Earthmoving Equipment Market Size to Hit USD 97.60 Bn by 2030
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from the Business category at
05 Mar 2025 05:45:26 am.
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The Earthmoving Equipment Market valued at approximately US$84.91 billion in 2023, is projected to reach nearly US$97.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.01% during the forecast period. This growth is driven by increasing infrastructure development and urbanization worldwide.
Competitive Landscape :
The market is dominated by key players such as Caterpillar, Komatsu Ltd., Develon (formerly Doosan Group), J C Bamford Excavators Ltd. (JCB), and Terex Corporation. These companies continually innovate and expand their product lines to meet the evolving demands of the construction and mining sectors.
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Regional Insights :
Asia Pacific: Growth Opportunities in Earthmoving Equipment
The Asia Pacific region leads the market, accounting for nearly 41.0% of the global share in 2022, and is anticipated to register the highest CAGR during the forecast period. Countries like China and India are experiencing extensive infrastructure development, including roads, highways, and urban projects, driving the demand for earthmoving equipment.
United States: Consolidation Trends in Earthmoving Equipment
The U.S. earthmoving equipment market has witnessed significant consolidation. In January 2025, United Rentals, the world's largest equipment-rental company, announced plans to acquire H&E Equipment Services for approximately $4.8 billion. This strategic move aims to enhance United Rentals' market presence and service capabilities across the nation.
Middle East and Africa: Earthmoving Equipment Market Updates
The Middle East and Africa region is experiencing a surge in mega construction projects, such as Dubailand in the UAE—a $64 billion endeavor expected to be completed by 2030. These projects are significantly boosting the demand for earthmoving equipment, presenting substantial opportunities for market players.
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Market Segmentation: In-Depth Analysis:
by Product
Excavator
Crawler Excavator
Wheeled Excavator
Short swing radius excavator
Pile Driver
Diesel impact hammer
Vibratory hammer
Air/Steam impact hammer
With a total revenue of 48.36 billion in 2023 and a compound annual growth rate (CAGR) of 4.7%, the excavator is predicted to hold the greatest proportion of the earthmoving equipment market category, reaching 66.70 billion. Because of their multifunctionality and variety of product kinds, including crawler, wheeled, and short swing radius excavators, excavators are frequently utilized on heavy construction projects. With a 15% market share and 98,705 units sold worldwide in 2023, Sany Heavy Industry Limited surpasses major players like JCB and Caterpillar. The third market segment for earthmoving equipment with less capability and a smaller market share is trenchers, pile drivers, and compactors.
by Type
Construction
Mining
Other
The market for earthmoving equipment is dominated by the construction industry. Large-scale construction operations necessitated mining, excavation, demolition, and heavy machinery and earthmoving equipment. Due to their extensive national highway construction projects, smart city infrastructure development, and waterway connection projects, developed and developing nations like China and India are the ones that generate the most demand. The second most common use of earthmoving equipment is for granite, mineral, and oil mining, both onshore and offshore.
by Application
Diesel
Electric
The market for earthmoving equipment is dominated by diesel-powered engines. In the market for heavy machinery and earthmoving equipment, diesel-powered equipment accounts for more than 90% of sales. Diesel engines are also using ethanol-diesel and bio-diesel. Electric earthmoving equipment has a bright future because of the environmental impact of diesel engines. As a replacement for diesel engines in the earthmoving equipment market, Volvo has launched a line of zero-emission electric excavators.
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Learn about the top players driving innovation in the Market :
1. Volvo CE
2. Caterpillar Inc.
3. Komatsu Limited
4. Doosan Co.
5. Hitachi Construction Machinery Co.
6. Liebherr Group
7. JCB
8. Hyundai Construction Equipment Co. Ltd.
9. Sany Heavy Industry Limited
10. Terex Corporation
11. CNH Heavy Industries Co. Ltd.
12. Deere and Company
13. Kobelco Construction Machinery Co. Ltd.
14. Mitsubishi Heavy Industries Ltd.
15. Zoomlion Heavy Industry Science & Technology Co. Ltd.
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