Excavator Market Size - By Product (Mini/Compact, Medium, Large), By Bucket Capacity (Below 3 m3, 3 - 6 m3, Above 6 m3), By Propulsion (ICE, Electric), By Application (Construction, Forestry & Agriculture, Mining, Rental), & Forecast, 2023 - 2032

Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Construction | Format: Report available in PDF / Excel Format

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Excavator Market Size - By Product (Mini/Compact, Medium, Large), By Bucket Capacity (Below 3 m3, 3 - 6 m3, Above 6 m3), By Propulsion (ICE, Electric), By Application (Construction, Forestry & Agriculture, Mining, Rental), & Forecast, 2023 - 2032

Excavator Market Size

Excavator Market was valued at USD 44.6 billion in 2022 and is estimated to register over 4.5% CAGR between 2023 and 2032. Driven by the infrastructure development projects such as roads, bridges, airports, and urban development. Infrastructure development projects act as a catalyst for market growth by fueling demand for heavy construction machinery. As governments worldwide invest in expanding and upgrading their infrastructure, the demand for excavators rises, driving the market forward and encouraging manufacturers to innovate, further enhancing the industry's technological landscape.

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The burgeoning construction and mining sectors are pivotal drivers of the excavator industry growth. As infrastructure demands surge, excavators become indispensable for tasks like earthmoving and foundation work. In the mining sector, excavators play a crucial role in resource extraction. The escalating activities in these sectors directly propel the demand for excavators, ensuring sustained growth for manufacturers and service providers in the excavator business.

Excavator Market Report Attributes
Report Attribute Details
Base Year 2022
Excavator Market Size in 2022 USD 44.6 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 4.5%
2032 Value Projection USD 72 Billion
Historical Data for 2018 to 2022
No. of Pages 200
Tables, Charts & Figures 267
Segments covered Product, Bucket Capacity, Propulsion, Application
Growth Drivers
  • Rapidly growing manufacturing sector in North America & Europe
  • Increasing investments in infrastructure development in APAC
  • High demand for crane rental from oil & gas sector
  • Rising construction and mining activities in Latin America
Pitfalls & Challenges
  • Lack of skilled and qualified operators
  • High maintenance and repair costs

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However, Stringent regulations related to emissions, environmental concerns, and safety standards can pose challenges for the excavator market. Compliance with evolving regulations often requires manufacturers to invest in research and development for cleaner and more efficient technologies, which can increase costs. Additionally, restrictions on certain types of excavation activities in environmentally sensitive areas may limit the market's growth potential.

COVID-19 Impact

The COVID-19 pandemic significantly impacted the excavator industry as construction projects faced delays and disruptions due to lockdowns and supply chain interruptions. Reduced economic activity and uncertainty led to a decline in infrastructure investments, affecting demand for excavators. Manufacturing and delivery challenges also impeded the industry's ability to meet demand. However, as economies recover and infrastructure projects resume, the market is poised for resurgence, albeit with ongoing considerations for pandemic-related uncertainties.

Excavator Market Trends

Rapid electrification and integration of hybrid technology will be an emerging trend in the excavator industry. There is a growing trend toward the electrification of construction equipment, including excavators. Manufacturers are increasingly exploring and developing electric and hybrid excavators to address environmental concerns and meet stricter emission standards. These machines aim to provide improved energy efficiency and reduced carbon footprint, aligning with the broader industry push toward sustainable practices.

Excavator Market Analysis

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Based on product, the medium segment captured around 45% market share in 2022. These compact machines are increasingly preferred for their versatility, maneuverability, and efficiency in tight spaces, making them vital for urban construction and infrastructure projects. Additionally, advancements in technology have led to more fuel-efficient and environmentally friendly mini excavators, aligning with the growing emphasis on sustainability.

In November 2023, Sany, a top construction equipment company, showed off its five new compact excavators. These machines were designed with different features to make them more useful and efficient on the job site. Sany is always looking for new ways to improve its equipment and meet the needs of its customers. With more and more people doing their own home improvement and landscaping projects, there is a growing need for smaller, easier-to-use excavators. This has led to a boom in the sale of mini and compact excavators. Sany's new excavators are perfect for this market.

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In 2022, excavators with buckets smaller than 3 cubic meters dominated the market, claiming more than 40% of the total share. These excavators are in high demand because they can move a lot of dirt and are essential for big construction and mining projects. The large bucket size means that these excavators can handle a lot of material quickly, making them more productive and efficient. They're great for digging, loading, and moving things around, so they can be used for a wide range of jobs. Industries that need to move a lot of dirt, like mining, road building, and building bridges and roads, often use excavators with 3 cubic meter buckets because they're powerful and can help them finish their projects on time.

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Asia Pacific region dominate 40% share of excavator market in 2022, propelled by robust infrastructure development, urbanization, and expanding construction activities. Rapid urbanization and infrastructural development initiatives in countries like China and India propel the demand for excavators in construction projects. The Belt and Road Initiative in China, massive urbanization projects in India, and Japan's focus on advanced construction technologies contribute to the regional expansion. Additionally, the demand for excavators in mining operations and the adoption of technologically advanced models further boost regional growth.

Excavator Market Share

Major players operating in the Excavator industry are

  •  AB Volvo
  •  Caterpillar Inc.
  •  Deere & Company
  •  Doosan Infracore Co. Ltd
  •  Hitachi Construction Machinery Co. Ltd
  •  J.C.Bamford Excavators Ltd
  •  Komatsu Ltd
  •  Liebherr Group
  •  Sany Heavy Industry Co., Ltd.
  •  XCMG

Companies in the excavator business adopt key strategies to enhance their presence, including technological innovation, expanding product portfolios, forming strategic partnerships, and entering emerging markets. These approaches enable firms to stay competitive, meet evolving customer demands, and capitalize on opportunities for growth and market expansion.

Excavator Industry News

In October 2022, HD Hyundai CE India launched new four models of excavators. The newly launched products include the new generation Global HX Series 50-ton class excavator for heavy duty mining applications and 3 new models in SMART Pluseries of excavator in 8ton, 14ton, and 15 ton.

This excavator market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments

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Market, By Product

  • Mini/Compact
  • Medium
  • Large

Market, By Bucket Capacity

  • Below 3 m3
  • 3 - 6 m3
  • Above 6 m3

Market, By Propulsion

  • ICE
  • Electric

Market, By Application

  • Construction
  • Forestry & Agriculture
  • Mining
  • Rental

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia

 

 

Table of Content

Report Content

Chapter 1   Methodology & Scope

1.1    Market definitions

1.2    Base estimates & calculations

1.3    Forecast calculation

1.4    Data sources

1.4.1    Primary

1.4.2    Secondary

1.4.2.1   Paid sources

1.4.2.2   Public sources

Chapter 2   Executive Summary

2.1    Excavator market 360º synopsis, 2018 - 2032

2.2    Regional trends

2.3    Product trends

2.4    Bucket capacity trends

2.5    Propulsion trends

2.6    Application trends

Chapter 3   Excavator Industry Insights

3.1    Industry ecosystem analysis

3.2    Vendor matrix

3.3    Profit margin analysis

3.4    Price trend analysis

3.5    Technology & innovation landscape

3.6    Patent analysis

3.7    Key news and initiatives

3.8    Regulatory landscape

3.9    Impact forces

3.9.1    Growth drivers

3.9.1.1   Rapidly growing manufacturing sector in North America & Europe

3.9.1.2   Increasing investments in infrastructure development in APAC

3.9.1.3   High demand for crane rental from oil & gas sector

3.9.1.4   Rising construction and mining activities in Latin America

3.9.2    Industry pitfalls & challenges

3.9.2.1   Lack of skilled and qualified operators

3.9.2.2   High maintenance and repair costs

3.10    Profit margin analysis

3.11    Vendor matrix analysis

3.12    Growth potential analysis

3.13    Porter’s analysis

3.14    PESTEL analysis

Chapter 4   Competitive Landscape, 2022

4.1    Introduction

4.2    Company market share, 2022

4.3    Competitive analysis of major market players, 2022

4.3.1    AB Volvo

4.3.2    Caterpillar Inc.

4.3.3    Deere & Company

4.3.4    Hitachi Construction Machinery Co. Ltd

4.3.5    Komatsu Ltd

4.3.6    Liebherr Group

4.3.7    XCMG

4.4    Competitive positioning matrix, 2022

4.5    Strategic outlook matrix, 2022

Chapter 5   Excavator Market Estimates & Forecast, By Product (Revenue & Shipment)

5.1    Key trends, by product

5.2    Mini/Compact

5.3    Medium

5.4    Large

Chapter 6   Excavator Market Estimates & Forecast, By Bucket Capacity (Revenue & Shipment)

6.1    Key trends, by bucket capacity

6.2    Below 3 m3

6.3    3 - 6 m3

6.4    Above 6 m3

Chapter 7   Excavator Market Estimates & Forecast, By Propulsion (Revenue & Shipment)

7.1    Key trends, by propulsion

7.2    ICE

7.3    Electric

Chapter 8   Excavator Market Estimates & Forecast, By Application (Revenue & Shipment)

8.1    Key trends, by application

8.2    Construction

8.3    Forestry & agriculture

8.4    Mining

8.5    Rental

Chapter 9   Excavator Market Estimates & Forecast, By Region (Revenue & Shipment)

9.1    Key trends, by region

9.2    North America

9.2.1    U.S.

9.2.2    Canada

9.3    Europe

9.3.1    UK

9.3.2    Germany

9.3.3    France

9.3.4    Italy

9.3.5    Spain

9.3.6    Russia

9.4    Asia Pacific

9.4.1    China

9.4.2    India

9.4.3    Japan

9.4.4    South Korea

9.4.5    ANZ

9.5    Latin America

9.5.1    Brazil

9.5.2    Mexico

9.5.3    Argentina

9.6    MEA

9.6.1    UAE

9.6.2    South Africa

9.6.3    Saudi Arabia

Chapter 10   Company Profiles

10.1    AB Volvo

10.2    Caterpillar Inc.

10.3    CNH industrial NV

10.4    Deere & Company

10.5    Doosan Infracore Co., Ltd.

10.6    Gaungxi LiuGong Machinery

10.7    HIDROMEK

10.8    Hitachi Construction Machinery Co., Ltd.

10.9    Hyundai Heavy Industries Co., Ltd.

10.10    J.C.Bamford Excavators Ltd.

10.11    Komatsu Ltd.

10.12    Liebherr Group

10.13    Sany Heavy Industry Co., Ltd.

10.14    Wacker Neuson SE

10.15    XCMG

  •  AB Volvo
  •  Caterpillar Inc.
  •  Deere & Company
  •  Doosan Infracore Co. Ltd
  •  Hitachi Construction Machinery Co. Ltd
  •  J.C.Bamford Excavators Ltd
  •  Komatsu Ltd
  •  Liebherr Group
  •  Sany Heavy Industry Co., Ltd.
  •  XCMG

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