Wheel 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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Wheel 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

Wheel Excavator Market Size

Wheel Excavator Market was valued at USD 10.7 billion in 2022 and is poised to witness more than 5.5% CAGR from 2023 to 2032. Driven by the growing focus on decarbonization in the construction sector. As environmental concerns drive the adoption of sustainable practices, there is a heightened demand for construction equipment with reduced carbon footprints. The rising emphasis on eco-friendly construction methods enhances the appeal of wheel excavators, contributing to their growth in the market.

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The growing number of infrastructure development projects around the globe is a primary factor propelling the market growth. With increasing investments in road construction, urban infrastructure & other large-scale projects, there is a rising demand for versatile and efficient excavation equipment. Wheel excavators, known for their mobility and adaptability, become essential tools in meeting the demands of these projects. As the need for robust and maneuverable machinery continues to grow, the wheel excavator industrybenefits significantly from the ongoing global infrastructure development initiatives.
 

Wheel Excavator Market Report Attributes
Report Attribute Details
Base Year 2022
Wheel Excavator Market Size in 2022 USD 10.7 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 5.5%
2032 Value Projection USD 18.3 Billion
Historical Data for 2018 – 2022
No. of Pages 200
Tables, Charts & Figures 267
Segments covered Product, Bucket Capacity, Propulsion, Application
Growth Drivers
  • Rising number of infrastructure development projects
  • Increasing focus on decarbonization in the construction sector
  • Integration of advanced technologies
  • Rising need for mobility and adaptability
Pitfalls & Challenges
  • High upfront costs

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The high initial cost of wheel excavators stands as a significant challenge for the wheel excavator market. This factor can impede the adoption of these machines, particularly among smaller construction businesses or those operating on limited budgets. The substantial upfront investment required may deter potential buyers, leading them to consider alternative, more cost-effective solutions. Striking a balance between performance & affordability will be crucial for manufacturers to overcome this challenge and broaden the market appeal of wheel excavators.

COVID-19 Impact

The COVID-19 pandemic negatively impacted the wheel excavator industry. Disruptions in the global supply chain, labor shortages, and lockdown measures have led to delays in manufacturing & construction projects. Reduced construction activities, economic uncertainties, and financial constraints resulted in a decline in demand for heavy equipment including wheel excavators. These challenges have collectively contributed to a slowdown in the market growth.

Wheel Excavator Market Trends

Hey there! Exciting news in the construction world! Electric-powered wheel excavators are taking off like a rocket, driving a boom in the industry. Why? Because companies are all about going green these days, and electric machines totally fit the bill for eco-friendly construction. For example, this Chinese company called Greenland Technologies came out with a whole new line of electric construction equipment last July. They named it Hevi Equipment and it's got electric wheel loaders and an electric excavator, all running on lithium-ion batteries. It's like a major makeover, and it's all about meeting the growing demand for construction equipment that doesn't hurt the planet. This smart move by Greenland Technologies is a sign of how the wheel excavator industry is adapting to the changing times. People want sustainable options, and electric machines are giving them just that. It's making the whole industry stronger and more popular, which is great for everyone involved.

The increasing number of mining projects is driving demand for the wheel excavator market. As mining operations expand globally, the need for efficient and versatile excavation equipment will intensify. Wheel excavators, known for their maneuverability and productivity, are becoming integral to mining activities. Their ability to navigate diverse terrains and handle various materials positions them as crucial assets in the mining sector, contributing significantly to the rising demand for wheel excavators in the industry.

Wheel Excavator Market Analysis

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Based on product, the mini/compact segment held over 40% market share in 2022, due to its cost-effectiveness and easy maneuverability. Compact wheel excavators, known for their versatility in confined spaces, offer operational efficiency with reduced fuel consumption. For instance, in July 2023, Case unveiled an inaugural mini excavator in its latest D Series lineup. The CX42D is a zero-tail swing model weighing 4.2 tons and powered by diesel. Positioned alongside the current C Series mini excavators, the CX42D will extend Case's market presence across essential weight categories with significant demand.

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Based on application, the construction segment captured around 40% market share in 2022 and is projected to grow by 2032. The maneuverability of wheel excavators in tight urban spaces is a key factor propelling segment growth. Construction projects in densely populated urban areas often require machinery capable of navigating confined spaces without compromising efficiency. Wheel excavators with their compact design and agile handling excel in such environments, making them a preferred choice for construction companies engaged in urban development projects, and where space constraints are a critical consideration.

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Asia Pacific led the global wheel excavator market with a major share of over 35% in 2022. The market is driven by the region's growing urbanization. As urban areas expand and construction activities surge, there is an increasing demand for efficient & versatile equipment such as wheel excavators. These machines, known for their maneuverability in confined spaces, become crucial in densely populated urban environments. The construction of infrastructure, residential, and commercial projects in response to urbanization drives the need for wheel excavators, contributing significantly to their market growth in the Asia Pacific region.

Wheel Excavator Market Share

Major players operating in the wheel excavator industry are

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

Major players in the market are intensely competing to secure market shares through strategies such as technological innovation, product enhancement, strategic partnership, and geographical expansion. This competitive landscape reflects their efforts to gain a competitive edge and meet the evolving market demands.

Wheel Excavator Industry News

  • In September 2022, Hyundai Construction Equipment launched HW150A CR, a compact radius. Positioned as the forerunner of the A-Series wheeled excavators, the HW150A CR addresses the increasing demand for a utility & service-oriented wheeled machine in the 15 - 17 ton segment.

This wheel 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    Wheel excavator market 3600 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   Wheel Excavator Market Industry Insights

3.1    Impact of COVID-19

3.2    Industry ecosystem analysis

3.3    Vendor matrix

3.4    Profit margin 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   Rising growth of infrastructure development projects

3.9.1.2   Increasing focus on decarbonization in the construction

3.9.1.3   Integration of advanced technologies

3.9.1.4   Rising need for mobility and adaptability

3.9.2    Industry pitfalls & challenges

3.9.2.1   High upfront 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    Caterpillar Inc.

4.3.2    XCMG

4.3.3    Komatsu Ltd

4.3.4    AB Volvo

4.3.5    Deere & Company

4.3.6    Liebherr Group

4.3.7    Hitachi Construction Machinery Co. Ltd

4.4    Competitive positioning matrix, 2022

4.5    Strategic outlook matrix, 2022

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

7.1    Key trends, by propulsion

7.2    ICE

7.3    Electric

Chapter 8   Wheel 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   Wheel 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
 

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

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