Earthmoving Equipment Market to Rise due to Growing Demand for Infrastructure Construction
Market Research Future (MRFR) has released a new report on the global Earthmoving Equipment Market Size. The report discusses the segmentation of the global earthmoving market in order to present to readers a comprehensive picture of the market’s current conditions, in addition to an extensive analysis of the market’s drivers and restraints and other economic factors affecting its growth over the forecast period (2022-2030). The report delivers key ideas to readers about the likely development trajectory of the global earthmoving equipment market and how they stand to prosper from the market’s movement.
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Earthmoving equipment is a vital necessity in construction activities, wherein it is used to remove a layer of soil to make way for the foundations of a new building. Digging foundations and then transporting the consequent pile of mud to the desired location is the prime objective for earthmoving equipment.
The growing construction industry is the major driver for the global earthmoving equipment market over the forecast period. In particular, the demand for new infrastructure construction is a major driver for the earthmoving equipment market. Urban communities around the world are stepping up their demand for new infrastructure to fulfill their diverse needs, which has led to a growing demand for infrastructure construction. Governments around the world have got in on the act, with several initiatives that advance the cause of infrastructure construction and updation, thus driving the global earthmoving equipment market. The global earthmoving equipment market is also likely to rise due to the growing need to construct roads and other transportation infrastructure in emerging countries across the world, which is a prime catalyst for economic growth and development.
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Segmental Analysis:
The global earthmoving equipment market is segmented by product, application, and region.
By product, the global earthmoving equipment market is segmented into loaders, excavators, construction tractors, and others.
By application, the global earthmoving equipment market is segmented into construction, mining, digging, and others.
Regional Analysis:
The global earthmoving equipment market is segmented into North America, Europe, Asia Pacific, and rest of the world. Asia Pacific is expected to dominate the global earthmoving equipment market over the forecast period due to the growing infrastructure and residential construction activities in rapidly developing economies such as China. China has undertaken several major infrastructure projects over the last few years, which are likely to take several years till completion. This is expected to be a major driver for the earthmoving equipment market over the forecast period, as it plays a crucial role in all construction activities. India, Malaysia, Australia, Thailand, and Indonesia are also likely to be major contributors to the Asia Pacific earthmoving equipment market over the forecast period.
Europe is likely to be a major contributor to the global earthmoving equipment market over the forecast period due to the strong presence of several construction industry giants in the region and growing construction activities. European countries such as England, France, and Germany are home to several major construction equipment manufacturers in the world, which is likely to give a boost to the European earthmoving equipment market.
North America is likely to constitute the smallest share in the global earthmoving equipment market due to the economic uncertainty in the region.
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Competitive Analysis:
Leading players in the global earthmoving equipment market include Bobcat Company, Bharat Earth Movers Limited, Case Construction Equipment, Track Marshall, The Liebherr Group, Atlas Kopco, Ingersoll Rand Inc., New Holland Construction, Hitachi Construction Machinery Co. Ltd., and Volvo Construction Equipment.
E&J Construction, another leading player in the global earthmoving equipment market, recently acquired a new SANY SY750H excavator from Goscor Earth Moving. This excavator is expected to be used on a coal strip-mining engagement in Mpumalanga, South Africa.
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