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?

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?

An excavator is a heavy construction machine used for digging, lifting, and moving large amounts of material, such as soil, rocks, and debris. It typically consists of a rotating platform or "house," undercarriage with tracks or wheels, a boom, a stick, and a bucket, all driven by hydraulic systems. The house section includes the operator's cab, engine, hydraulic pump, and distribution components. The cab, which rotates 360 degrees, provides the operator with a comprehensive view of the surroundings. The undercarriage supports the house and provides mobility, typically through either track for rough terrain and slopes or wheels for solid surfaces and road travel. The boom, stick, and bucket are used for the excavator's main function – digging. The boom is the arm that's attached to the house, and the stick is attached to the boom with the bucket at the end. The bucket can be replaced with other attachments, like a breaker, a grapple, or an auger, depending on the task, making the excavator a very versatile piece of machinery. Excavators come in a range of sizes, from mini excavators suitable for residential work to large ones used in mining operations. They play a crucial role in many industries, including construction, mining, forestry, and demolition, which is contributing significantly to the efficiency and speed of work in these fields.

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

Rapid urbanization and industrialization, particularly in emerging economies, are increasing large-scale infrastructure development projects which represents one of the key factors driving the growth of the excavator market across the globe. These include road construction, residential and commercial building construction, and public infrastructure development. Such projects drive the demand for heavy construction machinery, including excavators, which is boosting the growth of the market. In line with this, innovations in excavator technology, such as the integration of IoT, GPS, and AI, are enhancing the efficiency, productivity, and safety of these machines which are contributing to the growth of the market. Features like real-time diagnostics, predictive maintenance, and automation are attracting customers which is fueling the growth of the market.

The market is also driven by many governments in several countries across the globe investing in infrastructure development as part of their economic growth strategies. Policies encouraging public-private partnerships in construction projects are also contributing to the market growth. In addition to this, the increasing mining activities globally for minerals, metals, and coal require heavy excavators which is positively influencing the growth of the market. The demand for excavators is rising with the recovery of the mining sector from previous slowdowns. As construction and mining firms aim to replace their old machinery with advanced, fuel-efficient, and less polluting equipment, the demand for new excavators increases. Apart from this, the rise of equipment rental services provides cost-effective solutions for small and medium enterprises, which is encouraging the use of advanced excavators without large capital investment, thereby propelling the market growth. Moreover, strict emission norms and regulations are encouraging the development and use of eco-friendly and electric excavators, which is creating a positive outlook for the market across the globe.

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

Based on Mechanism Type:

• Electric
• Hydraulic
• Hybrid

Analysed by Power Range:

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

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)

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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