Excavator Market Analysis & Forecast 2024-2030

Global Excavator Market is expected to reach USD 71184.20 million by 2030 with CAGR of 5.4% between 2024 and 2030

Overview

Excavators are one of the widely used construction equipment normally found on every mining and construction site in the world. These machines have revolutionized the construction activities and way we move earth. These are designed for digging holes, trenches and foundations. Excavators provide the advantage to do these tasks much more easily and effectively than any other piece of heavy equipment on the market. Apart from digging, excavators are widely used for projects such as demolition, material handling and lifting of heavy objects. Developing construction industry, rising investments in private and government sectors in new construction projects is driving the growth of the global excavator market. Construction industry is one of the largest economic sectors and is expected to grow in future at a significant pace due to rising infrastructural activities in developing countries such as China and India.  

Rising adoption of excavators and construction equipment in urban construction activities has led to significant progress in construction activities. This in turn is shifting focus of construction companies in utilizing new construction equipment in their workflows. However, stringent regulatory policies to curb carbon emission, disruptions in the mining industry are limiting the growth of the market. However, the industry is expected to witness significant growth in the forecast period owing to increase in construction activities and investments in housing, healthcare, education and public infrastructure.  

Product types & Competitive analysis

Excavator market is segmented into wheeled excavator, crawler excavator and compact/mini excavator. Wheeled excavator dominated the global market in terms of revenue generation. These are extensively used over construction sites owing to their easy mobility. These come up with higher flexibility and can travel from one site to other with speed of 40-50 km per hr. Compact/mini excavator was the fastest growing segment and is expected to grow at significant pace in forecast period. As the name suggests these excavators are compact, with improved functionality and versatility. These are widely used in small to medium construction purposes like digging, material moving, power, irrigation, and housing.  

Competitive analysis included in research study helps users to understand key players market positioning and marketing strategies. Global excavator market is highly competitive and is dominated by few players in the market. New product launches and development of the existing products are key strategies of key players. Companies are focused on offering best in class products to the market to attract more buyers and increase market share. For instance, in December 2020, American Construction machinery and equipment company Caterpillar has equipped its new M316 next generation wheeled excavator with advanced hydraulics, to deliver optimum balance of power and efficiency. Several companies rely on regional and local distributors to increase their share as well as geographical presence in the market. Several manufacturers are using approaches such as acquisition of significant players, capital investments in new technologies and rental services to maintain their presence in developing markets.  

Application & Regional analysis

On the basis of applications global excavator market is categorized into construction, mining, military, chemical & materials and agriculture. The construction segment is projected to experience the fastest growth during the forecast period. Excavators are widely used in construction industry for small and large scale constructions. They are utilized in digging holes, excavate, move construction material, remove construction wastes. Rising construction activities, roads and expressway projects and government investments on development and modifying existing construction projects are expected to drive the growth of market in forecast period.  

Asia Pacific dominates the global excavator market with more than 40% market share in 2023 followed by North America. The growth in the region is attributed to the rising investments in infrastructure projects, construction industry and promising demand for construction equipment’s. In addition to this growth across commercial, residential, industrial and institutional sectors in Asia Pacific is expected to drive market growth in forecast period. The China’s rising government spending over infrastructure projects will continue to drive growth in the machinery, equipment, and construction materials market. According to the National Development and Reform Commission, China's infrastructural investment would grow by 8% in 2023 compared to 3.8% in 2022. The country will also witness strong demand for construction equipment and machinery as well as suppliers of construction materials owing to rising public sector infrastructure and international projects such as Belt and Road initiative.  

The demand for excavators is rising in India as well owing to rising construction industry, urbanization, rising residential sector and investments from government in commercial construction sector. India is likely to become the world’s 3rd largest construction market by 2022. Pouring Foreign Direct Investment (FDI) in construction sector has been a major driver for construction industry in the country as of March 2020 country has received $25.66 bn in investment since 2000. North America is growing at significant speed and is expected to witness strong growth in forecast period. The growth in the region is primarily driven by growing housing sector in the region, increasing awareness regarding green buildings and rising construction expenditure. The U.S. accounted for the largest revenue share in the North American market due to rising construction activities and increasing annual expenditure. Every year 1.2 million new housing units are planned in the US. The housing sector is still going strong. The government’s spends more than $1,231 billion on construction industry with encouraging new housing projects and affordable housing construction programs.  

 

Global Excavator Market: Product Types

• Wheeled Excavator
• Crawler Excavator
• Compact/mini Excavator

Global Excavator Market : Applications

• Mining
• Military
• Chemical & Materials
• Agriculture

Global Excavator Market: Competitive Analysis

Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in Global Excavator Market:

• Komatsu Ltd.
• Hitachi
• Volvo
• JC Bamford Excavators
• Doosan Infracore
• John Deere
• Hyundai Heavy Industries
• BEML LIMITED
• Liebherr-International
• KOBELCO CONSTRUCTION MACHINERY
• Kubota Corporation
• Sumitomo
• SANY
• CNH Industrial
• Xuzhou Construction Machinery Group
• Zoomlion

Geographical analysis of Global Excavator Market :

• North America
  • U.S.A
  • Canada
• Europe
  • France
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South East Asia
• Latin America
  • Brazil
• Middle East and Africa

Global Excavator Market Report delivers a comprehensive analysis of the following parameters:

• Market Forecast for 2024-2030
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

---

Frequently Asked Questions (FAQ)