According to a report from ResearchAndMarkets, the global market for earthmoving equipment was valued at $81.5 billion in 2017 and is expected to cross $145 billion by 2026, growing at a CAGR of 7.0% from 2018 to 2026.
The global economy is building momentum with improving credit conditions which is encouraging countries across the world to invest a significant amount in infrastructure development projects to support their economic development. In addition, increasing urbanization and rising population in major cities will increase residential constructions globally.
In 2017, Asia Pacific accounted for the largest market share in the global earthmoving equipment market. The region is expected to maintain its dominating position and also expected to be the fastest growing market for earthmoving equipment over the forecast period. This growth is primarily driven by the increasing investment by India and Southeast Asia in road, urban infrastructure, railways, ports and irrigation projects to support economic growth.
Wheeled/crawler loader is the largest equipment category in the overall earthmoving equipment market by type. The segment is expected to maintain its dominating position with its increasing deployment in Asia Pacific and Middle East and Africa (MEA). In addition, end-users in developed markets are replacing their traditional loaders with advanced loaders integrated with real-time monitoring solutions for better efficiency and output.
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