Dubai, UAE, Oct. 09, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Hydraulic Excavator Market size is projected to reach USD 21.43 billion by 2030 from USD 10.04 billion in 2021, recording a CAGR of 4.3% through the forecast period of 2022-2030. The market is anticipated to expand as a result of the rising demand for transportable, inexpensive, and energy-efficient hydraulic excavators from a number of industries, including waste management, mining, and infrastructure. Moreover, notable technological innovation and advancements from manufacturers is projected to drive the demand for hydraulic excavators, consequently fostering market growth.
A hydraulic excavator refers to a large, specially designed vehicle that is used for excavation and demolition tasks. Hydraulic excavators can also be used to efficiently transport significant amounts of minerals and other products from one place to another. These excavators are frequently used in construction for grading, shaft drilling, and foundation digging. All of the movements and functions of these excavators are made possible by hydraulic cylinders, liquids, and motors. Infrastructure, mining, and other related industries all use hydraulic excavators. Presently, they are available in a wide array of sizes.
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Competitive Landscape
Leading companies operating in the global hydraulic excavator industry are primarily focusing on product innovation in order to gain a competitive edge. For instance, in November 2021, Hitachi Construction Machinery made an announcement regarding the shipment of its inaugural medium-sized hydraulic excavator, the Hitachi ZX200-6, from Japan to the United States.
Key participants in the global hydraulic excavator market include:
- AB Volvo
- Alamo Group Inc.
- Astec Industries Inc.
- BEML Ltd.
- Caterpillar Inc.
- CNH Industrial NV
- Deere and Co.
- Doosan Infracore Co. Ltd.
- FAYAT SAS
- Guangxi LiuGong Machinery Co. Ltd.
- Hitachi Construction Machinery Co. Ltd.
- Hyundai Construction Equipment Co., Ltd.
- J C Bamford Excavators Ltd.
- KATO WORKS CO. LTD.
- Lonking Holdings Ltd.
- SANY Group
- XCMG Group
- Others
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By Type
- Crawler
- Mini
- Wheeled
Rising Adoption of Crawler Hydraulic Excavators in Construction Industry to Boost Product Demand
On the basis of type, the crawler segment is dominating the hydraulic excavator market primarily due to its better traction and stability, which enable efficient operation in difficult terrain and on construction sites. Additionally, its design provides superior weight distribution and digging capabilities, which improve productivity and efficiency in a variety of excavation and construction jobs.
By Power Rating
- 0-250 HP
- 251-500 HP
- Above 501 HP
Demand for 251 - 500 HP Power Rating to Surge Owing to its Versatility
Based on power rating, the 251 - 500 HP segment is leading the global hydraulic excavator market and is expected to maintain its position in the forthcoming years. The segment’s growth can be attributed to the ability of 251 - 500 HP excavators to maintain an optimal balance between power and versatility. This power range is ideal for handling a wide range of construction and excavation tasks, from medium to large-scale projects. It also offers both efficiency and adaptability, which makes it a preferred choice for contractors and industries that require versatility and performance across various job sites and applications.
Robust Economic Growth to Drive Hydraulic Excavator Market Expansion
The resurgence in demand for hydraulic excavators is closely tied to the accelerated pace of urbanization. Other factors such as increased investments in infrastructure and the expansion of the global economy are propelling the growth of the worldwide hydraulic excavator market.
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Concerns Over Rising Excavator Costs to Hamper Market Development
The construction equipment industry faces several challenges, including high costs, a worldwide economic downturn, and stringent emission regulations mandated by governmental and environmental bodies. These factors are expected to constrain the market expansion for hydraulic excavators.
Key Developments:
- In July 2022, CSN, one of the largest mining corporations in the world, selected 23 off-road SANY SKT90S trucks and three SANY SY750H excavators from SANY Mining Equipment.
- As of July 2020, Hitachi Construction Machinery began verification testing for the creation of autonomous, extremely large hydraulic excavators. With this, the company intended to increase productivity and safety at future mining sites.
North America to Dominate Market Due to Major Infrastructure Projects
North America is anticipated to dominate the global hydraulic excavator market through the projection period. This dominance can be attributed to the resurgence in demand for hydraulic excavators, driven by prominent infrastructure development and increasing collaborations between rental fleet operators and excavator manufacturers.
Asia Pacific to Experience Growth Due to Rapid Urbanization
Asia Pacific is projected to grow at a rapid rate in the global hydraulic excavator market over 2022-2030. The regional growth is fostered by an increase in demand for hydraulic excavators brought on by increased infrastructure spending and urbanization in developing nations, such as China and India. The Asia-Pacific region is therefore expected to witness a rise in demand for hydraulic excavators.
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component
2.3.1.1. Preliminary data others
2.3.2. Primary Component
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Increasing Spending on Construction Activities
3.3. Market drivers
3.3.1. Rising Urbanization Aiding the Market Growth
3.4. Market restraints
3.4.1. Concerns Pertaining to High Costs of Excavator hampering the Market Growth
3.5. Market opportunities
3.5.1. Rising Transportation Infrastructure in Developing Regions
3.6. Market Challenges
3.6.1. Concerns Pertaining to Global Warming
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Application of Suppliers
3.7.2. Bargaining Application of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Hydraulic Excavator Market
Chapter 5. Global Hydraulic Excavator Market Overview, By Type, 2017 - 2030 (USD Million)
Chapter 6. Global Hydraulic Excavator Market Overview, By Power Rating, 2017 - 2030(USD Million)
Chapter 7. Global Hydraulic Excavator Market Overview, By Application, 2017 - 2030(USD Million)
Chapter 8. Global Hydraulic Excavator Market Overview, By Geography, 2017 - 2030(USD Million)
...
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2021
14.2. Strategic framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. New Size development
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
16.1. Hydraulic Excavator Market Industrial Chain Analysis
16.2. Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
17.1. Marketing Channel
17.1.1. Direct Marketing
17.1.2. Indirect Marketing
17.1.3. Marketing Channel Development Trend
17.2. Market Positioning
17.2.1. Pricing Strategy
17.2.2. Brand Strategy
17.2.3. Target Client
17.3. Distributors/Traders List
Chapter 18. Market Effect Factors Analysis
18.1. Product Progress/Risk
18.1.1. Substitutes Threat
18.1.2. Product Progress in Related Size
18.2. Consumer Needs/Customer Preference Change
18.3. Economic/Political Environmental Change
Chapter 19. Future Outlook of the Market
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