The global excavators market is anticipated to register considerable growth, exhibiting a CAGR of 5.2% from 2023 to 2033. According to the research report published by FMI, the market is likely to hit a valuation of US$ 74.27 billion in 2023 and US$ 123.30 billion by 2033.
Growing urbanisation in both developed and emerging nations is driving the building industry. Heavy-duty equipment is therefore becoming more and more necessary in the construction industry. Small-scale building, farming, forestry, and other enterprises commonly use excavators. They are also used in sewage disposal and mining operations. With excavators, a wide variety of dirt can be dug up. Excavators may perform a wide range of difficult jobs in various applications.
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It is anticipated that as infrastructure projects and the development of smart cities gain up steam in nations like China, South Korea, India, and Japan, the need for excavators would only increase. It is also expected that the expansion of mining activities in Vietnam, Thailand, and China will boost product sales. Market expansion in Asia Pacific is expected to be supported by the existence of significant industry players and their changing business expansion strategies. It is anticipated that growing investments in megaprojects throughout developing nations will spur market expansion.
The introduction of electric excavators and small excavators with cutting-edge technology is anticipated to open up investment potentials in the industry. Furthermore, the electrification of drivetrains to reduce carbon emissions is likely to contribute to product sales. The adoption of automated excavators is likely to augment in the coming years.
Key Takeaways from Excavators Market Report:
- In 2018, the global market size stood at nearly US$ 57.64 billion.
- Asia Pacific held the dominant share with a revenue of more than 41% in 2022. The region is likely to register a CAGR of 5.8% from 2023 to 2033.
- The electric drive type segment is poised to exhibit a CAGR of 14.5% during the forecast period.
- The excavators with up to 250 HP registered a huge market share nearly 70% in 2022. This segment is predicted to exhibit a CAGR of approximately 5.8% from 2023 to 2033.
- The excavators weighing 46 > metric tons captured a massive 35% market share in 2022.
- The wheeled excavator segment accounted for a revenue of nearly 72.6% in 2022.
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Recent Development Observed by FMI:
- Tata Hitachi unveiled ZX670H, a new mining excavator, in March 2023. The machine is made in India and is designed to have excellent levels of comfort, safety, and longevity while requiring less maintenance.
- In January 2021, Hyundai Construction Equipment introduced a new line of excavators. The eleven new excavators, which range in class from 8 tonnes to 50 tonnes, are introduced as part of the SMART PLUS series. The new launch aims to improve the company’s international positioning.
- In September 2022, Schwing Stetter introduced the two new hydraulic wheel loaders and excavators from XCMG. The business is continuously enhancing its market presence and has aspirations to broaden its reach globally.
Key Players in the Excavators Market Report:
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.
Excavators Market Segmentation
By Vehicle Weight:
- < 10
- 11 to 45
- 46 >
By Engine Capacity:
- up to 250 HP
- 250 to 500 HP
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By Type:
- Wheel
- Crawler
By Drive Type:
- Electric
- ICE
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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