IMARC Group, a leading market research company, has recently releases report titled “Excavator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” 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?
| Report Attributes | Details |
| Market Size in 2021 | US$ 69.6 Billion |
| Market Forecast in 2027 | US$ 156.5 Billion |
| Growth rate (2022 to 2027) | CAGR of 14.4% |
| Base Year of the Analysis | 2021 |
| Forecast Period | 2022-2027 |
What is Excavator?
Excavators are heavy construction equipment used for digging, trenching, demolitions, material handling, and lifting heavy objects. They are typically equipped with a rear/back actor, sippers, an undercarriage, a digging bucket, and a cabin on a rotating platform. Excavators employ a complex design mechanism that keeps the counterweights inside the track width during swinging, thus improving safety and maneuverability. Moreover, these machines are powered by hydraulic motors, which generate hydraulic force and control the mechanical arm of the device.
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What are the Growth Prospects and Trends in the Excavator Market?
The global excavator market is fueled by the burgeoning construction sector, wherein it is employed to easily and effectively power tasks such as digging, earthmoving, breaking asphalt, moving dug debris from one place to another, loading, and leveling the area. This is further bolstered by the growing demand for automated excavators to minimize labor costs and enable remote tracking of operations. Moreover, governments of various countries are investing heavily in infrastructural development, such as roads, bridges, and ports, which is providing an impetus to the market growth. Apart from this, rapid technological advancements in product development, such as fuel cell-based electric motors, to improve the efficiency and productivity of excavators and the significantly expanding mining industry are other growth-inducing factors. Apart from this, rising demand for maintenance and repair services, the development of eco-friendly excavators, and the surging focus on reducing carbon emissions and promoting sustainable practices in the construction industry are accelerating the market growth.
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:
- Upto 300 HP
- 301-500 HP
- 501 HP and Above
Breakup by Application:
- Mining
- Construction
- Waste Management
- Others
Breakup by Region:
- 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)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- 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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