Excavator Market Share, Size, Trends, & Industry Analysis Report By Product Type (Mini, Heavy, Wheeled, Crawler); By Application Type; By Region, Segment Forecasts, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM1641
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global excavator market was valued at USD 47.55 Billion in 2023 and is predicted to exhibit a CAGR of 4.3% over the forecast period.
Excavators, also known as hydraulic excavators, are heavy-duty equipment that play a vital role in the infrastructural development industry. They are a main component of the construction and mining equipment industry. They are commonly used in residential and commercial construction, sewage disposal applications, as well as surface and underground mining.
Mini excavators, also referred to as compact excavators, typically have a steel wheel, rubber wheel, or undercarriage and usually have an operating range of 0.6–10 tons. They are used to perform tasks traditionally done by manual labor. Mini excavators automate tasks that can be done with the help of pickups, tractors, and mini trucks, making the task efficient, versatile, cost-effective, compact, and easy. They are used in building sites with limited space. Mini excavators, together with a boom swing, have a backfill blade and bucket. They are generally used in small- to medium-sized projects, including small-scale landscaping, demolition, small-scale construction, forestry, electrical trench construction, and plumbing. They are used for all tasks that a hand tool can accomplish.
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Along with this, they are equipped with advanced features and extensive arrays to increase their productivity. Mini excavators are used in infrastructural development programs and for construction purposes. The growing demand for residential construction and infrastructure will drive the global market for mini excavators. Mini excavators are widely used in the maintenance, installation, and repair of gas pipelines, electrical transmission networks, and other applications such as irrigation farming and railway maintenance, thus increasing their utility and accelerating the global mini excavator market.
Meanwhile, economic downturns or recessions can lead to reduced construction activities and infrastructure investments as companies tighten budgets and delay projects. These economic downturns will result in decreased demand for excavators, which will subsequently affect market growth.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces Excavator Market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
Industry Dynamics
Growth Drivers
Infrastructure Development and Construction Industry Drives the Market Growth
Infrastructure development, marked by the construction of roads, bridges, airports, and other public facilities, necessitates the use of excavators for tasks such as earthmoving, digging, and foundation work. As nations globally invest in modernizing and expanding their infrastructure to meet the demands of growing populations and urbanization, the demand for excavators rises correspondingly. These versatile machines play a pivotal role in the execution of large-scale infrastructure projects, enabling efficient and timely completion.
Also, the growth of the construction industry directly influences the demand for excavators. Construction projects, whether residential, commercial, or industrial, heavily depend on excavators for tasks ranging from excavation and grading to site preparation. The construction sector's buoyancy, driven by factors such as population growth, increased urbanization, and economic development, fuels the need for excavators as indispensable tools for construction companies. The versatility of excavators allows them to adapt to various construction applications, making them essential equipment in the industry's machinery fleet, thus driving the market growth for Excavators.
Report Segmentation
The market is primarily segmented based on product type, application type, and region.
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By Product Type |
By Application Type |
By Region |
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By Product Type Analysis
Wheeled Excavator is Expected to Rise in the Forecast Period
The factors contributing to this anticipated growth of wheeled excavators is the increasing focus on urban construction projects. Wheeled excavators offer superior mobility on urban construction sites, where space problems and the need for quick operations are important. Their ability to move in congested and tight spaces makes them well-suited for applications such as utility installations, road maintenance, and urban renewal projects. As cities around the world undergo continuous expansion and redevelopment, the demand for wheeled excavators is expected to surge, meeting the specific requirements of urban construction environments.
By Application Type Analysis
The Construction Segment is Anticipated to Grow at a Significant CAGR in the Forecast Period
Over the forecast period, the construction industry is expected to experience above-average growth based on its application. Increased industrialization has led to a rise in demand for excavators in recent years. Additionally, urbanization has also fueled demand for excavators in the construction industry. Various government initiatives aimed at development have also driven up the demand for excavators and are expected to continue to do so in the forecast period. The growth of the mining industry is also expected to boost the demand for excavators during the forecast period.
Regional Insights
Asia Pacific Region Dominated the Excavator Market in 2023
The ongoing emphasis on infrastructure development in Asia Pacific has been a significant driver for the Excavator Market, as it held a greater revenue share in 2023. The region has been consistently investing in upgrading and expanding its infrastructure, including roads, bridges, and utility projects, necessitating the use of excavators for tasks such as earthmoving and excavation. This sustained commitment to infrastructure projects has created a consistent demand for excavators, contributing to Asia Pacific's market leadership. Also, the thriving construction industry in the region has been a major influencing factor. With a strong economy and a growing population, there has been a continuous demand for residential, commercial, and industrial construction projects. The construction boom in Asia Pacific, driven by factors such as urbanization and population growth, has led to a high and sustained demand for excavators.
For instance, in March 2021, the Indian Parliament approved a bill to establish the National Bank for Financing Infrastructure and Development (NaBFID). This USD 2.5 billion development finance organization will finance infrastructure projects in India. According to Invest India, the Indian real estate market is projected to generate USD 1 trillion, or 13% of the country's GDP, by 2030.
Europe's excavator market is anticipated to experience significant growth in the forecast period. The region is witnessing a renewed emphasis on infrastructure development, driven by various European Union (E.U.) initiatives and national policies. Investments in transportation networks, energy infrastructure, and environmental projects are expected to increase the demand for excavators, as these heavy machines are essential for tasks ranging from excavation to foundation work.
Key Market Players & Competitive Insights
The top excavator companies are focusing heavily on improving their product lines. They are incorporating cutting-edge technologies such as the Internet of Things (IoT), Machine Learning (ML), and automation into their offerings. Moreover, major players in the market are actively seeking expansion opportunities through mergers, acquisitions, and other strategies to maximize their revenue streams.
Some of the major players operating in the global Excavator market include:
- Atlas Copco
- Caterpillar Inc.
- CNH Global NV
- Doosan
- Escorts Group
- Hitachi Construction Machinery
- Hyundai Heavy Industries Ltd
- JC Bamford Excavators Ltd.
- John Deere
- Kobelco
- Komatsu Ltd.
- Liebherr-International AG
- Manitou Group
- Mitsubishi
- Sany Heavy Industries Co Ltd.
- Sumitomo Heavy Industries Ltd
- Terex Corporation
- Volvo Construction Equipment AB
Recent Developments
- In March 2023, Tata Hitachi, a construction machinery and Hydraulic Excavator manufacturing company, launched the all-new Mining Excavator ZX670H. An environment-friendly EPA Tier II engine powers this new excavator, and it was launched at the Kharagpur plant.
- In September 2022, Schwing Stetter India launched a new range of XCMG hydraulic excavators and wheel loaders for concreting and construction equipment.
- In November 2022, Epiroc, a productivity and sustainability partner for the mining and infrastructure industries, completed its acquisition of Wain-Roy, a US-based manufacturer of excavator attachments for construction.
- In August 2021, The privately held Italian firm Sampierana S.p.A., which specializes in the development, production, and marketing of earthmoving machinery, undercarriages, and spare parts, agreed to sell 90% of its capital stock to CNH Industrial N.V.
Excavator Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 49.51 billion |
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Revenue Forecast in 2032 |
USD 69.52 billion |
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CAGR |
4.3% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Product Type, By Application Type, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
Explore the market dynamics of the 2024 Excavator Market market share, size, and revenue growth rate, meticulously examined in the insightful reports crafted by Polaris Market Rersearch Industry Reports. The analysis of Excavator Market extends to a comprehensive market forecast up to 2032, coupled with a retrospective examination. Avail yourself of a complimentary PDF download to sample this in-depth industry analysis.
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FAQ's
The global Excavator market size is expected to reach USD 69.52 Billion by 2032
Sumitomo Heavy Industries Ltd, Kobelco, Caterpillar Inc., Terex Corporation, Volvo Construction Equipment AB are the top market players in the market
Asia Pacific region contribute notably towards the global Excavator Market
The global excavator market is predicted to exhibit a CAGR of 4.3% over the forecast period
Product type, application type, and region are the key segments in the Excavator Market
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