Global Excavator Market to Reach $65.99 Billion by 2028: Rising Infrastructure Development Fuels the Sector

DUBLIN, July 20, 2023 /PRNewswire/ -- The "Global Excavator Market: Analysis By Type (Crawler, wheeled, Mini and Others), By Application (Construction, and Others), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global excavator market was valued at US$49.19 billion in 2022 and is probable to reach US$65.99 billion by 2028. It is projected to grow at a CAGR of 5.02%, during the forecast period of 2023-2028.

The type of excavator demanded often varies depending on their size, digging depth, reach, specialized attachments, mobility and terrain adaptability, and application-specific features.

Excavators with greater digging depth and reach are in demand for tasks such as deep foundation digging, trenching, and excavation in larger construction projects. Excavators with tracks or specialized undercarriages are preferred for working on rough or uneven terrain, while wheeled excavators are suitable for urban areas and projects with smoother surfaces. The growth of the excavator market is primarily driven by several factors.

The ongoing global infrastructure development projects, such as the construction of roads, bridges, railways, and urban infrastructure, played a significant role in fueling the demand for excavators. Secondly, the construction industry's growth, both residential and commercial and rising mining activities were major drivers of the excavator market in the past years. 

Global Excavator Market Dynamics:

• Growth Drivers: Rising smart city projects has the potential to boost the growth of the excavator market. This is because, Smart cities prioritize the development of advanced infrastructure, including smart grids, intelligent transportation systems, efficient waste management, and sustainable buildings. Excavators are essential for the construction and installation of these infrastructure components, such as digging trenches for utility lines, creating foundations for smart buildings, and preparing the groundwork for smart infrastructure. These projects may result in an increase in excavator demand, as well as market growth overall. Further, the market is expected to increase due to rapid urbanization, rising infrastructural development, increasing oil and gas projects, increased investment in construction and real estate sector, etc.
• Challenges: High installation and maintenance cost can present several challenges for the excavator market. Excavators are capital-intensive equipment, and their high initial cost poses a challenge for potential buyers. They require regular maintenance and upkeep, including servicing, repairs, and parts replacement. The associated costs, along with fuel and labor expenses, can add up significantly over the lifespan of the equipment. The other challenge that excavator market faces is environmental regulations and emissions standards.
• Trends: A major trend gaining pace in excavator market is rental excavator. By opting to rent instead of purchasing, companies can achieve significant cost savings by eliminating upfront investment, ongoing maintenance expenses, and storage costs. Additionally, renting excavators provides project-specific flexibility, allowing contractors to choose the most suitable equipment for each job without being tied to long-term ownership. Rental companies often maintain a well-maintained fleet of modern excavators, providing access to the latest models and technologies without the burden of frequent equipment upgrades. More trends in the market are believed to augment the growth of excavator market during the forecasted period include mini excavators, electric and hybrid excavators and cutting-edge technology equipped excavators.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic has initially had negative impact on the global excavator market. As construction activities were severely affected as lockdown measures and social distancing protocols were implemented, leading to project delays, cancellations, and reduced demand for excavators. The financial constraints and uncertainty brought about by the pandemic resulted in decreased investments in new construction projects, further dampening the demand for excavators. Further, the outbreak of pandemic resulted in decreased mineral production, which aggravated the decline of excavator market.

However, the post-COVID impact on the excavator market is expected to result in increased demand for excavator in areas such as construction projects.

Competitive Landscape and Recent Developments:

The global excavator market is fragmented owing to the presence of large number of players and a long tail of smaller, local, and niche manufacturers. Caterpillar, Komatsu, Liebherr, Hitachi, John Deere, and Kobelco are significant industry players. Manufacturers of excavators are primarily focus on new research & development initiatives to expand their product lines by utilizing techniques like rentals, alliances with component suppliers. The players are also focusing on expanding their geographical footprint to serve a wider customer base.

The major players of global excavator market are:

• Caterpillar Inc
• Hitachi Construction Machinery Co. Ltd.
• Volvo Construction Equipment
• Escorts Kubota Limited
• CNH Industrial
• Sumitomo Construction Machinery Co. Ltd.
• John Deere
• KOBELCO Group (KOBELCO Construction Machinery Co., Ltd.)
• Komatsu
• Liebherr Group
• JCB Heavy Construction Machine Manufacturer & Supplier
• SANY Heavy Industry Co. Ltd
• Xuzhou Construction Machinery Group Co. Ltd. (XCMG)

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis
3.1 Global Excavator Market: An Analysis
3.1.1 Global Excavator Market: An Overview
3.1.2 Global Excavator Market by Value
3.1.3 Global Excavator Market by Type (Crawler, Mini Wheeled, and Others)
3.1.4 Global Excavator Market by Application (Construction and Others)
3.1.5 Global Excavator Market by Region (Asia Pacific, North America, Europe, Rest of the World)
3.2 Global Excavator Market: Type Analysis
3.2.1 Global Excavator Market by Type: An Overview
3.2.2 Global Crawler Excavator Market by Value
3.2.3 Global Wheeled Excavator Market by Value
3.2.4 Global Mini Excavator Market by Value
3.2.5 Global Others Excavator Market by Value
3.3 Global Excavator Market: Application Analysis
3.3.1 Global Excavator Market by Application: An Overview
3.3.2 Global Construction Excavator Market by Value
3.3.3 Global Others Activities Excavator Market by Value

4. Regional Analysis Market

5. Impact of COVID-19
5.1 Impact of COVID-19 on Global Excavator Market
5.1.1 Declining Minerals Production
5.2 Post COVID -19 Impact on Global Excavator Market

6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increased Investment in Construction and Real Estate Sector
6.1.2 Rising Smart City Projects
6.1.3 Rapid Urbanization
6.1.4 Rising Infrastructure Development
6.1.5 Increasing Oil and Gas Projects
6.1.6 Upsurge in Mining Activities
6.2 Challenges
6.2.1 High Installation and Maintenance Cost
6.2.2 Environmental Regulations and Emissions Standards
6.3 Market Trends
6.3.1 Mini Excavators
6.3.2 Electric and Hybrid Excavators
6.3.3 Cutting Edge Technology Equipped Excavators
6.3.4 Excavator Rental

7. Competitive Landscape
7.1 Global Excavator Market: Competitive Landscape

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/c5x6tk

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