New York (US), May 16, 2023 (GLOBE NEWSWIRE) -- Excavators Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Excavators Market Information by Type, End User, Application, and Region - Forecast till 2030”, Excavators Market could thrive at a rate of 4.80% between 2023 and 2030. The market size will be reaching around USD 62.89 Billion by the end of the year 2030
Market Synopsis
Excavators are heavy construction equipment used for digging, excavating, and demolishing. These machines consist of a boom, bucket, and cab mounted on a rotating platform known as the house. Excavators come in different sizes, from small mini-excavators to large mining excavators.
Excavators have a wide range of applications in various industries, including construction, mining, forestry, and agriculture. They are primarily used for digging and excavating tasks such as trenches, foundations, and demolition. Excavators are also used for material handling, grading, and leveling tasks. In addition, specialized excavator attachments such as hammers, grapples, and augers can be used to perform a variety of tasks such as breaking concrete, lifting heavy objects, and drilling holes.
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Market Competitive Landscape:
The affluent companies in the Excavators industry include
- Caterpillar Inc.
- Hyundai Heavy Industries
- Hitachi Construction Machinery
- Sandvik AB
- Komatsu Ltd.
- JCB Ltd.
- Volvo Construction Equipment
- Terex Corporation
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size | USD 62.89 billion |
| CAGR | 4.80% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 - 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Key Market Drivers | Growing number of construction projects Increasing expenditures on infrastructure development |
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August 2020
Caterpillar Inc., one of the top players in the excavator industry, announced the launch of its new Next Generation mini hydraulic excavators, which feature new designs and technology to improve performance, efficiency, and operator comfort.
Market USP Covered:
Market Drivers:
Excavators are versatile machines that are used for a wide range of applications, from construction and demolition to mining and quarrying. The demand for excavators is driven by various factors, including the need for advanced and efficient equipment and the rising adoption of excavators in the mining industry.
One of the key market-driving factors for excavators is the increasing demand for advanced and efficient equipment. As construction projects become more complex and demanding, there is a growing need for equipment that can deliver higher productivity and efficiency. Excavators that are equipped with advanced features such as automated controls, telematics, and GPS technology are increasingly in demand, as they can help to reduce operating costs and increase efficiency.
The construction industry is also expected to drive the demand for excavators due to increasing investments in infrastructure development projects. Governments around the world are investing in infrastructure development to support economic growth and create jobs. Excavators are essential pieces of equipment for construction projects such as road building, bridge construction, and building construction.
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Market Restraints:
The high cost of acquisition and maintenance is a major restraint for the excavator market, especially for small and medium-sized businesses. Excavators are expensive machines, and their prices can vary depending on the size, type, and features of the machine.
In addition to the high acquisition cost, excavators also require significant maintenance to ensure optimal performance and safety. Excavator maintenance includes regular inspection, lubrication, and repair of the hydraulic and electrical systems, as well as the undercarriage, tracks, and bucket. Maintenance costs can add up quickly, especially for older machines that require more frequent repairs and replacement parts. These high maintenance costs can be a significant burden for small and medium-sized businesses, limiting their ability to maintain and operate their excavators efficiently.
COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the global economy and the excavator industry was not immune to the effects of the pandemic. The pandemic caused widespread disruptions in the supply chain and the temporary closure of construction sites, leading to a decline in the demand for excavators. The pandemic also led to a slowdown in the construction industry as governments around the world imposed lockdowns and social distancing measures to curb the spread of the virus.
However, the post-COVID scenario is expected to see a recovery in the construction industry, driving the demand for excavators. Governments around the world are expected to increase their infrastructure spending to stimulate economic growth, which is likely to increase demand for excavators.
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Market Segmentation
By Type
The Type in the market includes Facestock, Adhesives, and Topcoat
By End User
The End User in the market includes Water-based Ink, UV-curable Ink, Solvent-based Ink, and Hot Melt-based ink.
By Application
The Application in the market includes Mining, Construction, and Utility.
Regional Insights
North America is expected to dominate the market due to the growth in infrastructure development projects and the increasing adoption of advanced excavators. Europe is expected to witness significant growth due to the increasing demand for excavators in the mining industry and the growing focus on sustainable infrastructure development. The Asia-Pacific region is also expected to witness growth due to the increasing investments in infrastructure development and the rising adoption of excavators in the mining and construction industries.
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