Global earth moving equipment market is projected to exhibit CAGR of 7.7% in the forecast period (2018 – 2026). Increasing growth of the construction industry is one of the major driving factors, leading to high demand for earth moving equipment, globally.
According to Chartered Institute of Building, by 2030, the construction industry is expected to account for 14,7% of the global GDP. Moreover, by 2030, the global construction market is projected to be valued at US$ 17,5 trillion up from US$ 8 trillion in 2015.
Increasing mining industry in North America is one of the major driving factors for growth of the earth moving equipment market in this region. The U.S. held the second-largest position in the global mining production. According to World Mining Congress, the U.S. held a share of 11,5% of the global mining production in 2016. In addition to this, in 2016, the North America region produced 2,4 billion metric tons mineral raw material up from 2,3 billion metric ton in 2010.