acquisition of Doosan Infracore, while in January 2023, the latter was rebranded as DEVELON.
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