According to the latest report, titled “Earthmoving Equipment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast’ the India facility management market is expected to exhibit a Huge CAGR during the Forecast Period. The global earthmoving equipment market size stood at USD 69.85 billion in 2018 and is projected to reach USD 84.24 billion by 2026, exhibiting a CAGR of 2.4% during the forecast period
This COVID-19 analysis of the report includes COVID-19 IMPACT on the production and, demand, supply chain. This report provides a detailed historical analysis of the global Earthmoving Equipment Market by region/country and subsectors. The report covers the revenue, sales volume, price, historical growth, and future perspectives in the Earthmoving Equipment Market.
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A few top players in the industry are–
- Hyundai Heavy Industries Co. Ltd
- J.C. Bamford Excavators Limited
- AB Volvo
- Doosan Infracore Co. Ltd
- SANY America
- Liebherr Group
- Hitachi Construction Machinery Co. Ltd
- Terex Corporation
- Caterpillar Inc.
The report gives a precise view of the future perspective and present market demands. The report also includes facts and statistics, tables & figures referred to in this report for strategic planning which leads to the success of the organizations. In this market report, the market share that various manufacturers hold in the global Earthmoving Equipment Market and the market concentration is described in the report.
On the basis of Geography, the Global Earthmoving Equipment Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to hold a considerable share in the global Earthmoving Equipment Market. Due to increasing investment for research and development process and adoption of solutions in the region whereas Asia-Pacific is expected to grow at a faster pace during the forecasted period.
The growing number of Earthmoving Equipment Market players across regions is expected to drive market growth further. Moreover, increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.
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Widening Service Offerings by OEMs to Elevate Market Potential
In a bid to enhance customer experience, Original Equipment Manufacturers (OEMs) are adopting different strategies to gain firm ground in this market, according to the earthmoving equipment market analysis. The most preferred strategies taken up by OEMs include constant improvement in operations, developing advanced machinery, and offering better and efficient after-sales services to customers. While in developing regions companies are competing over price, in developed nations competition is mainly based on delivering high-quality products and services that will benefit consumers in the long-run.
An overview of the Earthmoving Equipment Market’s regional outlook:
The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America is further subdivided into countries such as the United States and Canada. The Europe region is further divided into the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe. China, Japan, South Korea, India, Australia, South East Asia, and the rest of Asia Pacific are subdivided into Asia Pacific. The Latin America region is separated into Brazil, Mexico, and the rest of Latin America, whereas the MEA region is divided into GCC, Turkey, South Africa, and the rest of MEA.
Speedy Growth of Construction and Mining Industries to Propel the Market in Asia-Pacific
Rapid expansion of the construction and mining industries enabled Asia-Pacific to generate a revenue of USD 26.81 billion in 2018. The earthmoving equipment market trends show that the region will continue its dominance till 2026 owing to the roaring demand for better infrastructure in India and China. This, coupled with government initiatives and private sector investment in the building roads, bridges, etc., will further propel the market in the region.
North America is slated to hold a significant portion in the earthmoving equipment market share as a result of the presence of big companies in the region and their increasing investment in research and development to come out with advanced technologies.
Europe is also anticipated to experience a robust growth period on account of the rising use of heavy earthmoving machinery, mainly in Western European countries. Additionally, strict implementation of regulatory norms by governments in the region will also bode well for the market.
In Middle East and Africa, healthy growth is expected as a result of steady economic development in these regions.
- What is the driving factor for the growth of the Earthmoving Equipment Market?
- How will the COVID-19 pandemic impact the demand and consumption of the Earthmoving Equipment Market?
- What is the major application area of the Earthmoving Equipment Market?
- Who are the Earthmoving Equipment Market manufacturers across the globe?
- Which geographical location is dominant in the Earthmoving Equipment Market?
- Which are the top industry players in the Earthmoving Equipment Market?
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