Earthmoving Equipment Market to Reach $184B by 2022

OCT 2, 2015 - 7:14 am

According to data from Grand View Research, the global earthmoving equipment market is expected to reach $184.56 billion by 2022.

Grand View Research said that increasing mechanization of construction processes, coupled with strong economic growth in Asia Pacific earthmoving machinery market is anticipated to boost consumption in the region. Rising expenditure on infrastructure activities is also expected to escalate demand significantly over the coming years.

Further key findings from the study suggest:

The loader segment accounted for over 45% of the overall consumption in 2014 and is expected to shrink over the next seven years. Demand balancing is anticipated to take some time as the industry is expected to continue to be serviced with large number of existing units.
The excavators market was valued at over $30 billion in 2014 and is expected to exhibit high growth over the forecast period. Escalating demand across broad residential applications such as public and private infrastructure development would drive demand extensively.
The Construction equipment industry is expected to reach over $100 billion by 2022. Strong economic growth coupled with increasing consumer spending on infrastructure activities is anticipated to fuel product demand over the forecast period.
Private construction spending accounted for over 75% of the total construction industry spending in 2014. Increasing government investment in infrastructure development, particularly in developing nations of Asia, is expected to spur demand. Growing urbanization paired with increasing demand from corporate sector for infrastructure development may also drive industry growth.
The Asia Pacific earthmoving equipment market accounted for over 50% of the industry share in 2014 and is estimated to exhibit high growth prospects over the next seven years. Emergence of lease-based machinery along with private investment in real estate is further expected to propel demand.
The Middle East earthmoving equipment market is expected to grow at a CAGR of over 9.5% from 2015 to 2022.

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!