Impact of Covid-19 Outbreak on Earthmoving equipment market

30/lug/2020 09:08:41 Automotive Market Research Reports Contatta l'autore

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According to Market Research Future (MRFR)’s assessment, the global earthmoving equipment market has been projected to strike a moderate CAGR over the forecast period. The growth of the construction industry is likely to reflect on the expansion of the market in the foreseeable future.

Urban migration has intensified the housing needs of the exponential middle-income population. With the developments in the global economy, these needs are supported by purchasing power which is poised to catapult the earthmoving equipment market on an upward trajectory.

The governments, especially in the developing nations, are introducing housing schemes for assuring shelter to its population. These projects are expected to propel the expansion of the earthmoving equipment market over the next couple of years.

Investments in infrastructural development of a nation are also prognosticated to have a favorable impact on the proliferation of the earthmoving equipment market across the review period. The projects undertaken for the construction of roadways, flyovers, metro rail tracks, etc. are poised to have a positive influence on market growth.

The increasing concentration of Foreign Direct Investments in the construction industry has been projected to drive the growth of the earthmoving equipment market over the assessment period. The ongoing trend of globalization is further expected to support the growth of the construction industry in the forthcoming years.

Market segmentation:

By Product, the global earthmoving equipment market has been segmented into loaders, excavators, construction tractors and others.

By Application, the earthmoving equipment market has been segmented into construction, mining, digging and others.

Regional Analysis:

The global earthmoving equipment market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific has been prognosticated to control a dominant share of the global market. The market is on the verge of attaining maturity and is likely to exhibit steady but constant growth over the next couple of years.

Europe is poised to retain the second spot in the global marketplace across the review period. The developments witnessed in the construction industry is expected to influence the expansion of the market in the region in the forthcoming years.

North America is the third-largest market for earthmoving equipment. The endeavors directed by the key players towards product development coupled with the revamping of the construction industry is anticipated to revolutionize the growth trajectory of the earthmoving equipment market over the next few years.

Earthmoving Equipment Manufacturers:

The key players profiled in this report are Atlas Copco (Nacka), The Liebherr Group (Bulle), Bharat Earth Movers Limited (India), Bobcat Company (U.S.), Ingersoll Rand Inc. (Republic of Ireland), New Holland Construction (Italy), Track Marshall. (U.K.), Case Construction Equipment (Netherlands), Hitachi Construction Machinery Co., Ltd. (Japan), and Volvo Construction Equipment (Belgium).

Industry News:

In January 2019, the Volvo Group, a Swedish multinational manufacturing company, has announced the development of its compact machine range of electric-powered loaders and excavators. The products are supposed to be launched by mid-2020.

In October 2018, The Liebherr Group, a large equipment manufacturer based in Switzerland, has announced the launch of its Generation 8 Crawler Excavators. Out of the six models, the initial two will be R 922 and R 924 designed especially for Stage V regulations.

In July 2018, the southern African dealer for Cat earthmoving equipment, Barloworld Equipment, has officially introduced three New Range Cat excavator for the South African market.

In March 2018, Al-Bahar, a specialized Cat® machinery dealer, has announced the launch of Cat 962L wheel loader and Cat 320 Excavator for the GCC market at Big 5 Heavy exhibition held at the Dubai World Trade Centre.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

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