Excavators will continue to be most attractive equipment with more than 9% CAGR from 2016 to 2023.
The multifunction equipment is preferred over single-function equipment for saving the cost. This also reduces the time and labor required to accomplish the task with improved efficiency and extended productivity as added advantages. Rising investments in R&D to discover solutions to enhance product offerings will propel the market.
Earthmoving machinery is mainly applied in the construction industry. The construction industry is predicted to maintain its dominance, with more than 60% of the earthmoving machinery market share. Excavators are used in surface level and below ground operations.
Rising demand in factories and manufacturing facilities will drive the excavator segment growth. Obtaining construction equipment on rent or lease is a rising trend. The construction equipment rental market is predicted to exceed USD 85 billion by 2023.
In Private and Government sectors, increasing demand for technologically advanced solutions, featuring better material handling and improved fuel efficiency combined with lower emissions and safety is expected to propel the market worldwide. Europe earthmoving equipment market share will remain steady, with revenue forecast to exceed 43 billion in predicted timeframe.