SAN FRANCISCO, Sept. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Earthmoving Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: April 2021
Executive Pool: 1176
Companies: 42 - Players covered include Atlas Copco; Bharat Earth Movers Limited; Bobcat Company; Case Construction Equipment; Hitachi Construction Machinery Co. Ltd.; Ingersoll Rand Inc.; New Holland Construction; The Liebherr Group (Bulle); Track Marshall; Volvo Construction Equipment and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Excavators, Backhoes, Compaction Equipment, Loaders, Other Product Segments); Application (Construction, Surface Mining, Underground Mining)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Earthmoving Equipment Market to Reach $95.9 Billion by 2026
Amid the COVID-19 crisis, the global market for Earthmoving Equipment estimated at US$79.6 Billion in the year 2020, is projected to reach a revised size of US$95.9 Billion by 2026, growing at a CAGR of 3.1% over the analysis period. Excavators, one of the segments analyzed in the report, is projected to record a 3.6% CAGR and reach US$28.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Backhoes segment is readjusted to a revised 2.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $22 Billion in 2021, While China is Forecast to Reach $18.4 Billion by 2026
The Earthmoving Equipment market in the U.S. is estimated at US$22 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$18.4 Billion by the year 2026 trailing a CAGR of 5.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR.
Compaction Equipment Segment to Reach US$17.5 Billion by the year 2026
In the global Compaction Equipment segment, USA, Canada, Japan, China and Europe will drive the 2.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$11.3 Billion in the year 2020 will reach a projected size of US$13.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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SOURCE Global Industry Analysts, Inc.