Earthmoving Equipment Market Size, Share, and Trends 2024 to 2033

Earthmoving Equipment Market Size and Growth

The global earthmoving equipment market size was USD 63.62 billion in 2023, calculated at USD 67.58 billion in 2024, and is expected to reach around USD 116.43 billion by 2033, expanding at a CAGR of 6.23% from 2024 to 2033. The rising investment in infrastructural development is driving the adoption of earthmoving equipment for the efficient operations that driving the growth of the market.

Earthmoving Equipment Market Key Takeaways

• Asia Pacific led the earthmoving equipment market with the largest market share in 2023.
• North America is expected to witness the fastest growth in the market during the forecast period.
• By product, the excavators segment dominated the market with the largest market share in 2023.
• By application, the construction segment projected largest revenue in the market in 2023.

Asia Pacific Earthmoving Equipment Market Size and Groth 2024 to 2033

The Asia Pacific earthmoving equipment market was valued at USD 26.72 billion in 2023 and is predicted to be worth around USD 49.48 billion by 2033, at a CAGR of 6.35% from 2024 to 2033.

Asia Pacific led the earthmoving equipment market with the largest market share in 2023. The region is observed to sustain the position during the forecast period. The growth of the market is attributed to the rising population and the construction activities for catering the rising demand for the residential, commercial, and industrial properties. The rising urbanization in the regional countries like India, China, Japan, and others are driving the expansion of the infrastructural development which drives the growth of the earthmoving equipment market. Additionally, the well-developed agricultural infrastructure in most of the Asian countries is further observed to boost the demand for the earthmoving equipment for the efficiency in agricultural operations that drives the growth of the earthmoving equipment market in the region.

North America is expected to witness the fastest growth in the market during the forecast period. The growth of the market is owing to the rising infrastructural development in the countries like the United States, and Canada which drives the demand for the earthmoving equipments for building roads, commercial properties, and others that boosts the growth of the earthmoving equipment market. The increasing mining activities and the favorable government policies in the affordable housing and properties are results in the higher demand for the construction industry is further contributing in the expansion of the earthmoving equipment market in the region.

Market Overview

The global earthmoving equipment market revolves around the development and offering of excavators, motor graders, dump trucks and wheel loaders that can be utilized for digging and moving large amounts of land, mainly for construction or mining activities.  Earthmoving equipment plays an important role in the excavation and construction industry, it is the wide range of machineries and vehicles that use to move and transport rocks, earth, and other heavy material in the different industrial applications like construction, agriculture, and mining. The earthmoving equipment includes excavators, bulldozers, and graders, etc.

Earthmoving equipment helps in digging foundation, clearing land, and serves in various applications in various industries. Further the technological advancements in heavy-duty earthmoving equipment and rising construction and infrastructural development are driving the growth of the earthmoving equipment market.

Earthmoving Equipment Market Growth Factors

• The expansion of the construction industry in the economically developed and developing countries along with the rising population globally drives the demand for building properties that accelerates the growth of the market. 
• The shifting population towards the urban areas for better living standards, income, and employment and education is driving the higher construction activities in the urban areas of the developing countries fueling the growth of the market. 
• The rising technological advancements in the construction and heavy weight machineries and vehicles are driving the adoption of the earthmoving equipment in the several end-use industries like construction, agriculture, mining’s, and others which fueling the growth of the earthmoving equipment market.
• Various regional governments support construction activities and favorable policies for affordable housing and commercial properties that are driving the growth of the market.
• The rising investment in research and development activities in the technological evolution in heavy weight equipment is driving the growth of the earthmoving equipment market.

Earthmoving Equipment Market Scope

Earthmoving Equipment Market Dynamics

Driver

Rising demand from the agriculture industry

Earthmoving equipment is majorly used for the moving or manipulating heavy earth, soils, rocks, and other heavy materials. The increasing population causes demand for the agriculture sector to fulfill the food demand. The rising demand for the agriculture sector globally that driving the growth of the earthmoving equipment for agriculture operations. Earthmoving equipment plays a vital role in the agriculture industry for several purposes in agriculture settings. In the earthmoving equipment, tractors are the most used equipment category with the higher versatility and adaptability in farming operations. Earthmoving equipment does the manual tasks that were done previously by laborers. Earthmoving equipment helps in grading the land for drainage and prevents flooding, also helps in retaining water on slopping terrains and minimize soil erosion by the rainwater runoff.

Earthmoving equipment plays an important role in the various agricultural applications like land preparation for the clearing debris and vegetation before plating crops, field maintenance and cultivation for ploughing fields to prepare and loose soil for plantation. Irrigation system installation-digging trenches for laying irrigation pipes and harvesting support-clearing field after harvesting. Thus, increasing adoption of earthmoving equipment by the agriculture industry accelerate the growth of the earthmoving equipment market.

Restraint

Environment impacts

The heavy earthmoving equipment is responsible for generating the high amount of carbon emission in the environment, the equipment emits nitrogen oxides (NOx), volatile organic compounds (VOC), and carbon monoxide (CO) that negatively affects the environment. Thus, the negative environmental impacts by the earthmoving equipments that limiting the expansion of the earthmoving equipment market.

Considering the rising emphasis on choosing environmentally friendly equipment and instruments with the increasing environmental concerns along with growing efforts by governmental bodies to curb such concerns create limitations for manufacturers as well as consumers. Thereby, the environmental impacts caused by such equipment create a major restraint for the market to grow.

Opportunity

Advancements in technology 

The digital advancements in the earthmoving equipment are observed to offer promising opportunities for the earthmoving equipment market. Earthmoving equipment digital transformation with the integration of automation and computerization is observed to offer lucrative chances for the industry. The adoption of GPS technology, advances sensors, and telematics in the components of the equipment are driving the growth of the adoption of earthmoving equipment by several industries like construction, agriculture, mining, and other construction activities.

The adoption of sensors like real-time data, GPS technology for adopting changing construction environment promotes the adoption of technologies into the industry. Additionally, the sustainability in vehicles and the adoption of artificial intelligence (AI) and robotics in heavy weight industrial equipment contribute to the expansion of the earthmoving equipment market.

Product Insights

The excavators segment dominated the earthmoving equipment market with the largest market share in 2023. Earthmoving equipment is one of the highly used construction machinery or vehicles that are used in several applications. The excavators come under the earthmoving category that is widely used in construction applications like trenching, excavation, lifting, digging, and truck loading. The increasing adoption of excavators as earthmoving equipment due to their greater durability and efficient operations makes it a popular choice for construction operations.

Excavators consist of dipper (arm), bucket, boom, movable trucks, and rotating arms with the hydraulic working mechanism. Additionally, industrial excavators are used in various industrial and contractor requirements such as building construction, road construction, demolition, and mining.

There are different types of excavators available depending on the operational requirements. Wheeled excavators, crawlers excavators, dragline excavators, suction excavators, skid steer excavators, long reach excavators and mini excavators are some of the most commonly used excavators. Furthermore, excavators is categorized into three types based on the weight of equipment. The standard excavators weigh between 22,046 to 200,000 pounds and are used in heavy lifting and earthmoving operations. Midi excavators weigh between 13,227 to 22,046 pounds, mostly used in confined areas and the mini excavators weigh less than 13,227 pounds, highly used in tight areas spaced due to its small size and versatility. The rising construction activities and further industrial operations are driving the demand for the excavators segment.

Application Insights

The construction segment, in 2023, led the earthmoving equipment market. The increasing global population caused the higher demand for building properties like residential, commercial, and industrial building that driving the demand for the construction industry. The rising construction operations globally results in the higher demand for earthmoving equipment for the operation and challenging tasks like digging, lifting, excavation, and other heavy loaded operations. The increasing investment in the real-estate industry and industrial development also boosted the demand for the construction industry that anticipated to drive the demand for the earthmoving equipment market.

On the other hand, the surface mining segment is observed to grow at a notable rate in the earthmoving equipment market during the forecast period. The global demand for minerals and metals is rising, driven by industrialization, urbanization, and the growth of various sectors such as construction, automotive, and electronics. This necessitates more extensive and efficient mining operations, thereby boosting the demand for earthmoving equipment.

Innovations in mining equipment technology, such as automation, advanced drilling techniques, and better fuel efficiency, are enhancing the productivity and safety of surface mining operations. These advancements make surface mining more attractive and feasible, leading to increased investments in the sector.

Earthmoving Equipment Market Companies

• AB Volvo
• BEML LIMITED.
• Bobcat Company
• Caterpillar
• CNH Industrial N.V.
• Deere & Company
• Doosan Corporation
• Hitachi Construction Machinery Co., Ltd.
• Hyundai Construction Equipment Co., Ltd.
• J C Bamford Excavators Ltd.
• Kobelco Construction Machinery Co. Ltd
• Komatsu Ltd.
• LIEBHERR
• SANY Group
• Sumitomo Heavy Industries, Ltd.
• Terex Corporation
• XCMG Group
• Zoomlion Heavy Industry Science&Technology Co., Ltd.

Recent Developments

• In June 2024, Volvo CE launched L120 Electric heavy-duty electric earthmoving machines with the lifting capacity of 6 tonnes. With featuring mobile charging units that used to charge the equipments in the construction site with insufficient power grid connection. 
• In May 2024, FuelPro Trailers, a leading player of diesel fuel, and service trailers added the new member in its fuel trailers portfolio like the economical 500-gallon FuelPro 500. These fuel trailers allow farmers, contractors, and farmers to refuel equipments on site effectively. 
• In May 2024, Volvo CE launched the range of new excavators EC210, EC230, EC370, EC400 and EC500, and ECR145 short swing crawler excavators with enhanced performance, safety, and operator features. 

Segment Covered in the Report

By Product

• Excavators
• Loaders
• Backhoes
• Compaction Equipment
• Others 

By Application

• Construction
• Underground Mining
• Surface Mining

By Geography

• North America 
• Europe
• Asia Pacific
• Latin America 
• Middle East & Africa