Global Excavator Market Size, Share & Trends Analysis Report 2024-2030: Market Projected to Reach USD 108.37 Billion by 2030 with a CAGR of 5%

Dublin, April 03, 2024 (GLOBE NEWSWIRE) -- The "Global Excavator Market Size, Share & Trends Analysis Report by Vehicle Weight (< 10, 46 >), Engine Capacity (Up To 250 HP, More Than 500 HP), Type (Wheel, Crawler), Drive Type (Electric, ICE), Region, and Segment Forecasts, 2024-2030" report has been added to's offering.

The global excavator market is anticipated to reach USD 108.37 billion by 2030, registering a CAGR of 5% from 2024 to 2030. The focus on building robust transportation networks and tapping into the vast mineral resources has resulted in an increasing demand for excavators globally. Manufacturers are responding to this demand by providing a diverse range of excavator models, specifically tailored to meet the unique requirements of construction and mining activities.

The increasing emphasis on sustainable construction practices and the integration of advanced technologies in construction equipment is fueling the demand for more energy-efficient and environment-friendly machinery. Wheel excavators, equipped with advanced hydraulic systems and emission-reducing technologies, are sought after for their improved fuel efficiency, and reduced environmental impact. As governments and regulatory bodies worldwide continue to push for greener construction practices, the demand for wheel excavators is gaining momentum, leading to a surge in their global adoption.

Manufacturers focus on developing electric excavators to comply with environmental regulations and changing customer requirements as stringent laws continue to provide manufacturers with several problems and consumers are seeking to lower the environmental impact of the equipment they deploy. For instance, in December 2023, Volvo Construction Equipment, a subsidiary of AB Volvo launched EC500, a 50-ton electric excavator in India. The company also launched L120 Electric and EC80 Electric wheel loader.

Market players are focusing on diversifying the applications of excavators to boost sales. In September 2022, Liebherr introduced crawler excavators with a broad range of application possibilities. These Liebherr crawler excavators, weighing over 50 tons, have gained traction in the French market, finding successful use in demolition work and quarry operations, particularly in the north and northeastern regions of the country. Liebherr crawler excavators offer high performance, stability at work, and flexibility, making them suitable for a variety of tasks. They offer high levels of operator comfort, along with features such as a suspension seat and excellent sound insulation in the operator's cab. Compared to previous-generation excavators, these models contribute to a significant reduction in fuel consumption, requiring only 30 liters per hour. The excavators also deliver substantial digging force and lifting capacity.

Excavator Market Report Highlights

  • Based on vehicle weight, the 46> segment dominated the market with more than 36% share in 2023 owing to growing infrastructure development in both developing and developed countries
  • Based on engine capacity, the up to 250 HP segment held the largest market share in 2023. Growing urbanization and the need for modernizing aging infrastructure, governments across the globe are investing heavily in construction projects, including bridges, roads, and buildings is expected to drive the demand for up to 250 HP excavators
  • Based on type, the crawler segment dominated the market owing to the rapid expansion of the mining and agriculture sectors in various regions
  • Asia-Pacific dominated the market in 2023. Governments and private players are heavily investing in building transportation networks, urban areas, and public utilities

Key Market Dynamics

Market Drivers Analysis

  • Increasing investments in the construction industry
  • Growing technological advancements

Market Restraints Analysis

  • Fluctuating prices of raw materials

Industry Opportunities

  • Rapid advancements in battery technology

Key Attributes:

Report AttributeDetails
No. of Pages120
Forecast Period2023 - 2030
Estimated Market Value (USD) in 2023$75.85 Billion
Forecasted Market Value (USD) by 2030$108.37 Billion
Compound Annual Growth Rate5.0%
Regions CoveredGlobal

Key Topics Covered:

Chapter 1. Excavator Market: Methodology and Scope

Chapter 2. Excavator Market: Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights

Chapter 3. Excavators Market: Variables, Trends, & Scope
3.1. Market Introduction/Lineage Outlook
3.2. Market Size and Growth Prospects (USD Million)
3.3. Industry Value Chain Analysis
3.4. Market Dynamics
3.4.1. Market Drivers Analysis Increasing investments in the construction industry Growing technological advancements
3.4.2. Market Restraints Analysis Fluctuating prices of raw materials
3.4.3. Industry Opportunities Rapid advancements in battery technology
3.5. Excavators Market Analysis Tools

Chapter 4. Excavator Market: Vehicle Weight Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Excavator Market: Vehicle Weight Movement Analysis, USD Million, 2023 & 2030
4.3. < 10
4.4. 11 to 45
4.5. 46>

Chapter 5. Excavator Market: Engine Capacity Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Excavator Market: Engine Capacity Movement Analysis, USD Million, 2023 & 2030
5.3. Up to 250 HP
5.4. 250-500 HP
5.5. More than 500 HP

Chapter 6. Excavator Market: Type Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Excavator Market: Type Movement Analysis, USD Million, 2023 & 2030
6.3. Wheel
6.4. Crawler

Chapter 7. Excavator Market: Drive Type Estimates & Trend Analysis
7.1. Segment Dashboard
7.2. Excavator Market: Drive Type Movement Analysis, USD Million, 2023 & 2030
7.3. Electric
7.4. ICE

Chapter 8. Excavator Market: Regional Estimates & Trend Analysis

Chapter 9. Competitive Landscape
9.1. Recent Developments & Impact Analysis by Key Market Participants
9.2. Company Categorization
9.3. Company Market Positioning
9.4. Company Market Share Analysis
9.5. Company Heat Map Analysis
9.6. Strategy Mapping
9.7. Company Profiles

  • Caterpillar Inc.
  • CNH Industrial N.V.
  • Doosan Corporation
  • Escorts Kubota Limited
  • Hitachi Construction Machinery Co., Ltd.
  • Hyundai Construction Equipment Co., Ltd.
  • J C Bamford Excavators Ltd.
  • Deere & Company
  • Kobelco Construction Machinery Co. Ltd.
  • Komatsu Ltd.
  • Liebherr-International AG
  • Manitou Group
  • Sany Heavy Industry Co., Ltd.
  • Sumitomo Heavy Industries, Ltd.
  • Mitsubishi Heavy Industries - VST Diesel Engines Pvt Ltd.
  • Terex Corporation
  • Volvo Construction Equipment AB

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Global Excavator Market

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