Earthmoving equipment is used to move soil and earth to carry out the tasks of building the house. The machine is used to take away the debris from the roof of the house and to take away the waste materials from the walls. Moreover, this equipment is also used for moving the waste material, dirt, and insulation from the roof of the house to the walls.
The advent of advanced remote monitoring and telematics are prime factors fueling the growth of earthmoving equipment market. The growing demand for product from the construction and mining industries is again propelling the market growth. For instance, in October 2018, Caterpillar has launched a new range of next-generation earthmoving equipment in Sydney. The equipment is being launched exclusively at the National Construction Equipment Convention (NCEC), a three-day multi-disciplinary event for the civil construction and infrastructure sector.
On the other hand, the high purchasing cost of the equipment is projected to hinder the growth of earthmoving equipment market. Nevertheless rapidly growing urbanization and industrialization across the developing region are expected to bring new market opportunities over the forecast period. Also, increasing smart city initiatives across developed as well as developing regions will further favor the market growth of earthmoving equipment.
From the geographical point of view, the Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to increasing investment in the construction industries in the region. According to the India Brand Equity Foundation, India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023, to ensure sustainable development in the country. Moreover, in 2019, 10,855 km of highways were constructed.
Key Developments:
In December 2019, Jcb India a manufacturer of Earthmoving and Construction Equipment showcased a wide range of new, smart, technology-driven machines at the 10th edition of Excon’19 in Bengaluru.
In April 2020, Sany, the equipment manufacturers launched a range of construction machines, at Excon 2019, the largest construction equipment exhibition in South Asia.
In December 2019, CASE Construction Equipment has launched the long-awaited Crawler Excavator CX220C to its product portfolio at the 10th edition of the International Construction Equipment and Construction Technology Trade Fair - CII EXCON 2019.
In October 2020, Doosan Bobcat Co. announced that its European unit Doosan Bobcat EMEA Ltd. has held a virtual event to launch its new product line as part of efforts to expand sales in Europe. The line of 12 new products includes a compact wheel loader, a light compaction machine, a small-sized loader, and a mini-sized excavator
In April 2020, Sany, the equipment manufacturers launched a range of construction machines, at Excon 2019, the largest construction equipment exhibition in South Asia.
In December 2019, CASE Construction Equipment has launched the long-awaited Crawler Excavator CX220C to its product portfolio at the 10th edition of the International Construction Equipment and Construction Technology Trade Fair - CII EXCON 2019.
In October 2020, Doosan Bobcat Co. announced that its European unit Doosan Bobcat EMEA Ltd. has held a virtual event to launch its new product line as part of efforts to expand sales in Europe. The line of 12 new products includes a compact wheel loader, a light compaction machine, a small-sized loader, and a mini-sized excavator
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