(MENAFN- GlobeNewsWire - Nasdaq) Portland, OR, May 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “bulldozer market by Product Type (Crawler bulldozers and Wheeled bulldozers), by Blade Type (S-blade, U-blade, SU-blade, and Others), by End-Use (Agriculture, Construction, Forest, Infrastructure, Mining, And Others), by Operating Weight (Less Than 10,000 kg, 10,000-30,000 kg, and More than 30,000 kg): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global bulldozer industry generated $ 5.3 billion in 2022 and is anticipated to generate $ 9.7 billion by 2032, witnessing a CAGR of 6.3% from 2023 to 2032.
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Prime determinants of growth
Expansion of the construction and infrastructure industry, increase in the use of agriculture, and focus on public-private partnerships drive the growth of the global bulldozer market. However, the implementation of stringent government regulations and growing environmental concerns are hampering the growth to some extent. On the contrary, surge in demand for natural resources and technological advancements are expected to offer remunerative opportunities for the expansion of the bulldozer market during the forecast period.
Report coverage & details:
| Report Coverage || Details |
| Forecast Period || 2023–2032 |
| Base Year || 2022 |
| Market Size in 2022 || $ 5.3 Billion |
| Market Size in 2032 || $ 9.7 Billion |
| CAGR || 6.3% |
| No. of Pages in Report || 450 |
| Segments Covered || Product Type, Blade Type, End-Use, Operating Weight, and Region. |
| Drivers || Expansion of the construction and infrastructure industry |
Increase in use in the agriculture sector
Focus on public-private partnerships
| Opportunities || Surge in demand for natural resources |
| Restraints || Implementation of stringent government regulations |
Growing environmental concerns
The COVID-19 pandemic caused major disruptions in the manufacturing and construction sectors, resulting in a significant setback for the bulldozer market in 2020 and the first half of 2021. However, the industry exhibited resilience in the face of these challenges. By implementing rigorous safety measures and protocols, bulldozer manufacturers adapted to the new reality, prioritizing the well-being of their workers while ensuring continued production. As countries gradually lifted lockdown restrictions and construction activities resumed, the demand for bulldozers began to rebound.
The crawler bulldozer segment to maintain its leadership status throughout the forecast period
Based on product type, the crawler bulldozer segment held the highest market share in 2022, accounting for more than four-fifths of the global bulldozer market revenue and is estimated to maintain its leadership status throughout the forecast period, as it is largely used in places having an unpaved or unprepared surface, or a surface with loose soil. In such places, having tracks allows better friction on the ground, enabling it to have better traction. However, the wheeled bulldozers segment is projected to manifest the highest CAGR of 10.3% from 2023 to 2032, as it is designed for operation on flat and hard surfaces such as highways, airports, agriculture, and construction sites.
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The S-U-blade segment to maintain its leadership status throughout the forecast period
Based on blade type, the S-U-blade segment held the highest market share in 2022, accounting for nearly two-fifths of the global bulldozer market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its flatter surface which makes it ideal for handling materials such as sand and gravel, making it a popular choice among customers. However, the U-blade segment is projected to manifest the highest CAGR of 8.2% from 2023 to 2032, owing to an increase in customer needs specifically for customized U-blades.
The construction segment to maintain its lead position during the forecast period
Based on end-use, the construction segment accounted for the largest share in 2022, accounting for nearly three-fifths of the global bulldozer market revenue, owing to the rise in population and growing urban population, demand for public and private infrastructure has increased. However, the agriculture segment is expected to portray the largest CAGR of 8.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. As labor costs rise and the availability of labor becomes more limited, there is a growing trend toward mechanization in the agriculture sector.
The 10,000-30,000 kg segment to maintain its lead position during the forecast period
Based on operating weight, the 10,000-30,000 kg segment accounted for the largest share in 2022, accounting for nearly three-fifths of the global bulldozer market revenue, owing to its versatile and adaptable to a range of tasks and environments, making them more in demand than larger, more specialized machines. However, the less than 10,000 Kg segment is expected to portray the largest CAGR of 8.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period owing to the demand for compact and versatile bulldozers that can easily navigate through tight spaces and work in more confined areas.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global bulldozer market revenue, owing to rapid infrastructural growth and the raise expansion of in the mining sector in several developing countries like India, Indonesia, and others. However, the LAMEA region is expected to witness the fastest CAGR of 9.5% from 2023 to 2032, and is likely to dominate the market during the forecast period, owing to an increase in the need for infrastructure development projects such as roads, highways, bridges, and airports across the region.
Leading Market Players: -
Caterpillar Inc. CNH Industrial N.V. Doosan Infracore Co. Ltd. Komatsu Ltd Liebherr Machines Bulle SA Shantui Construction Machinery Volvo Construction Equipment XCMG Group Xuanhua Construction Machinery Development Co., Ltd. Zoomlion Heavy Industry
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The report provides a detailed analysis of these key players in the global bulldozer market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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