PUBLISHER: Allied Market Research | PRODUCT CODE: 1415010
PUBLISHER: Allied Market Research | PRODUCT CODE: 1415010
According to a new report published by Allied Market Research, titled, "Large Excavators Market," The large excavators market was valued at $22 billion in 2022, and is estimated to reach $29.3 billion by 2032, growing at a CAGR of 3% from 2023 to 2032. Excavators with operating weight 45 tons and above are considered large excavators due to their sheer size and capabilities. These excavators are heavy duty and are primarily used in large construction sites and mining sites.
Large excavators are primarily used in the construction and mining industry and rapid growth in these industries is driving the growth of the market. For example, India's ambitious National Infrastructure Pipeline project, with an anticipated expenditure of $759.76 billion spread over five years (2020-2025), significantly contributes to the increasing demand for large excavators. Furthermore, the rising demand for metals and minerals from the industrial sector is driving the mining sector. The mining and quarrying sector is a major user of large excavators. However, the region-specific environmental regulations are limiting market growth. Contrarily, technological advancements such as the integration of automation, Artificial Intelligence, and other such technologies are anticipated to present lucrative growth opportunities for the market growth.
Furthermore, the price of oil & gas and the price of raw materials have experienced increased volatility globally, due to a rise in inflation driven by Ukraine-Russia war. This has led to slow-paced growth of the large excavators market.
The large excavators market is segmented on the basis of large excavators operating weight, business type, end user, and region. On the basis of operating weight, the market is divided into 45 to 65 Tons, 65 to 100 tons, and Above 100 tons. On the basis of business type, the market is categorized into new sales and aftersales. On the basis of end user, the market is divided into construction and infrastructure, mining and quarrying, and others. On the basis of region the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, the UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition Analysis
Competitive analysis and profiles of the major players in the large excavators market are provided in the report. Major companies in the report include AB Volvo, LIEBHERR-INTERNATIONAL AG, KOMATSU Ltd, Hitachi Ltd., XCMG Construction Machinery Co., Ltd., Deere & Company, CNH Industrial N.V., Sanny Global, HD Hyundai Infracore Co., Ltd., and Caterpillar Inc. Major players to remain competitive adopt development strategies such as product launches, business expansion, acquisitions, expansion, partnerships, and mergers.