(MENAFN- GetNews) Global Earthmoving Equipment Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Country-level Analysis for Every Segment, Key Player's Market Share Analysis, Competitive Landscape and Supply Chain Analysis.
The global earthmoving equipment market is expected to exhibit a strong 7.5% CAGR over the forecast period from 2017 to 2022. The growing demand from the construction and mining industries is likely to remain the major driver for the earthmoving equipment market over the forecast period.
The key players of Earthmoving equipment market are Bobcat Company (U.S.), Atlas Copco(Nacka), Bharat Earth Movers Limited (India), Ingersoll Rand Inc. (Republic of Ireland), Case Construction Equipment (Netherlands), New Holland Construction (Italy), Track Marshall. (U.K.), Hitachi Construction Machinery Co., Ltd. (Japan), The Liebherr Group (Bulle) and Volvo Construction Equipment (Belgium) and others.
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The global earthmoving equipment market has been a major beneficiary of the growing global construction industry in recent years and is likely to exhibit steady growth over the coming years due to the still-rampant presence of the construction industry in emerging regions of the world such as the Middle East and Asia Pacific. Earthmoving equipment is a major part of construction activities, as earthmoving sets the foundation for construction activities by clearing out the space required for the respective construction project. Due to this, the earthmoving equipment market is likely to grow at a steady rate, driven by the increasing demand from the construction industry. According to Market Research Future (MRFR), the global earthmoving equipment market is expected to exhibit a strong 7.5% CAGR over the forecast period from 2017 to 2022.
The mining sector is also a major consumer of earthmoving equipment and is likely to have a key impact on the global earthmoving equipment over the coming years. The mining sector has experienced steady growth across the world over the last few decades due to the growing demand for metals such as copper and iron, as well as for other precious minerals and commodities. The mining sector also relies heavily on the use of earthmoving equipment and is likely to remain a major consumer for the market over the coming years.
Growing Construction Industry in Asia Pacific to Drive Earthmoving Equipment Market
The rapid growth of the construction industry in Asia Pacific in recent years has been a major driver for the Earthmoving Equipment Market . Construction of residential as well as industrial and commercial complexes has risen at a rapid rate in economies such as China, Japan, and South Korea, where the economy is exhibiting rapid progress, resulting in a growing demand for various types of buildings. The growing urbanization in the Asia Pacific region is likely to drive the demand for residential construction in the coming years, thus driving the demand from the earthmoving equipment market.
China is likely to be a major player in the global earthmoving equipment market over the forecast period. The Chinese residential construction sector has exhibited rapid progress since 1978, when the country introduced reforms to increase the country's industrial output and to free up the economy. The value added output of the construction industry in China reached a whopping 5.57 trillion yuan (USD 816.6 billion) in 2017, rising from a relatively meager 13.9 billion yuan in 1978 at a robust average yearly growth rate of 16.6%. The number of construction companies in China has also grown rapidly over that period, with the number now standing at more than 300,000. Freeing up the economy has also paid strong dividends for the Chinese construction industry, as the private sector accounted for more than 97% of the industry in 2017, compared to 80% in 1996. The growing industrialization in China is likely to drive the demand for more urban infrastructure and construction in the coming years, driving the earthmoving equipment market in the region.
India is also likely to play a key role in the Earthmoving Equipment Market in Asia Pacific over the forecast period due to the rapid growth of the construction sector in the country. India has emerged as a major commercial hub in recent years, aided by the rapid growth of cities such as Pune and Bangalore, which now serve as global IT hubs and contribute significantly to the country's GDP. This has driven immigration into these parts of the country, leading to a growing demand for residential construction. This is likely to be a key driver for the earthmoving equipment market in India over the forecast period.
Mining Sector Also Vital for Earthmoving Equipment Market
Canada is the global leader in the global mining industry and is thus likely to remain a key market for earthmoving equipment market players in the coming years. The growing demand for gold, copper, iron, among other metals, around the world is likely to be a major driver for the earthmoving equipment market over the forecast period. The lack of recycling channels in the IT and construction industries and the growing demand for copper wiring as well as steel for construction is likely to drive the mining sector at a rapid growth rate over the forecast period, massively enhancing the growth prospects of the earthmoving equipment market.
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List of Tables
Table 1 Global Earthmoving Equipment Market, by Product
Table 2 Global Engineering Plasticmarket, by Application
Table 3 Global Earthmoving Equipment Market, by Regions
Table 4 North America Earthmoving Equipment Market, by Country
Table 5 North America Earthmoving Equipment Market, by Product
Table 6 North America Earthmoving Equipment Market, by Application
Table 7 U.s. Earthmoving Equipment Market, by Product
Table 8 U.s. Earthmoving Equipment Market, by Application
Table 9 Canada Earthmoving Equipment Market, by Product
Table 10 Canada Earthmoving Equipment Market, by Application
Continued………
List of Figures
Figure 1 Research Type
Figure 2 Global Earthmoving Equipment Market: by Product (%)
Figure 3 Global Earthmoving Equipment Market: by Application (%)
Figure 4 Global Earthmoving Equipment Market: by Region
Figure 5 North America Earthmoving Equipment Market, by Product (%)
Figure 6 North America Earthmoving Equipment Market, by Application (%)
Figure 7 North America Earthmoving Equipment Market, by Countries (%)
Figure 8 Europe Earthmoving Equipment Market, by Product (%)
Figure 9 Europe Earthmoving Equipment Market, by Application (%)
Figure 10 Europe Earthmoving Equipment Market, by Countries (%)
Continued……..
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