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Global Excavators Market: By Product: Wheeled, Crawler, Mini/Compact, Others; By Application: Construction, Mining, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; Industry Events and Developments
Global Excavators Market Outlook
The global excavators market is expected to grow at a CAGR of 4.9% during the period 2023-2028. Increasing number of private and public infrastructure projects, growing economic development activity, and government focus on major projects are the factors expected to drive demand, especially in developing nations including India. The need for high productivity and fuel-efficient machines is expected to stimulate market growth. North America, Europe and Asia are expected to be key markets.
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Global Market Likely to be Driven by Increasing Industrial and Development Activity
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 particular 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. 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 specialized.
Types of excavators include:
Crawler excavators – Also called general-purpose excavators, these comprise a bucket, boom, and arm to the anterior of the machine. Crawlers are available in different sizes, and may be used to dig, demolish structures and surfaces, perform trenching, and lift heavy objects.
Wheeled excavators – General-purpose excavators, the key difference being that these run on wheels instead of tracks. A major advantage of wheeled excavators is that these may be driven from one job site to another by road; crawler excavators that run on tracks usually need to be carried on a trailer for long-distance travel. Thus, wheeled excavators are more convenient and save time and cost.
Short swing radius excavators – A variation of the general-purpose excavator, it offers the same performance with a shorter swing radius superstructure, offering several benefits in urban and confined areas. These are available in both crawler and wheeled types.
Long-reach excavators – These general-purpose excavators have an extended boom and arm offering longer working range for tasks far away from the machine that may be otherwise difficult to reach, for example deep trenching, underwater digging.
Backhoe loaders – Generally used for landscaping and mining. A large bucket or blade (used to level or push surfaces with miles of materials such as soil) is connected to the front of the machine with a boom, arm, and bucket at the back. The boom and arm attached at the back serve the same purpose as a general-purpose excavator, but rotate nearly 205 degrees instead of 360.
The various types of excavator tools include Bucket, Thumb, Augers, Hydraulic Breaker, Shears, Hydraulic Quick Coupler, Ripper, and Tilt-rotator, among others. Excavators come in different sizes, including Compact Excavators- Mini/ Midi Size, and General-purpose Excavators – Large.
Offerings by Major Manufacturers Expected to Boost Market Growth
Several manufacturers offer excavators. Many companies manufacture different sizes and models of excavators to cater to projects of all sizes and natures. Poplar brands of excavator manufacturers include:
Caterpillar – also popular as CAT, it is one of the most popular brands of heavy equipment and machinery in the world, and a major heavy equipment manufacturer. Caterpillar manufactures many kinds of excavators.
Volvo – Volvo is known to push the boundaries of construction equipment manufacturing. In 2019, Volvo CE announced the goal of launching a range of electric compact excavators and wheel loaders by mid-2020. Such solutions are expected to contribute to the growth of the global excavators market. The company offers crawler excavators, wheeled excavators, mini excavators and short swing excavators. The company is most well-known for its wheeled excavators.
Komatsu – Modern excavators from Komatsu feature new engines and hydraulic technology which driving fuel efficiency. The company strives to build their excavators with the best quality material and superior craftsmanship. Komatsu offers a variety of excavators for all types of projects. Mid-range models such as the Komatsu PC170LC-11 offer a 121 hp with 2,100 rpm with an operating weight of up to 43,115 lbs. Komatsu also manufactures the PC240LC-10 Super Long Front, providing a productive and stable equipment base for deep ditch digging or sloping applications.
John Deere & Co – The company manufactures over 20 different kinds of excavators in different sizes, weight, and horsepower. The company’s largest excavator – the 870G LC Excavator enables 31ft in digging depth and a 512 hp. The 75G mid-sized excavator enables a 15ft digging depth, 56.9hp and weighs just under 18,000 lbs.
Technically Advanced Features with a Range of Attachments Offered by Manufacturers and Increasing Industrial and Development Activity, Especially in Developing Countries, Expected to Drive Market Growth
Excavator manufacturers offering products with advanced features and a range of attachments are expected to drive the global excavators market. 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.
Market Segmentation
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By product, the market is segmented into:
- Wheeled
- Crawler
- Mini/Compact
- Others
By application, the market is divided into:
- Construction
- Mining
- Others
By region, the market is classified into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Industry Players in the Market
The report presents a detailed analysis of the following key players in the global excavators market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Caterpillar Inc.
- Komatsu Ltd.
- Liebherr-International Deutschland GmbH
- Volvo Group
- Hitachi Construction Machinery Co., Ltd.
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Excavators Market Analysis
8.1 Key Industry Highlights
8.2 Global Excavators Historical Market (2018-2022)
8.3 Global Excavators Market Forecast (2023-2028)
8.4 Global Excavators Market by Product
8.4.1 Wheeled
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Crawler
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Mini/Compact
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Others
8.5 Global Excavators Market by Application
8.5.1 Construction
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Mining
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Others
8.6 Global Excavators Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
9 North America Excavators Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Excavators Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Excavators Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Excavators Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Excavators Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Caterpillar Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Komatsu Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Liebherr-International Deutschland GmbH
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Volvo Group
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Hitachi Construction Machinery Co., Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Excavators Market: Key Industry Highlights, 2017 and 2021
2. Global Excavators Historical Market: Breakup by Product (USD Million), 2018-2022
3. Global Excavators Market Forecast: Breakup by Product (USD Million), 2023-2028
4. Global Excavators Historical Market: Breakup by Application (USD Million), 2018-2022
5. Global Excavators Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Global Excavators Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Excavators Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Excavators Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Excavators Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Excavators Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Excavators Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Excavators Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Excavators Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Excavators Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Excavators Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Excavators Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Excavators Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Excavators Market Structure
Key Questions Answered in the Report
The global excavators market is projected to grow at a CAGR of 4.9% between 2023 and 2028.
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 major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various products in the market include wheeled, crawler, and mini/compact, among others.
The significant applications of the market are construction and mining, among others.
The major players in the industry are Caterpillar Inc., Komatsu Ltd., Liebherr-International Deutschland GmbH, Volvo Group, and Hitachi Construction Machinery Co., Ltd., among others.
Analyst Review
The global excavators market was driven by the increasing number of private and public infrastructure projects in the historical period. Aided by the widespread usage in mining applications and growing economic development activity, the market is expected to grow at a CAGR of 4.9% in the forecast period of 2023-2028.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The various products in the market are wheeled, crawler, and mini/compact, among others. The significant applications of the market are construction and mining, among others. The major regional markets for excavators are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The major players in the market are Caterpillar Inc., Komatsu Ltd., Liebherr-International Deutschland GmbH, Volvo Group, and Hitachi Construction Machinery Co., Ltd., among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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