Excavator Market Share Will Hit US$ 177.7 Billion By 2028 | Growth With Recent Trends & Demand

 IMARC Group, a leading market research company, has recently releases report titled “Excavator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global excavator market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Excavator Market?

The global excavator market size reached US$ 80.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 177.7 Billion by 2028, exhibiting a growth rate (CAGR) of 14% during 2023-2028.

What is Excavator?

The excavator market represents a dynamic and essential segment within the construction industry, driven by the demand for efficient earth-moving and excavation equipment. Excavators are versatile machines widely utilized in various sectors, including construction, mining, forestry, and agriculture. These robust and powerful machines are designed to handle a range of tasks, such as digging, trenching, material handling, demolition, and grading.

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What are the Growth Prospects and Trends in the Excavator Market?

The growing construction and infrastructure development activities worldwide are propelling the demand for excavators. Governments and private sectors are investing significantly in infrastructure projects, including road construction, building projects, and urban development. Excavators play a crucial role in these endeavours, providing the necessary capabilities to dig foundations, clear land, and handle materials efficiently. The increasing need for infrastructure improvement and expansion, especially in emerging economies, is driving the growth of the excavator market. Environmental considerations are also influencing the market, with a rising focus on sustainable construction practices. Excavators with advanced technologies that minimize fuel consumption and reduce emissions are gaining traction. Manufacturers are investing in research and development to introduce hybrid and electric excavators, offering eco-friendly alternatives to traditional diesel-powered machines. This shift towards sustainable equipment is expected to drive the demand for environmentally conscious excavators. Furthermore, technological advancements in excavator design and features are enhancing their efficiency and productivity. Manufacturers are incorporating advanced technologies such as GPS systems, telematics, and intelligent control systems, enabling precise digging, improved accuracy, and remote monitoring. These innovations contribute to time and cost savings for construction projects, further boosting the adoption of excavators. The mining industry also plays a significant role in driving the excavator market. Excavators are essential for mining operations, including ore extraction, site preparation, and material handling. The increasing demand for minerals and metals, particularly in emerging economies, is fueling the growth of the mining sector, consequently driving the demand for excavators.

Moreover, the agricultural sector utilizes excavators for tasks such as land clearing, irrigation system installation, and drainage maintenance. The growing need for efficient and mechanized farming practices is leading to increased adoption of excavators in the agricultural industry. The rental market for excavators is also experiencing significant growth. Many construction companies and contractors prefer to rent equipment rather than purchasing it outright due to the cost-effectiveness and flexibility it offers. The rental market provides opportunities for equipment manufacturers and rental service providers to cater to the diverse needs of construction projects, thereby boosting the excavator market. Global economic growth, urbanization, and increasing disposable incomes are additional factors driving the demand for excavators. As economies expand, there is a greater emphasis on infrastructure development, leading to increased construction activities and the need for excavators. Rapid urbanization also drives the demand for excavators in the construction of residential and commercial buildings.

Who are the Key Players Operating in the Excavator Industry?

The report has also analysed the competitive landscape of the market with some of the key players.

• Caterpillar Inc.
• CNH Industrial N.V.
• Doosan Corporation
• Hitachi Construction Machinery Co. Ltd.
• Hyundai Heavy Industries Ltd.
• John Deere
• Joseph Cyril Bamford Excavators Ltd.
• Kobelco Construction Machinery Co. Ltd.
• Komatsu Ltd.
• Liebherr Group
• Sany Heavy Industries Co. Ltd.
• Terex Corporation
• Yanmar Construction Equipment Co. Ltd.
• Volvo Construction Equipment AB.

What is Included in Market Segmentation?

The report categorized the market based on product, mechanism type, power range, application, and region.

Breakup by Product:

• Mini/Compact
• Crawler
• Wheeled
• Heavy

Breakup by Mechanism Type:

• Electric
• Hydraulic
• Hybrid

Breakup by Power Range:

• Up to 300 HP
• 301-500 HP
• 501 HP and Above

Breakup by Applications:

• Mining
• Construction
• Waste Management
• Others

Regional Analysis:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

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Key Highlights of the Report:                                                    

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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