Excavator Market Synopsis

Excavator Market Size Was Valued at USD 75.5 Billion in 2023, and is Projected to Reach USD 117.7 Billion by 2032, Growing at a CAGR of 5% From 2024-2032.

The excavator market defines the global industry involved in production and sale of the earth moving equipment called excavators accompanied with its rental business. It is one of the most flexible categories of a construction machine mainly used in digging, trenching and earthmoving activities in different activities like construction, mining, forestry and agriculture. The market brings together excavators of varying size and class, from small and Medium ensuring construction within the cities to the large sort used in big projects like road construction. Major stakeholders in this market include the manufacturers, distributors, rental company/establishments and service providers – all of which comprise an industry that operates on factors such as technological innovations, market trends and the economic conditions affecting construction activity across the global.

• The global excavator market is still in and has the prospect to grow continually because of various reasons embracing urbanization, infrastructural projects and rising construction activities across the world. Hydraulic excavators, a versatile machine in digging, material handling and demolition, is key equipment that is widely demanded in construction, mining, and agriculture industries among others. Many manufacturers are modifying coupler-selective excavators with higher efficiency, increased productivity and decreased environmental effects, thereby contributing to the growth of the market. In the meantime, increasing awareness of environmental care and strict emission norms have begun to shift the future market of the excavator towards electrical and hybrid excavators.
• However, the market incorporates some restraints as well like volatility in raw material prices, issues in supply chain management, and economic vulnerability that may slow down the market to a certain extent. Furthermore, due to the outbreak of COVID-19 there has been changes with supply chain distortions, cessation of construction projects and reduced investments on construction processes at first. However, with some economic recovery recorded globally and gradually returning capital spending on infrastructure projects, the excavator market is anticipated to post a recovery backed by government efforts in infrastructure build-up and urban redevelopment across regions for manufacturers to scan opportunities to penetrate and grow the market.

Excavator Market Trend Analysis

Rising demand for electric and hybrid excavators

• Drives toward achieving higher sustainability and lower carbon content have seen the construction industry push for cleaner and more eco-friendly construction equipment. Some of the benefits of electrical and hybrid excavators include; they are quiet than diesel ones; inexpensive to operate, and; they do not solely rely on fossil power as excavators do.
• This trend has been informed by several factors hence including; government imposed strict emission standards on construction equipment around the globe, the incentives for more environmental friendly construction technologies and construction companies embracing the advantages of green construction. The overall impact of growing using hydraulic excavators is making manufacturers to focus on researching and developing electric and hybrid excavators, which make actual use very viable in the market in comparison with hydraulic ones.

Growing demand for infrastructure development in emerging economies

• Most of the countries in Asian, Africa, and Latin America are expanding their urbanization and industrialization; therefore, the development of new infrastructure and facilities such as road, bridges, rail, airports, and utilities are critical. This demand is further driven the governments policy direction towards economic growth, infrastructure development and better standards of living improvement.
• From the wholesalers/parts suppliers and manufacturers of excavators, it has been a good chance to penetrate new markets and diversify their international market. An understanding of these conventions and precedents enable manufacturers to consider various factors of the emerging economies to support their product, for instance, manufacturing of excavators in a manner that addresses certain applications, environment and other operations that fit the state.
• In addition, the role of loyal distributors, dealers and contractors may open the market and create significant presence in these geographical zones. Moreover, to increase customer satisfaction and product loyalty, business can expand on after-sales care, training programs and other services, besides providing spare parts and technical support.

Excavator Market Segment Analysis:

Excavator Market Segmented on the basis of type, weight and engine capacity.

By Type, Wheel segment is expected to dominate the market during the forecast period

• The wheel segment is expected to be the major influencing segment to drive the excavator market in term of type in the forecast period. This has been attributed to several reasons as follows; The wheeled excavator has more flexibility and can work in more restricted areas than the tracked excavator particularly where space is limited as is common in most construction areas in urban centres today. Wheeled excavators perform well in operation scenarios where the carrier needs to move around or change positions quickly on the working site, thus suitable for applications like creation of roads, installation of utilities, gardening among others.
• However, ongoing innovations in wheel excavator machinery, including reduced fuel consumption, enhanced operator comfort in cabins, and built-in telematics for remote monitoring and the management of fleets, continue to support the demand for wheel excavators in the construction industry and among contractors. Furthermore, the increasing use of this equipment in sectors including utility work, civil construction and infrastructure, and maintenance services also increases the market’s demand.

By Weight, 11to45 segment expected to held the largest share

• In the excavator market, the 11 to 45-ton weight segment is anticipated to dominate and hold the largest share in the coming years. This segment encompasses a wide range of excavators, including compact, mid-size, and large machines, offering versatility and adaptability across various construction applications. The popularity of excavators within this weight range can be attributed to their optimal balance between power, maneuverability, and efficiency, making them well-suited for a diverse range of projects, from residential and commercial construction to infrastructure development and mining operations.
• Moreover, the 11 to 45-ton excavators boast robust performance capabilities, enabling operators to handle heavier loads, tackle challenging terrain, and operate attachments for tasks such as digging, trenching, loading, and material handling with precision and ease. Additionally, advancements in technology, such as improved fuel efficiency, enhanced operator comfort and safety features, and integration of telematics systems, have further propelled the demand for excavators in this weight class.

Excavator Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• During the course of the forecast period, the demand for excavators in Asia Pacific region is expected to grow further and dominate the global market due to factors such as both developed and developing economy growth, crushing population density, infrastructure development plans, etc. Residential complex, commercial buildings, transport system as well as energy structure of the China, India, Japan and South Korea is experiencing a remarkable amount of investment in construction sector. Additionally, the increase in demand for excavators in the region attributed to various government-sponsored projects require Infrastructure development to support the rapidly growing population and spur economic growth.
• On the same note, there is growing technological progression, accompanied by the emphasis on sustainability as key factors creating more demand for exhibitors; the manufactures are also introducing unique models as per customers’ requirements. Due to the rapidly developing Construction Industry and the government’s advanced policies on Infrastructure and Construction tasks in Asia Pacific region, this region is expected to be one of the major revenue contributors and an area of interest for excavator manufacturers, towards boosting the market along with introducing requisite developments in coming years.

Active Key Players in the Excavator Market

• Atlas Copco (Sweden)
• Caterpillar Inc. (United States)
• CNH Global NV (Netherlands)
• Doosan (South Korea)
• Escorts Group (India)
• Hitachi Construction Machinery (Japan)
• Hyundai Heavy Industries Ltd (South Korea)
• JC Bamford Excavators Ltd. (United Kingdom)
• John Deere (United States)
• Kobelco (Japan)
• Komatsu Ltd. (Japan)
• Liebherr-International AG (Switzerland)
• Manitou Group (France)
• Mitsubishi (Japan)
• Sany Heavy Industries Co Ltd. (China)
• Sumitomo Heavy Industries Ltd. (Japan)
• Terex Corporation (United States)
• Volvo Construction Equipment AB (Sweden), Other Active Players

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Excavator Market by Type
 4.1 Excavator Market Snapshot and Growth Engine
 4.2 Excavator Market Overview
 4.3 Wheel
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Wheel: Geographic Segmentation Analysis
 4.4 Crawler
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Crawler: Geographic Segmentation Analysis

Chapter 5: Excavator Market by Weight
 5.1 Excavator Market Snapshot and Growth Engine
 5.2 Excavator Market Overview
 5.3 <10
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4  5.4 11to45
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 11to45: Geographic Segmentation Analysis
 5.5 46>
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 46>: Geographic Segmentation Analysis

Chapter 6: Excavator Market by Engine Capacity
 6.1 Excavator Market Snapshot and Growth Engine
 6.2 Excavator Market Overview
 6.3 Up to 250 HP
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Up to 250 HP: Geographic Segmentation Analysis
 6.4 250-500 HP
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 250-500 HP: Geographic Segmentation Analysis
 6.5 More than 500 HP
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 More than 500 HP: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Excavator Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 ATLAS COPCO (SWEDEN)
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 CATERPILLAR INC (UNITED STATES)
 7.4 CNH GLOBAL NV (NETHERLANDS)
 7.5 DOOSAN (SOUTH KOREA)
 7.6 ESCORTS GROUP (INDIA)
 7.7 HITACHI CONSTRUCTION MACHINERY (JAPAN)
 7.8 HYUNDAI HEAVY INDUSTRIES LTD (SOUTH KOREA)
 7.9 JC BAMFORD EXCAVATORS LTD (UNITED KINGDOM)
 7.10 JOHN DEERE (UNITED STATES)
 7.11 KOBELCO (JAPAN)
 7.12 KOMATSU LTD (JAPAN)
 7.13 LIEBHERR-INTERNATIONAL AG (SWITZERLAND)
 7.14 MANITOU GROUP (FRANCE)
 7.15 MITSUBISHI (JAPAN)
 7.16 SANY HEAVY INDUSTRIES CO LTD (CHINA)
 7.17 SUMITOMO HEAVY INDUSTRIES LTD (JAPAN)
 7.18 TEREX CORPORATION (UNITED STATES)
 7.19 VOLVO CONSTRUCTION EQUIPMENT AB (SWEDEN)
 7.20 OTHER ACTIVE PLAYERS

Chapter 8: Global Excavator Market By Region
 8.1 Overview
 8.2. North America Excavator Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Type
   8.2.4.1 Wheel
   8.2.4.2 Crawler
  8.2.5 Historic and Forecasted Market Size By Weight
   8.2.5.1 <10
   8.2.5.2 11to45
   8.2.5.3 46>
  8.2.6 Historic and Forecasted Market Size By Engine Capacity
   8.2.6.1 Up to 250 HP
   8.2.6.2 250-500 HP
   8.2.6.3 More than 500 HP
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Excavator Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Type
   8.3.4.1 Wheel
   8.3.4.2 Crawler
  8.3.5 Historic and Forecasted Market Size By Weight
   8.3.5.1 <10
   8.3.5.2 11to45
   8.3.5.3 46>
  8.3.6 Historic and Forecasted Market Size By Engine Capacity
   8.3.6.1 Up to 250 HP
   8.3.6.2 250-500 HP
   8.3.6.3 More than 500 HP
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Excavator Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Type
   8.4.4.1 Wheel
   8.4.4.2 Crawler
  8.4.5 Historic and Forecasted Market Size By Weight
   8.4.5.1 <10
   8.4.5.2 11to45
   8.4.5.3 46>
  8.4.6 Historic and Forecasted Market Size By Engine Capacity
   8.4.6.1 Up to 250 HP
   8.4.6.2 250-500 HP
   8.4.6.3 More than 500 HP
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Excavator Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Type
   8.5.4.1 Wheel
   8.5.4.2 Crawler
  8.5.5 Historic and Forecasted Market Size By Weight
   8.5.5.1 <10
   8.5.5.2 11to45
   8.5.5.3 46>
  8.5.6 Historic and Forecasted Market Size By Engine Capacity
   8.5.6.1 Up to 250 HP
   8.5.6.2 250-500 HP
   8.5.6.3 More than 500 HP
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Excavator Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Type
   8.6.4.1 Wheel
   8.6.4.2 Crawler
  8.6.5 Historic and Forecasted Market Size By Weight
   8.6.5.1 <10
   8.6.5.2 11to45
   8.6.5.3 46>
  8.6.6 Historic and Forecasted Market Size By Engine Capacity
   8.6.6.1 Up to 250 HP
   8.6.6.2 250-500 HP
   8.6.6.3 More than 500 HP
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Excavator Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Type
   8.7.4.1 Wheel
   8.7.4.2 Crawler
  8.7.5 Historic and Forecasted Market Size By Weight
   8.7.5.1 <10
   8.7.5.2 11to45
   8.7.5.3 46>
  8.7.6 Historic and Forecasted Market Size By Engine Capacity
   8.7.6.1 Up to 250 HP
   8.7.6.2 250-500 HP
   8.7.6.3 More than 500 HP
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research