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Base Year
Historical Year
Forecast Year
The global excavators market value is expected to grow at a CAGR of 4.9% during the period 2024-2032.
Global Excavators Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | XX |
Market Size 2032 | USD Billion | XX |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 4.9% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 5.6% |
CAGR 2024-2032 - Market by Country | Saudi Arabia | 5.7% |
CAGR 2024-2032 - Market by Country | China | 5.5% |
CAGR 2024-2032 - Market by Product | Mini/Compact | 5.8% |
CAGR 2024-2032 - Market by Application | Construction | 5.4% |
Market Share by Country 2023 | Japan | 4.8% |
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Excavators are heavy construction equipment often employed for earthmoving projects. Sectors using excavators include mining, forestry, construction, pipeline industries, etc. These comprise a boom, bucket, arm, and cab on a spinning structure on an undercarriage with wheels or tracks. Excavators are used for digging, lifting, and carrying tasks in different applications. By attaching tools such as hydraulic breakers, cutters, shears, grapples, couplers, etc. at the end of the various boom and arm formations, excavators become capable of performing a broader range of tasks, thus, boosting the demand of the excavators market.
Excavators differ in size, according to the job required to be performed, and considerations including productivity, fuel efficiency, and multi-functional purposes. Each size is meant for a specific purpose, some being highly specialised.
Crawler excavators, wheeled excavators, short swing radius excavators, long-reach excavators, and backhoe loaders are types of general-purpose excavators. They vary in design and functionality, suitable for digging, demolishing, trenching, lifting, and other tasks. Excavator tools include buckets, thumbs, augers, and more.
According to the Construction Equipment Association, hydraulic excavators stand out as the most widely manufactured construction equipment. In 2022 alone, the global production figures surpassed 614,000 units, with 314,000 units categorized as midi and full-size crawler excavators, and 299,000 units classified as mini excavators enhancing the growth of the excavators market.
According to the Indian Construction Equipment Manufacturers' Association (ICEMA), the construction equipment (CE) industry reported sales of 107,779 units in the preceding fiscal year. Demonstrating robust growth, the industry experienced a notable 26% increase in sales, reaching 135,650 units during the 2023-24 fiscal year.
The excavators market dynamics and trends are driven by the utilization of used equipment. In fact, the United States witnessed financing for more than 75,000 pieces of used equipment. Excavators emerged as the most financed equipment type, with approximately 6,178 units financed, reflecting robust activity in the construction equipment market. These trends underscore a steady growth trajectory in equipment financing and sales within the construction sector.
Moreover, the excavators market revenue growth is significantly influenced by ongoing construction activities, driving demand for road construction equipment globally. In Russia, the production of road construction equipment surged by 19% in value to 90 billion rubles in 2023, according to the Russian Association of Manufacturers of Specialized Machinery and Equipment (Rosspetsmash). This growth reflects a robust expansion in domestic shipment values, which increased by 15% to 84 billion rubles.
The global excavators market demand is fiercely competitive, driven by innovation in technology and sustainability. Caterpillar Inc., Komatsu Ltd., Liebherr-International Deutschland GmbH, Volvo Group, and Hitachi Construction Machinery Co., Ltd. lead with initiatives ranging from advanced technology adoption and sustainability measures to strategic expansions and customer-centric services. These efforts present their commitment to meeting diverse market demands while enhancing operational efficiency and environmental responsibility.
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“Global Excavators Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Market Breakup by Application
Market Breakup by Region
CAGR 2024-2032 - Market by | Country |
Saudi Arabia | 5.7% |
China | 5.5% |
Canada | 5.4% |
Germany | 4.3% |
Australia | 4.1% |
USA | XX% |
UK | XX% |
France | XX% |
Italy | XX% |
Japan | 3.7% |
India | XX% |
Brazil | XX% |
Mexico | XX% |
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Excavator manufacturers offering products with advanced features and a range of attachments are expected to drive the growth of the excavators industry. OEMs are also increasingly making more advancements in their telematics to gain popularity with equipment owners looking to optimize their machine’s uptime and safety. Further, the market is likely to see a boost due to increased development activity.
In India, Hitachi witnessed increased deployment of ZAXIS X370GI excavators for irrigation and mining of iron ore. ZAXIS 470 continued to be popular in coal excavation, for which the company supplied larger ZAXIS 650 to EX 1900s.
JCB mini excavators are being employed for urban development projects that require compact machines to function in restricted spaces and municipal jobs. The range includes the 3-ton to 6-ton category in models such as 30 plus, 50z, 51R and 55z.
L&T is promoting its Komatsu PC210-10M0 for rough applications like stone, granite, and marble quarrying, and mass earthwork. The machine has robust structures, a more powerful engine, and a bigger hydraulic pump thus boosting the excavators demand growth.
The company excels in construction and mining machinery, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives, and is celebrated for its innovation, dependability, and broad international reach.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market is estimated to grow at a CAGR of 4.9% between 2024 and 2032.
The major drivers of the market include the government focus on major projects, booming construction industry, growing requirement of robust, effective, and mobile construction equipment over heavy construction equipment, rising advancements in technology, and widespread usage in mining applications.
Increasing number of private and public infrastructure projects and growing economic development activity are the key industry trends propelling the market's growth.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is categorised according to the product, wheeled, crawler, and mini/compact, among others.
Based on the application, the market is divided into construction, mining, and others.
The market’s key players are Caterpillar Inc., Komatsu Ltd., Liebherr-International Deutschland GmbH, Volvo Group, and Hitachi Construction Machinery Co., Ltd., among others.
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