PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1447085
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1447085
Hydraulic Excavator Market Forecasts to 2030 - Global Analysis By Type (Mini, Wheeled, Crawler and Other Types), Power Rating, Application, and By Geography
According to Stratistics MRC, the Global Hydraulic Excavator Market is accounted for $11.7 billion in 2023 and is expected to reach $18.0 billion by 2030 growing at a CAGR of 6.3% during the forecast period. A hydraulic excavator is a versatile construction machine used for digging, material handling, and demolition tasks. It features a powerful hydraulic system that drives its movements and attachments. Typically mounted on tracks or wheels for mobility, the excavator is characterized by a rotating platform called the house, where the operator cabin, engine, and hydraulic components are housed. Excavators come in various sizes, from compact models suitable for urban environments to large machines used in mining and heavy construction.
Market Dynamics:
Driver:
Infrastructure development
As countries invest in building roads, bridges, airports, and other critical infrastructure, the demand for hydraulic excavators escalates. These machines are indispensable for various construction tasks, such as excavation, demolition, material handling, and landscaping. Additionally, government-led infrastructure projects aimed at improving connectivity and enhancing public amenities contribute significantly to the demand for hydraulic excavators.
Restraint:
High initial investment
Hydraulic excavators are complex and technologically advanced machines that require substantial capital investment for their purchase, operation, and maintenance. Small to midsized businesses, in particular, may find it challenging to allocate a substantial portion of their budget to purchase a hydraulic excavator. Moreover, hydraulic excavators need regular maintenance, including servicing, repairs, and replacement of parts, which adds to the overall operational expenditure, thereby hindering market growth.
Opportunity:
Government initiatives and investments
Government initiatives aimed at modernizing infrastructure, particularly in emerging economies, have led to increased spending on construction and mining projects. Subsidies, tax incentives, and favorable regulatory policies are provided by governments to encourage the adoption of advanced construction equipment. Moreover, investments in renewable energy projects, such as wind and solar farms, often require excavation work for foundation construction, driving the demand for hydraulic excavators.
Threat:
Competitive pressure
The hydraulic excavator market is saturated with a multitude of players offering similar products and services. This leads to intense competition as companies strive to differentiate themselves from their competitors, attract customers, and create pricing pressures, reducing profit margins and making it difficult for companies to stand out. Furthermore, globalization plays a role in intensifying competitive pressure, which impedes this market expansion.
Covid-19 Impact
The market for hydraulic excavators has been severely disrupted by the COVID-19 pandemic. Many construction companies faced financial strains, resulting in budget cuts and postponed equipment purchases. The decline in infrastructure and construction activities, coupled with economic uncertainties, dampened investment in new machinery. Additionally, reduced consumer spending and business investments also contributed to the downturn in the market.
The wheeled segment is expected to be the largest during the forecast period
The wheeled segment is estimated to hold the largest share, due to their enhanced mobility and maneuverability, making them particularly well-suited for tasks in urban areas, on paved surfaces, or in environments where frequent relocation is necessary. Their ability to travel at higher speeds between job sites compared to tracked excavators can improve overall efficiency and productivity. Moreover, wheeled excavators generally cause less damage to paved surfaces, reducing the need for costly repairs and significantly driving segment growth.
The mining engineering segment is expected to have the highest CAGR during the forecast period
The mining engineering segment is anticipated to have highest CAGR during the forecast period due to the increasing demand for minerals and metals, which drives the need for efficient excavation machinery to extract resources from mines. Moreover, the growing trend towards mechanization in mining operations enhances the adoption of hydraulic excavators, as they offer higher productivity and lower operational costs compared to traditional methods, which are driving this segment's expansion.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to rapid urbanization and industrialization. Countries such as China, Japan, India, and South Korea are experiencing significant infrastructure development, including road construction, residential and commercial buildings, and various civil engineering projects. In addition, government initiatives focusing on infrastructure development, such as China's Belt and Road Initiative and India's Smart Cities Mission, further propel the demand for hydraulic excavators in the region.
Region with highest CAGR:
Europe is expected to witness highest CAGR over the projection period, owing to the increasing demand for infrastructure development projects, including transportation, residential, and commercial construction. Manufacturers are continuously introducing advanced features such as telematics systems and hydraulic hybrid technology to enhance productivity and operator safety. Additionally, growing environmental concerns have led to the adoption of cleaner and more energy-efficient excavators, which is driving this region's size.
Key players in the market
Some of the key players in the Hydraulic Excavator Market include Alamo Group Inc., BEML Ltd., AB Volvo, Caterpillar Inc., Deere and Co., Astec Industries Inc., J C Bamford Excavators Ltd., CNH Industrial NV, Doosan Infracore Co. Ltd., Kato Works Co. Ltd., FAYAT SAS, SanyGroup, Guangxi LiuGong Machinery Co. Ltd., Hitachi Construction Machinery Co. Ltd., Lonking Holdings Ltd., Hyundai Construction Equipment Co., Ltd. and XCMG Group.
Key Developments:
In January 2024, Deere & Company announced it has entered into an agreement with SpaceX to provide cutting-edge satellite communications (SATCOM) service to farmers.
In December 2023, Hitachi Construction Machinery Co., Ltd. will establish the Zero Emission EV-LAB, a research facility for collaborative creation with customers and partners to achieve zero emissions at work sites.
In December 2023, Hitachi Construction Machinery Co., Ltd. signed a memorandum on 19th October with Alfen B.V. and ITOCHU Corporation regarding collaboration on mobile energy storage systems for construction sites aimed at achieving zero emissions at construction sites in Europe.
Types Covered:
- Mini
- Wheeled
- Crawler
- Other Types
Power Ratings Covered:
- 0-250 HP
- 251-500 HP
- Above 501 HP
Applications Covered:
- Mining Engineering
- Traffic/Building Construction
- Waste Management
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining Engineering
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Hydraulic Excavator Market, By Type
- 5.1 Introduction
- 5.2 Mini
- 5.3 Wheeled
- 5.4 Crawler
- 5.5 Other Types
6 Global Hydraulic Excavator Market, By Power Rating
- 6.1 Introduction
- 6.2 0-250 HP
- 6.3 251-500 HP
- 6.4 Above 501 HP
7 Global Hydraulic Excavator Market, By Application
- 7.1 Introduction
- 7.2 Mining Engineering
- 7.3 Traffic/Building Construction
- 7.4 Waste Management
- 7.5 Other Applications
8 Global Hydraulic Excavator Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Alamo Group Inc.
- 10.2 BEML Ltd.
- 10.3 AB Volvo
- 10.4 Caterpillar Inc.
- 10.5 Deere and Co.
- 10.6 Astec Industries Inc.
- 10.7 J C Bamford Excavators Ltd.
- 10.8 CNH Industrial NV
- 10.9 Doosan Infracore Co. Ltd.
- 10.10 Kato Works Co. Ltd.
- 10.11 FAYAT SAS
- 10.12 SanyGroup
- 10.13 Guangxi LiuGong Machinery Co. Ltd.
- 10.14 Hitachi Construction Machinery Co. Ltd.
- 10.15 Lonking Holdings Ltd.
- 10.16 Hyundai Construction Equipment Co., Ltd.
- 10.17 XCMG Group
List of Tables
- Table 1 Global Hydraulic Excavator Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Hydraulic Excavator Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Hydraulic Excavator Market Outlook, By Mini (2021-2030) ($MN)
- Table 4 Global Hydraulic Excavator Market Outlook, By Wheeled (2021-2030) ($MN)
- Table 5 Global Hydraulic Excavator Market Outlook, By Crawler (2021-2030) ($MN)
- Table 6 Global Hydraulic Excavator Market Outlook, By Other Types (2021-2030) ($MN)
- Table 7 Global Hydraulic Excavator Market Outlook, By Power Rating (2021-2030) ($MN)
- Table 8 Global Hydraulic Excavator Market Outlook, By 0-250 HP (2021-2030) ($MN)
- Table 9 Global Hydraulic Excavator Market Outlook, By 251-500 HP (2021-2030) ($MN)
- Table 10 Global Hydraulic Excavator Market Outlook, By Above 501 HP (2021-2030) ($MN)
- Table 11 Global Hydraulic Excavator Market Outlook, By Application (2021-2030) ($MN)
- Table 12 Global Hydraulic Excavator Market Outlook, By Mining Engineering (2021-2030) ($MN)
- Table 13 Global Hydraulic Excavator Market Outlook, By Traffic/Building Construction (2021-2030) ($MN)
- Table 14 Global Hydraulic Excavator Market Outlook, By Waste Management (2021-2030) ($MN)
- Table 15 Global Hydraulic Excavator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 16 North America Hydraulic Excavator Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Hydraulic Excavator Market Outlook, By Type (2021-2030) ($MN)
- Table 18 North America Hydraulic Excavator Market Outlook, By Mini (2021-2030) ($MN)
- Table 19 North America Hydraulic Excavator Market Outlook, By Wheeled (2021-2030) ($MN)
- Table 20 North America Hydraulic Excavator Market Outlook, By Crawler (2021-2030) ($MN)
- Table 21 North America Hydraulic Excavator Market Outlook, By Other Types (2021-2030) ($MN)
- Table 22 North America Hydraulic Excavator Market Outlook, By Power Rating (2021-2030) ($MN)
- Table 23 North America Hydraulic Excavator Market Outlook, By 0-250 HP (2021-2030) ($MN)
- Table 24 North America Hydraulic Excavator Market Outlook, By 251-500 HP (2021-2030) ($MN)
- Table 25 North America Hydraulic Excavator Market Outlook, By Above 501 HP (2021-2030) ($MN)
- Table 26 North America Hydraulic Excavator Market Outlook, By Application (2021-2030) ($MN)
- Table 27 North America Hydraulic Excavator Market Outlook, By Mining Engineering (2021-2030) ($MN)
- Table 28 North America Hydraulic Excavator Market Outlook, By Traffic/Building Construction (2021-2030) ($MN)
- Table 29 North America Hydraulic Excavator Market Outlook, By Waste Management (2021-2030) ($MN)
- Table 30 North America Hydraulic Excavator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 31 Europe Hydraulic Excavator Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Hydraulic Excavator Market Outlook, By Type (2021-2030) ($MN)
- Table 33 Europe Hydraulic Excavator Market Outlook, By Mini (2021-2030) ($MN)
- Table 34 Europe Hydraulic Excavator Market Outlook, By Wheeled (2021-2030) ($MN)
- Table 35 Europe Hydraulic Excavator Market Outlook, By Crawler (2021-2030) ($MN)
- Table 36 Europe Hydraulic Excavator Market Outlook, By Other Types (2021-2030) ($MN)
- Table 37 Europe Hydraulic Excavator Market Outlook, By Power Rating (2021-2030) ($MN)
- Table 38 Europe Hydraulic Excavator Market Outlook, By 0-250 HP (2021-2030) ($MN)
- Table 39 Europe Hydraulic Excavator Market Outlook, By 251-500 HP (2021-2030) ($MN)
- Table 40 Europe Hydraulic Excavator Market Outlook, By Above 501 HP (2021-2030) ($MN)
- Table 41 Europe Hydraulic Excavator Market Outlook, By Application (2021-2030) ($MN)
- Table 42 Europe Hydraulic Excavator Market Outlook, By Mining Engineering (2021-2030) ($MN)
- Table 43 Europe Hydraulic Excavator Market Outlook, By Traffic/Building Construction (2021-2030) ($MN)
- Table 44 Europe Hydraulic Excavator Market Outlook, By Waste Management (2021-2030) ($MN)
- Table 45 Europe Hydraulic Excavator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 46 Asia Pacific Hydraulic Excavator Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Hydraulic Excavator Market Outlook, By Type (2021-2030) ($MN)
- Table 48 Asia Pacific Hydraulic Excavator Market Outlook, By Mini (2021-2030) ($MN)
- Table 49 Asia Pacific Hydraulic Excavator Market Outlook, By Wheeled (2021-2030) ($MN)
- Table 50 Asia Pacific Hydraulic Excavator Market Outlook, By Crawler (2021-2030) ($MN)
- Table 51 Asia Pacific Hydraulic Excavator Market Outlook, By Other Types (2021-2030) ($MN)
- Table 52 Asia Pacific Hydraulic Excavator Market Outlook, By Power Rating (2021-2030) ($MN)
- Table 53 Asia Pacific Hydraulic Excavator Market Outlook, By 0-250 HP (2021-2030) ($MN)
- Table 54 Asia Pacific Hydraulic Excavator Market Outlook, By 251-500 HP (2021-2030) ($MN)
- Table 55 Asia Pacific Hydraulic Excavator Market Outlook, By Above 501 HP (2021-2030) ($MN)
- Table 56 Asia Pacific Hydraulic Excavator Market Outlook, By Application (2021-2030) ($MN)
- Table 57 Asia Pacific Hydraulic Excavator Market Outlook, By Mining Engineering (2021-2030) ($MN)
- Table 58 Asia Pacific Hydraulic Excavator Market Outlook, By Traffic/Building Construction (2021-2030) ($MN)
- Table 59 Asia Pacific Hydraulic Excavator Market Outlook, By Waste Management (2021-2030) ($MN)
- Table 60 Asia Pacific Hydraulic Excavator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 61 South America Hydraulic Excavator Market Outlook, By Country (2021-2030) ($MN)
- Table 62 South America Hydraulic Excavator Market Outlook, By Type (2021-2030) ($MN)
- Table 63 South America Hydraulic Excavator Market Outlook, By Mini (2021-2030) ($MN)
- Table 64 South America Hydraulic Excavator Market Outlook, By Wheeled (2021-2030) ($MN)
- Table 65 South America Hydraulic Excavator Market Outlook, By Crawler (2021-2030) ($MN)
- Table 66 South America Hydraulic Excavator Market Outlook, By Other Types (2021-2030) ($MN)
- Table 67 South America Hydraulic Excavator Market Outlook, By Power Rating (2021-2030) ($MN)
- Table 68 South America Hydraulic Excavator Market Outlook, By 0-250 HP (2021-2030) ($MN)
- Table 69 South America Hydraulic Excavator Market Outlook, By 251-500 HP (2021-2030) ($MN)
- Table 70 South America Hydraulic Excavator Market Outlook, By Above 501 HP (2021-2030) ($MN)
- Table 71 South America Hydraulic Excavator Market Outlook, By Application (2021-2030) ($MN)
- Table 72 South America Hydraulic Excavator Market Outlook, By Mining Engineering (2021-2030) ($MN)
- Table 73 South America Hydraulic Excavator Market Outlook, By Traffic/Building Construction (2021-2030) ($MN)
- Table 74 South America Hydraulic Excavator Market Outlook, By Waste Management (2021-2030) ($MN)
- Table 75 South America Hydraulic Excavator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 76 Middle East & Africa Hydraulic Excavator Market Outlook, By Country (2021-2030) ($MN)
- Table 77 Middle East & Africa Hydraulic Excavator Market Outlook, By Type (2021-2030) ($MN)
- Table 78 Middle East & Africa Hydraulic Excavator Market Outlook, By Mini (2021-2030) ($MN)
- Table 79 Middle East & Africa Hydraulic Excavator Market Outlook, By Wheeled (2021-2030) ($MN)
- Table 80 Middle East & Africa Hydraulic Excavator Market Outlook, By Crawler (2021-2030) ($MN)
- Table 81 Middle East & Africa Hydraulic Excavator Market Outlook, By Other Types (2021-2030) ($MN)
- Table 82 Middle East & Africa Hydraulic Excavator Market Outlook, By Power Rating (2021-2030) ($MN)
- Table 83 Middle East & Africa Hydraulic Excavator Market Outlook, By 0-250 HP (2021-2030) ($MN)
- Table 84 Middle East & Africa Hydraulic Excavator Market Outlook, By 251-500 HP (2021-2030) ($MN)
- Table 85 Middle East & Africa Hydraulic Excavator Market Outlook, By Above 501 HP (2021-2030) ($MN)
- Table 86 Middle East & Africa Hydraulic Excavator Market Outlook, By Application (2021-2030) ($MN)
- Table 87 Middle East & Africa Hydraulic Excavator Market Outlook, By Mining Engineering (2021-2030) ($MN)
- Table 88 Middle East & Africa Hydraulic Excavator Market Outlook, By Traffic/Building Construction (2021-2030) ($MN)
- Table 89 Middle East & Africa Hydraulic Excavator Market Outlook, By Waste Management (2021-2030) ($MN)
- Table 90 Middle East & Africa Hydraulic Excavator Market Outlook, By Other Applications (2021-2030) ($MN)
