New York , May 31, 2023 (GLOBE NEWSWIRE) -- Hydraulic Excavator Market Overview
Market Research Future (MRFR) 's report highlights “Hydraulic Excavator Market Information By Type, Application, And Region - Forecast till 2030"; the hydraulic excavator market is projected to grow from USD 73.6219 Billion in 2023 to USD 106.73 Billion by 2030 will achieve a 4.33% CAGR.
Market Synopsis
One of the largest machine types and a significant subcategory of the global market for construction equipment are hydraulic excavators. The excavators are used for various tasks, including drilling shafts, grading, and digging foundations. It is a vehicle made with excavating, unearthing, and destruction in mind. Because they save time and alert repair facilities in the event of an error or other operational issues, excavators with modern technology are more efficient than traditional machinery. Due to stringent emission control regulations, equipment manufacturers are developing environmentally friendly equipment. The primary duty of manufacturers is to deliver technologically advanced, efficient machinery that complies with laws and standards and fulfills customer expectations. Forestry, farming, and small-scale building endeavors are examples of enclosed environments where excavators are employed.
The tool is useful for accelerating building operations and is designed to provide greater operational skills, which will elevate the growth of the excavator industry. It is a large piece of construction equipment used in mining, sewage removal, and the construction of buildings for homes and businesses. Hydraulic excavators help users and employees automate the tear-down and construction processes to reduce workloads and increase productivity. This vehicle's incorporation of automation systems is opening many market opportunities. The construction industry will be drawn to hydraulic excavators and those with electric engines. In recent years, the excavator market has declined. The economic collapse was the cause of this depression, but thanks to booming infrastructure development and increased cooperation between owners of rental fleets and excavator manufacturers, demand for hydraulic excavators is again on the rise.
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Market Competitive Landscape:
The important players in the hydraulic excavator market are:
- Volvo AB,
- CNH Industrial N.V.,
- Doosan Infracore Co., Ltd,
- Caterpillar, Inc.,
- Hitachi Construction Machinery Co. Ltd.,
- Komatsu Ltd.,
- J.C Bamford Excavators Ltd.,
- John Deere,
- Atlas Copco AB,
- Bobcat Company
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2030: USD 106.73 Billion |
| CAGR | 2030: 4.33% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
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Market U.S.P. Covered:
Market Drivers:
Most industrial and private construction and infrastructure projects have involved hydraulic excavators. The demand for more effective, powerful, and technologically advanced hydraulic excavators has led to growth in the market. Growing public awareness of climate change and global warming increases the demand for green buildings, propelling the market's expansion. The market for hydraulic excavators is expanding due to urbanization and infrastructure projects in many areas. The growing number for large-scale mining-related projects and road and port construction is also boosting the market. The market is anticipated to expand due to the rising demand for petroleum and natural gas construction industries. Hybrid hydraulic excavator vehicles are becoming increasingly popular, boosting growth.
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Market Restraints:
The industry's two biggest problems are the slowing economy and strict emissions regulations. Most excavators used in a variety of industrial sectors run on diesel fuel. Numerous governing authorities have passed strict emission demands to lessen air pollution caused by machines with ignition engines, such as excavators, to which all excavator manufacturers must adhere to. In the forecast period, the market will likely be constrained by strict regulations governing emission levels from heavy construction equipment, including hydraulic excavators. The hydraulic excavator market is not expanding as quickly as it could because of the costly nature of this construction equipment.
COVID 19 Analysis
The coronavirus has rapidly spread throughout many nations and areas, having an important effect on social life and industries. Production was halted, and supply chains were disturbed by the COVID-19 outbreak. An economic downturn later impacted excavator demand from both commercial and non-commercial users. However, as containment strategies and vaccination campaigns reduced the impact of the coronavirus, the mining and construction sectors experienced growth. The demand for excavators increased, likely contributing to the revival of the excavator industry.
Market Segmentation
Based on application, the market is segregated into agricultural, excavation, and construction. The types of excavators are divided into tracked and wheeled.
Regional Insights
Due to the increased urbanization and facilities-related activities in developing nations like China and India, which are anticipated to grow with an upward trend in the coming years, Asia-Pacific is gaining the biggest share of the hydraulic excavator market. The Excavator business has seen significant growth due to increased expenditures in the building industry, particularly in developing nations like China, India, and South Korea. Excavators are hydraulically powered machines with an arm-mounted bucket and a drive train. Due to a surge in significant roads, ports, mining, petroleum, and gas-building initiatives, there is a greater demand for excavators globally.
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The idea of excavator leases, which enables producers and operators to utilize the equipment to its fullest ability without getting to make big financial commitments, is another important factor driving the excavator industry. Due to the drop in housing activity, North America's market is stable but will eventually expand again. In North America, the market situation is also favorable, even though housing activity has slowed down but is now picking up steam. With the difficult situations in nations like Greece and Spain, the market in Europe, including Germany, France, and the United Kingdom, is favorable.
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