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Earthmoving Global Market Report 2023
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New York, Feb. 23, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Earthmoving Global Market Report 2023” – https://www.reportlinker.com/p06282462/?utm_source=GNW
Ltd, Caterpillar Inc, Komatsu, and Bobcat Company.
The global earthmoving market will grow from $95.2 billion in 2022 to $100.06 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The earthmoving market is expected to grow to $116.99 billion in 2027 at a CAGR of 4.0%.
The earthmoving machinery market consists of sales of backhoe loaders, bulldozers, skid-steer loaders, trenchers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Earthmoving machinery refers to any piece of heavy machinery that can move and grade soil and rock.
Asia Pacific was the largest region in the earthmoving market in 2022.Western Europe was the second-largest region in the earthmoving market.
The regions covered in the earthmoving report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main equipment for earthmoving is excavators, loaders, dump trucks, and other equipment.Excavator refers to a workman who excavates for foundations of buildings or quarrying.
The various applications involved are construction, underground, mining, and surface mining. The various end-users included are construction, mining, agriculture and forestry, and other end-users.
The rising urban population generating higher demand for better infrastructure is expected to propel the earthmoving market over the coming years.The increase in the urban population contributes to the demand for improved and advanced infrastructure.
According to The International Institute for Environment and Development, the world’s urban population has increased to 4.4 billion in 2020. Furthermore, according to United Nations, Department of Economic and Social Affairs the proportion is expected to reach 68% by the end of 2050. This four-fold growth creates a need for more infrastructure, increased urban development, and more building activities to accommodate people. Thus, propels the demand for construction equipment including earthmoving, as these machines are used for land clearing, lifting, and other heavy work.
High capital and maintenance costs associated with earthmoving equipment are expected to hinder the market.Earthmoving equipment is a heavy machine that a company has to invest extensively to purchase.
For instance, the cost of CAT bulldozers ranges from $250,000 to $2.2 million. The following major expense that the company faces is maintenance, which is the result of the downtime of the equipment in the company. The financial burden increases on the company due to high equipment and maintenance costs. Thus, the high cost of equipment is expected to further limit the growth of the earthmoving market during the forecast period.
Major players operating in the market are concentrating on introducing new technological innovations which are gained popularity over recent years.Companies manufacturing earth-moving equipment are focusing on incorporating 5G cellular technology to advance remote operation toward real-time control.
The ultra-low latency of 5G enables systems controlling a vehicle to react sooner, such as during braking or turning, vastly improving safety on the Jobsite.The 5G network also promises to advance artificial intelligence, virtual reality as well as IoT technologies for better remote control and connectivity.
For instance, in March 2020, Zoomlion Heavy Industry Science and Technology Co., a Chinese producer of engineering and agricultural equipment launched two G-series hydraulic excavator flagship products the ZE75G and ZE215GLC with 5G technology incorporated.
In March 2020, K-Tec Earthmovers Inc. (K-Tec), a Canadian company that manufactures efficient earthmoving scrapers for construction and mining sites merged with Ashland Industries (Ashland), a manufacturer of earthmoving equipment. The merged company will have manufacturing and service locations in Rosenort, Manitoba, Canada, and Ashland, Wisconsin, United States. The merger allows both companies to offer an extensive product line of earthmoving scrapers in the industry. The combination also expects to provide shorter lead times for customers and accelerated product design and launch. Ashland Industries (Ashland) is a US-based manufacturer of earthmoving equipment for the agricultural, industrial, and construction sectors.
The countries covered in the earthmoving market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The earthmoving market research report is one of a series of new reports that provides earthmoving market statistics, including earthmoving industry global market size, regional shares, competitors with an earthmoving market share, detailed earthmoving market segments, market trends, and opportunities, and any further data you may need to thrive in the earthmoving industry. This earthmoving market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06282462/?utm_source=GNW
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