Excavators Market Size was valued at USD 47.47 Billion in 2023. The Excavators industry is projected to grow from USD 49.6 Billion in 2024 to USD 73.82 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.09% during the forecast period (2024 - 2032). Rising construction activities and technological development are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Demolition contractors and recyclers have long employed excavators and hydraulic material handling attachments for various tasks, but this century has seen a growth in attachments that can act as "mini" processing plants. While technological advancements have improved excavator performance for more than ten years, end-user demand for specific features has recently increased.
As more government infrastructure projects particularly require automation of construction equipment, contractors engaged in other sorts of work are also drawn to the efficiencies provided by technology that simplifies the use of earthmoving and other equipment, gathers production data, or improves safety. For instance, in March 2022, Sodex Innovations, an Austrian company, introduced compact excavator-specific automated measurement equipment to the market. The company's technology automates the measuring, documenting, and billing of excavated material on construction sites through constant measurement of the three-dimensional landscape. The company uses a camera, laser, and other sensors to record and measure the environment in the excavator's working area. All measured points are then geo-referenced using a GNSS/GPS system to identify their precise locations. In a format other software application can utilize for billing and real-time analysis, this generates a digital record of the volume of material withdrawn or input. Companies are developing new excavators and launching them in the market, which is anticipated to propel the market CAGR in recent years.
Additionally, cameras are raising the bar for excavator productivity and safety. For instance, Caterpillar excavators have two cameras, one on the right side and one on the back. It helps the contractors who want to retain a 360° vision surrounding the excavator, a four-camera system is an additional choice. Technological development is providing aid to construction firms. Due to the increasing demand for infrastructure projects and the increased use of technically sophisticated hydraulic excavators, they will have new equipment driving onto the job site. Moreover, construction activities are among the primary factors fueling market growth. Such developments are among the major key factors driving the Excavator's market revenue growth.
The Excavators market segmentation, based on type, includes Mini/Compact and Crawler/Wheeled. The crawler/wheeled segment held the majority share in 2022, contributing to around ~62-65% with respect to the Excavators market revenue. This is primarily due to the demand for heavy material handlings equipment, such as backhoes and crawler loaders. Others are also rising due to the growing amount of trash collected from construction sites, industrial sites, and waste yards. Excavators are becoming increasingly in demand due to rising building activity and increased urbanization and industrialization. Moreover, mini/compact is anticipated to grow fastest during the forecast period. Due to the incorporation of cutting-edge hydraulic systems and electrification, mini excavators are projected to have new technological features and offer fewer emissions which are anticipated to aid the growth during the projected period.
December 2022: The leading concreting and construction equipment manufacturer, Schwing Stetter India, has introduced the XCMG hydraulic excavator and wheel loader as part of its new product line.
September 2022: Case Construction launched a four-model E-Series wheeled excavator range. The equipment will be produced in accordance with an existing supply contract with the Hyundai Construction Equipment company in South Korea.
The Excavators market segmentation, based on end users, includes contractors, rental providers, and others. The contractors dominated the market in 2022 and are projected to be the faster-growing segment during the projected period, 2024-2032. Excavators are used in various industrial and contractor applications, such as mining, building construction, road construction, and demolition. Mini excavators, a lighter and smaller version of the normal excavator that can fit through packed, constrained areas like parking lots and interior spaces, have become more popular among contractors in recent years. Such factors are fueling the Excavators market growth.
The Excavators market data has been bifurcated by application into mining, construction, and utility. The construction segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. One of the essential elements creating a bright outlook for the market is a significant development in the construction industry. Most often, excavators are utilized in large-scale residential and commercial construction, road and port improvement and building, and mining projects worldwide. Additionally, emerging nations are currently concentrating on infrastructure development, which would improve the market for excavators.
October 2022: JCB unveiled three new excavators for applications in infrastructure and mining, and quarrying. These machines will be produced in the cutting-edge facility of JCB India in Pune and sold to clients in India and international markets. This new launch is expected to further the growth opportunity for the Excavators industry in the coming years.
December 2017: Caterpillar India unveiled its new Cat 320D3 and Cat 323D3 20-ton class excavators to serve the Indian construction industry.
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewExcavators Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific Excavators market accounted for USD 20.7 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Improved economic conditions and rapid infrastructure growth in developing nations like China, India, and South Korea support the construction industry. Due to the presence of large manufacturers and their increasing attempts to develop new manufacturing facilities. Additionally, expanding mining operations in nations like India, Thailand, China, and Vietnam contribute to the market's expansion. Moreover, the China Excavators market held the largest market share, and the India Excavators market was the fastest-growing market in the Asia-Pacific region.
For instance, the India Excavators market's rapid urbanization, construction activities, and increasing government initiatives for infrastructure development are among the key factors boosting the growth. In March 2021, the Parliament approved a bill to establish the National Bank for Financing Infrastructure and Development (NaBFID), USD 2.5 billion development finance organization, to finance infrastructure projects in India. According to Invest India, By 2030, the Indian real estate market is projected to generate USD 1 trillion, or 13% of the country's GDP.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewThe North America Excavators Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to rising expenditures on infrastructure development, and the expansion of expansive foundation projects and offices for transportation advancement are driving the excavator market growth. The U.S. Excavators Market is anticipated to grow with a significant CAGR, and the Canada Excavators market was the fastest-growing market in the European region.
Europe's Excavators market accounts for the second-largest market share due to the rising expenditures on infrastructure development by both public and private institutions. Excavators are increasingly in demand in this region's commercial, residential, and industrial sectors. Further, the Germany Excavators market held the largest market share, and the UK Excavators market was the fastest growing market in the European region.
Excavators Key Market Players & Competitive Insights
Major market players are spending a lot of money on introducing new products in the market, which will help the Excavators market grow in the coming years. Companies are also taking strategic initiatives to strengthen their market position, with key market developments such as introducing new products, mergers, acquisitions, and collaboration with other organizations. Competitors in the Excavators industry are also taking initiatives to invest in developing these machines.
One of the primary business strategies manufacturers adopt in the Excavators industry is to showcase their products in various Exhibitions. In recent years, the Excavators industry has provided advanced products in the market. The Excavators markets significant players such as Caterpillar Inc. (U.S.), Hyundai Heavy Industries (South Korea), Hitachi Construction Machinery (Japan), Sandvik AB (Sweden), Komatsu Ltd. (Japan), JCB Ltd. (U.K.), Volvo Construction Equipment (Belgium), and Terex Corporation (U.S.), others are working on expanding the market demand by investing in research and development activities.
Caterpillar Inc. is a manufacturer of diesel-electric locomotives, off-highway natural gas and diesel engines, construction and mining equipment, and industrial gas turbines. The company has a presence with offices in many countries. In August 2022, Caterpillar Inc launched the new Cat 350 hydraulic excavator for industrial and construction projects. Large buckets up to 3.2 m3 can be fitted to the Cat 350 excavator (4.2 yd3). Compared to the Cat 349, this new excavator model uses up to 13% less fuel.
Also, JCB Ltd. is a manufacturer of construction and material handling equipment. As it continues to lead the industry in zero and low-carbon technology, JCB has created the first-ever hydrogen-powered excavator for the construction industry. For more than a year, the 20-tonne 220X excavator has been put through rigorous testing at JCB's quarry proving grounds. In May 2022, JCB Ltd. unveiled a 22-ton hydraulic excavator explicitly built for use in India on the NXT platform.
Excavators Industry Developments
November 2022: Caterpillar Inc introduced two new hydraulic excavators before the 2023 CON-EXPO show. According to Caterpillar, the new Cat 340 Hydraulic Excavator has a 10% productivity boost over the 2020 model year Cat 336 thanks to a more potent engine, wider track, and 7.5-ton counterweight.
December 2022: Tata Hitachi unveiled the brand-new NX30 3-Ton Mini Excavator. This machine is made in India and was specially created for the conditions of the Indian market. The company provides better operating performance, low fuel consumption, simple maintenance, comfort, high reliability, and stunning aesthetics. This device is consistent with the company's dedication to Atmanirbharta, an Indian-made product for domestic and international markets.
July 2022: Volvo Construction Equipment in India introduced EC550E crawler excavator. The machine, which has a Tier 3 engine, is ideal for the Indian market and allows customers to take advantage of its industry-leading performance, productivity, ands efficiency.January 2024: Caterpillar introduces the new 336 Next Generation excavator, which features a number of improvements over the previous model, including a new engine that meets Tier 4 Final emissions standards, a redesigned cab that offers improved visibility and comfort, and a suite of new technologies that can help to improve productivity and efficiency
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 47.47 billion |
| Market Size 2024 | USD 49.6 billion |
| Market Size 2032 | USD 73.82 billion |
| Compound Annual Growth Rate (CAGR) | 5.09% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Caterpillar Inc. (U.S.), Hyundai Heavy Industries (South Korea), Hitachi Construction Machinery (Japan), Sandvik AB (Sweden), Komatsu Ltd. (Japan), JCB Ltd. (U.K.), Volvo Construction Equipment (Belgium), and Terex Corporation (U.S.) |
| Key Market Opportunities | Rising government initiatives |
| Key Market Dynamics | Growing number of construction projects Increasing expenditures on infrastructure development |
Excavators Market Highlights:
Frequently Asked Questions (FAQ) :
The Excavators market size was valued at USD 47.47 Billion in 2023.
The market is projected to grow at a CAGR of 5.09% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the market
The key players in the market are Caterpillar Inc. (U.S.), Hyundai Heavy Industries (South Korea), Hitachi Construction Machinery (Japan), Sandvik AB (Sweden), Komatsu Ltd. (Japan), JCB Ltd. (U.K.), Volvo Construction Equipment (Belgium), and Terex Corporation (U.S.).
The Mini/Compact category dominated the market in 2023.
The mining had the largest share in the market.
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
