Earthmoving Equipment Market worh USD 192.45 Billion by 2023: Global Market Insights, Inc.

“Global earthmoving machinery market share is consolidated in nature. Major companies include Caterpillar, Volvo, Komatsu, Liebherr, Hitachi, Doosan, John Deere, etc.”
The report “Earthmoving Equipment Market Size By Application (Construction, Underground Mining, Surface Mining), By Product (Loaders, Excavators), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, China, Japan, India, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023”, The Earthmoving equipment market size was USD 104.97 billion in 2015 with revenue estimates of USD 192.45 billion by 2023, at 7.9% CAGR during the forecast period (2016–2023)

Growing adoption in the commercial sector, favorable Government initiatives and growing transport infrastructure development worldwide will drive the Global Earthmoving Machinery Market size.

Global Market Insights has announced the addition of a new market study based on the Earthmoving equipment market. The report analyzes the restrainers, drivers and challenges of the market, future growth potentials and its impact on the demand shaping the market during the predicted period from 2015 to 2023.

Excavators will continue to be the most attractive equipment with more than 9% CAGR from 2016 to 2023. Real-time monitoring features for identyfying and supervising system failure are expected to drive demand.

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The multifunction equipment is preferred over single-function equipment for saving the cost. This also reduces the time and labor required to accomplish the task with improved efficiency and extended productivity as added advantages. Rising investments in R&D to discover solutions to enhance product offerings will propel the market.

Earthmoving machinery is mainly applied in the construction industry. The construction industry is predicted to maintain its dominance, with more than 60 % of the Earthmoving machinery market share. Excavator are used in surface level and below ground operations. Rising demand in factories and manufacturing facilities will drive the excavator segment growth. Obtaining construction equipment on rent or lease is a rising trend. The construction equipment rental market is predicted to exceed USD 85 billion by 2023.

In Private and Government sectors, increasing demand for technologically advanced solutions, featuring better material handling and improved fuel efficiency combined with lower emissions and safety is expected to propel the market worldwide. Europe earthmoving equipment market share will remain steady, with revenue forecast to exceed 43 billion in predicted timeframe.

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The growing trend towards the usage of used heavy machinery across numerous countries may prove to be a threat to the new products that are to be launched in the segment. Increasing expenditure on infrastructure activities is also forecast to escalate demand, notably over the coming years.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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