Excavator Global Market Report 2024

Description

Excavator Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on excavator market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for excavator? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The excavator market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Mini/ Compact Excavator; Crawler Excavator; Wheeled Excavator; Other Type
2) By Operating Weight: Up to 50K Kg; 51K to 75K Kg; 76K Kg and Above
3) By Mechanism Type: Electric; Hydraulic; Hybrid
4) By Power Range: 0-300 BHP; 300-500 BHP; 500 And Above
5) By End-Use Industry: Construction; Forestry And Agriculture; Mining; Other End-Use Industry
Companies Mentioned: Caterpillar Inc.; Hitachi Construction Machinery Co. Ltd.; Hyundai Heavy Industries Co. Ltd.; JCB Limited; Komatsu Limited
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Excavators, crucial construction equipment in the building industry, are utilized for tasks involving earth extraction, movement, and transportation of loose materials like gravel, sand, or soil within construction sites. They efficiently handle activities such as picking and placing, digging, landscaping, demolition, and material handling.

Within the category of excavators, several types prevail, including mini/compact excavators, crawler excavators, wheeled excavators, among others. Mini/compact excavators are smaller, lighter variants weighing between 0.7 and 6 tons. Featuring a shorter swing radius superstructure, these excavators offer advantages in urban or confined settings. Excavators vary in operating weight, classified into weight ranges of up to 50K kg, 51K to 75K kg, and 76K kg and above. They operate through various mechanisms such as electric, hydraulic, and hybrid, with power ratings falling within ranges of 0-300 bhp, 300-500 bhp, and 500 bhp and above.

The excavator market research report is one of a series of new reports from The Business Research Company that provides excavator market statistics, including excavator industry global market size, regional shares, competitors with an excavator market share, detailed excavator market segments, market trends and opportunities, and any further data you may need to thrive in the excavator industry. This excavator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The excavator market size has grown strongly in recent years. It will grow from $50.29 billion in 2023 to $53.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. Historical growth can be attributed to the demands within earthmoving and excavation, expansion in the construction industry, growth of the mining sector, operations related to demolition, installation of utilities and pipelines, landscaping and grading activities, as well as developments in forestry and logging.

The excavator market size is expected to see strong growth in the next few years. It will grow to $65.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The projected growth in the forecast period is driven by several factors, including a heightened focus on operator comfort and safety, sustainability initiatives, compatibility with various attachments, development in emerging markets, and an emphasis on improving fuel efficiency and reducing emissions. Major trends expected during this period involve technological advancements in excavator design, the emergence of hybrid and electric excavators, integration of telematics and IoT capabilities, the adoption of autonomous and remote-controlled excavators, growth in the rental market, and an increased demand for compact and mini excavators.

The expansion of the global construction industry significantly contributes to the excavator market's growth. This sector encompasses activities related to infrastructure construction, renovation, and maintenance. Excavators are favored in construction due to their adaptability in rough terrains, versatility, and ease of transportation. For example, in May 2022, the National Highways Authority of India reported a substantial surge of over 300% in the annual construction of national highways, reaching 3,963 km during 2021-22. This upsurge in construction activity signals a potential growth trajectory for the excavator market.

Anticipated growth in global trade is poised to elevate the excavator market. Global trade denotes the exchange of goods, services, and capital across international borders. Excavators are crucial in port development, cargo handling, and infrastructure projects, facilitating efficient goods movement. A report by the United Nations Conference on Trade and Development in September 2023 forecasts a 2.4% rise in maritime trade for 2023, with consistent growth projected from 2024 to 2028. The increased oil and gas trade, rising by 6.0% and 4.6%, respectively, in 2022, further amplifies the demand for excavators.

Leading companies in the excavator market focus on innovative products, including demolition excavators, to cater to diverse customer needs. Demolition excavators are specialized machines designed for structure and building demolition. For instance, Volvo Construction Equipment introduced the EC300E Straight Boom demolition excavator in February 2023. Distinguished by its 23-foot-long straight boom, this crawler excavator offers superior height and reach capabilities compared to conventional models. Safety features, such as a frame-mounted Falling Objects Guard and impact-resistant glass windows, ensure operator protection in challenging demolition environments.

Major players in the excavator market are innovating with products like mini excavators to broaden their customer base and drive revenue growth. Mini excavators, also known as compact excavators, are designed for precise digging in confined spaces. For instance, in June 2023, Kubota Corporation unveiled an 8.5-ton mini-excavator with a two-piece boom option, providing extended reach and improved efficiency in narrow spaces. Enhanced hydraulic controls allow operators to manage arm, boom, bucket, and swivel functions simultaneously, elevating work efficiency and productivity.

In August 2021, CNH Industrial N.V., a UK-based capital goods company specializing in manufacturing agricultural machinery and construction equipment, completed the acquisition of Sampierana for $151 million. This strategic move was intended to bolster CNH Industrial N.V.'s presence and offerings within the construction sector. Through the acquisition, CNH Industrial N.V. aimed to secure in-house capabilities, gain greater control over the value chain, and leverage market share opportunities. Sampierana, headquartered in Italy, specializes in the development and manufacturing of earthmoving machines, undercarriages, and related parts. The acquisition of Sampierana equips CNH Industrial N.V. with expanded capabilities and product offerings, enhancing its position in the construction equipment market by incorporating specialized expertise and reinforcing its ability to meet evolving industry demands.

Major companies operating in the excavator market report are Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Hyundai Heavy Industries Co. Ltd., JCB Limited, Komatsu Limited, Terex Corporation, Volvo Construction Equipment, Liebherr Group, Kobelco Construction Machinery Co. Ltd., Sany Heavy Industries Co. Ltd., Sandvik AB, Bobcat Company, LiuGong Machinery Corporation, CNH Industrial NV, BEML Limited, Takeuchi Mfg Company Limited, Xuzhou Construction Machinery Group Co. Ltd., Doosan Infracore Co. Ltd., Wacker Neuson SE, Yanmar Holdings Co. Ltd., Atlas Copco AB, Bell Equipment Limited, Foton Lovol International Heavy Industry Co. Ltd., Guangxi LiuGong Machinery Co. Ltd., Deere & Company, Kato Works Co. Ltd., Kubota Corporation, Mahindra & Mahindra Ltd., Manitou Group, Manitowoc Company Inc., Mitsubishi Heavy Industries Ltd., and Palfinger AG.

Asia-Pacific was the largest region in the excavator market in 2023. The regions covered in the excavator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the excavator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The excavator market consists of sales of heavy excavators, dragline excavators, and backhoe and suction excavators. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12682

1. Executive Summary

2. Excavator Market Characteristics

3. Excavator Market Trends And Strategies

4. Excavator Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Excavator Market Size and Growth

5.1. Global Excavator Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Excavator Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Excavator Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Excavator Market Segmentation

6.1. Global Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Mini/ Compact Excavator
Crawler Excavator
Wheeled Excavator
Other Type
6.2. Global Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Upto 50K Kg
51K to 75K Kg
76K Kg and Above
6.3. Global Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Construction
Forestry And Agriculture
Mining
Other End-Use Industry

7. Excavator Market Regional And Country Analysis

7.1. Global Excavator Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Excavator Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Excavator Market

8.1. Asia-Pacific Excavator Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Excavator Market

9.1. China Excavator Market Overview
9.2. China Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Excavator Market

10.1. India Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Excavator Market

11.1. Japan Excavator Market Overview
11.2. Japan Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Excavator Market

12.1. Australia Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Excavator Market

13.1. Indonesia Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Excavator Market

14.1. South Korea Excavator Market Overview
14.2. South Korea Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Excavator Market

15.1. Western Europe Excavator Market Overview
15.2. Western Europe Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Excavator Market

16.1. UK Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Excavator Market

17.1. Germany Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Excavator Market

18.1. France Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Excavator Market

19.1. Italy Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Excavator Market

20.1. Spain Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Excavator Market

21.1. Eastern Europe Excavator Market Overview
21.2. Eastern Europe Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Excavator Market

22.1. Russia Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Excavator Market

23.1. North America Excavator Market Overview
23.2. North America Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Excavator Market

24.1. USA Excavator Market Overview
24.2. USA Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Excavator Market

25.1. Canada Excavator Market Overview
25.2. Canada Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Excavator Market

26.1. South America Excavator Market Overview
26.2. South America Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Excavator Market

27.1. Brazil Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Excavator Market

28.1. Middle East Excavator Market Overview
28.2. Middle East Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Excavator Market

29.1. Africa Excavator Market Overview
29.2. Africa Excavator Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Excavator Market, Segmentation By Operating Weight, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Excavator Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Excavator Market Competitive Landscape And Company Profiles

30.1. Excavator Market Competitive Landscape
30.2. Excavator Market Company Profiles
- 30.2.1. Caterpillar Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Hitachi Construction Machinery Co. Ltd.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Hyundai Heavy Industries Co. Ltd.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. JCB Limited
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Komatsu Limited
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Excavator Market Competitive Benchmarking

32. Global Excavator Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Excavator Market

34. Excavator Market Future Outlook and Potential Analysis

34.1 Excavator Market In 2028 - Countries Offering Most New Opportunities
34.2 Excavator Market In 2028 - Segments Offering Most New Opportunities
34.3 Excavator Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer