Pune, India, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The global Excavators Market was USD 44.12 billion in 2018. The global market size is expected to gain momentum by reaching USD 63.14 billion by 2026, exhibiting a CAGR of 4.7% during the forecast period from 2021-2026. This information is provided by Fortune Business Insights, in its report, titled, “Excavators Market, 2021-2026.”
According to our analysts, global excavator market will witness considerable growth in the coming years due to increasing investment by private as well as government organizations in infrastructure development. The rising demand for excavators across industrial, residential, and commercial sectors has created growth opportunities for the global market.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 4.7% |
| 2026 Value Projection | USD 63.14 billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 44.12 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 120 |
| Segments covered | By Type, By End-use Industry, and By Region |
| Growth Drivers | Increasing Adoption of Crawlers to Augment Growth |
| Hitachi’s Launch of Hybrid Excavator Will Aid Overall Expansion of Market |
COVID-19 Impacts:
The outbreak of COVID-19 has hindered the growth of the Excavators market. The novel coronavirus has restrained the distribution of batteries.
Drivers and Restraints:
Increasing Adoption of Crawlers to Augment Growth
The high demand for oil and gas, infrastructure, commercial spaces, and others associated with the growing population is expected to drive the demand for the product. Prominent companies such as Terex Corporation are heavily investing in research and development that is likely to favor the global excavators market growth. The recent trend of the market shifting from traditional to automated products has increased the productivity of the crawlers. These machines are efficient in terms of operational drawbacks or malfunction as they automatically inform service centers and reduce costs. The crawler machines with their safer and faster removal of debris, along with the ability to function even in muddy conditions have gained prominence worldwide.
Excavators are used widely in various sectors such as oil and gas, road construction, and mining. The rising demand for excavators, resulting from their applications across diverse domains will aid the growth of the global excavator market in the coming years.
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Industry Developments:
September 2017: Komatsu launched second excavator second semi-automated excavator
February 2017: John Deere updated its two 75G and 85G excavators that are capable of working around congested job sites in an efficient fashion.
List of Key Players Mentioned in the Report:
- AB Volvo
- Caterpillar Inc.
- Komatsu Ltd
- Doosan Infracore Co. Ltd
- Hitachi Construction Machinery Co. Ltd
- C. Bamford Excavators Limited
- Liebherr Group
- CNH Industrial N.V
- Hyundai Heavy Industries Co. Ltd
- Terex Corporation
Segments:
Based on type, the market is segmented into mini/compact excavator, crawler excavator, wheeled excavator, and other excavators.
On the basis of type, the mini/compact segment held 19.3% of the market share in 2018. Adoption of automation and updating of excavators is expected to aid growth in the foreseeable future.
By the end-user industry, the market is classified into construction, forestry & agriculture, mining, and others.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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Key Benefits for Excavators Market:
- The Excavators market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Excavators market during the forecast period (2022–2026).
- The report outlines the current market trends and future scenario of the global Excavators market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
Regional Insights:
Increasing investment for infrastructure development is supplementing the revenue growth of the Asia Pacific.
North America is estimated to have a significant growth.
Competitive Landscape:
Investment in R&D by Eminent Players to Intensify Market Competition
The competitive landscape of the market requires heavy input in terms of capital to establish. The returns of the market are high which makes it a lucrative business for the stakeholders. The rapidly changing technology, coupled with intensive research and development is anticipated to attract high consumption. Ambitious development projects by prominent real estate companies such as CBRE Group are crucial factors that drive the market.
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Global Excavators Market Size Segmentation:
By Type
- Mini/ Compact Excavator
- Crawler Excavator
- Wheeled Excavator
- Other Excavator
By End-use Industry
- Construction
- Forestry & Agriculture
- Mining
- Others
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Trends and Developments
- Price Trend Analysis
- Porters Five Forces Analysis
- Global Excavator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (US$ Mn)
- Mini/ Compact Excavator
- Crawler Excavator
- Wheeled Excavator
- Other Excavator
- Market Sizing Estimations and Forecasts – By End-users (US$ Mn and Million Units)
- Construction
- Forestry & Agriculture
- Mining
- Others
- Market Analysis, Insights and Forecast – By Geography (US$ Mn)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- North America Excavator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (US$ Mn)
- Mini/ Compact Excavator
- Crawler Excavator
- Wheeled Excavator
- Other Excavator
- Market Sizing Estimations and Forecasts – By End-users (US$ Mn and Million Units)
- Construction
- Forestry & Agriculture
- Mining
- Others
- Market Analysis, Insights and Forecast – By Country (US$ Mn)
- United States
- Canada
- Rest of North America
- Europe Excavator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (US$ Mn)
- Mini/ Compact Excavator
- Crawler Excavator
- Wheeled Excavator
- Other Excavator
Continued…
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