Global Market Insights has drafted a research study on the Earthmoving Equipment Market which offers a concise outline of the market valuation, market size, SWOT analysis, revenue approximation, and the regional outlook of this business vertical. The report precisely features the key opportunities and challenges faced by contenders of this industry and presents the existing competitive setting and corporate strategies enforced by the market players.
The Europe Earthmoving Equipment Market share will remain steady, with revenue forecast to exceed 43 billion in predicted timeframe. 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.
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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 equipment 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.
Major of the key participants operating in the global earthmoving equipment market include:
- Caterpillar Inc.
- Volvo Construction Equipment
- Komatsu America Corp.
- Liebherr Group
- John Deere
- Caterpillar Inc.
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Earthmoving equipment market size is projected to reach USD 192.45 billion by 2023; as per the latest research report by Global Market Insights, Inc. growing adoption in the commercial sector, favorable Government initiatives and growing transport infrastructure development worldwide will drive the global market size.
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 earthmoving equipment market.
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