Earth moving equipment or also referred to as heavy equipment is heavy-duty vehicles designed for execution of construction tasks that mainly revolve around earthwork operations or other large construction tasks. Different types of heavy-duty vehicles are used in earthwork operations including crawlers, wheeled excavators, backhoe loaders, wheeled tractors, bulldozers, skid steer loaders, motor graders, etc. Furthermore, mini excavators are used to digging the surface or for demolition purposes. These excavators are smaller than other types therefore, used for small to medium-sized projects. Backhoe loaders or mechanical excavator whose bucket is attached by a hinge to a two-part arm and is drawn back to the machine when in operation.
The global Earth Moving Equipment Market was accounted for US$ 137444.1 Mn in terms of value and 970,199 Units in terms of volume in 2019 and is expected to grow at CAGR of 7.1% for the period 2020-2027.
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Growing infrastructure projects such as railway, dams, highways, bridges, and roads are major factors boosting the demand for earth moving equipment. For instance, there are numerous ongoing infrastructure projects including Panama canal expansion, Gujarat International Finance Tech City (India), Hudson Yards Redevelopment Project (U.S.), Riyadh Metro (Saudi Arabia), Khazar Islands (Azerbaijan), Al Maktoum Airport (UAE), Jubail II (Saudi Arabia), Dubailand (UAE), South to North Water Transfer Project (China), and London Crossrail Project (UK). Thus, these factors are expected to drive growth of the global earth moving equipment market during the forecast period. In emerging economies such as Argentina, India, Brazil, and China, urbanization has increased significantly in the recent past. With the support of government in providing loans, an increase in FDI, and subsidies, the construction of commercial spaces is increasing day by day. Furthermore, increasing in population combined with demand for residential areas are other factors expected to propel the global earth moving equipment market growth in the near future.
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Key companies covered in the Global Earth Moving Equipment Market includes Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Terex Corporation, Volvo Construction Equipment, Liebherr Group, Deere & Company Xuzhou Construction Machinery Group Co. Ltd., Larsen & Toubro, Sany Heavy Industry Co Ltd., and Doosan Corporation.
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