The earthmoving equipment market size is projected to reach $192.5 billion by 2023, according to a report from Global Market Insights. Growing adoption in the commercial sector, favorable government initiatives and growing transport infrastructure development worldwide will drive the global market size.

Excavators will continue to be the most attractive equipment with more than 9% CAGR from 2016 to 2023. Real-time monitoring features for identifying and supervising system failure are expected to drive demand.

The multifunction equipment is preferred over single-function equipment for saving the cost. This also reduces the time and labor required to accomplish tasks with improved efficiency and extended productivity as added advantages. Rising investments in research and development to discover solutions to enhance product offerings will propel the market.

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 machinery 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 $85 billion by 2023.

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. Europe earthmoving equipment market share will remain steady, with revenue forecast to exceed $43 billion in the predicted timeframe.

The growing trend towards the usage of used heavy machinery across numerous countries may prove to be a threat to the new products that are to be launched in the segment. Increasing expenditure on infrastructure activities is also forecast to escalate demand, notably over the coming years.