Excavator Market: Global Industry Analysis and Forecast 2023-2029

Excavator Market is anticipated to reach US$ 66.7 Bn. by 2029 from US$ 48.36 Bn. in 2022 at a CAGR of 4.7% during a forecast period.

Excavators, sometimes known as hydraulic excavators, are huge construction machines that play a crucial part in the worldwide construction sector. One of the most important areas of the construction equipment business is excavators. Commercial building, residential development, mining, and sewage disposal are just a few of the uses. A backhoe known as a rear actor or back actor, a dipper or a stick, a digging bucket, and a cab atop a rotating platform known as a house make up an excavator. The bucket linked to the backhoe is drawn towards it. The bucket is carried by the dipper or dipper stick. The digger bucket excavates the dirt from the ground, and the cab atop the revolving platform drops it where it is needed.To Know About The Research Methodology :- Request Free Sample Report
Excavator Market Dynamics
Some of the primary reasons driving the growth of the global excavator market include rapid urbanization in developing countries and increased building activity. By 2050, the urban population is expected to grow by 60%, necessitating USD 3.3 trillion in annual worldwide infrastructure expenditures to keep up with the expected growth. Because of its widespread usage in mining applications, the mining and energy sectors also contribute significantly to the growth of the excavator market. Between 2022 and 2029, global energy consumption will grow by 48 percent, with a 31 percent increase in fossil-fuel-based energy use. These factors will contribute to the market's growth during the forecast period.

Large-scale building projects in developing markets, such as railways, oil and gas, and commercial development, will drive excavators' market growth. In the construction industry, developing markets will contribute more than 63 percent. Additionally, major players are concentrating on research and development in order to supply consumers with more efficient and technically advanced goods, which is likely to drive the global excavator market forward.
Excavator Market Segment Analysis
By Product, during the forecast period, demand for wheeled excavators is expected to grow at the fastest rate of 6.5 percent. Wheeled excavators' easy mobility from one location to another, as well as their stability owing to the weight of their undercarriage, allow them to work more efficiently. As a result, this aspect is anticipated to contribute to market growth.

Mini excavators are used for minor construction, agriculture, forestry, and modest demolitions and have a working range of 0.75 to 10 tonnes. It is beneficial to a wide range of small and medium-sized businesses. Other excavators are employed for specialized tasks. Dredging is done with a long reach, mining and building work is done with a dragline, and surface mining is done with a bucketwheel.
Excavator Market Regional Insight
APAC dominates the worldwide excavators market, thanks to plentiful raw resources and cost-competitive workforces. Secondly, the region's market size is boosted by the building market's rapid growth. The region's market shares are being driven by rising infrastructure development activities and big construction projects such as dams and canals buildings. India, China, South Korea, and Japan all contribute significantly to regional market growth thanks to recent technology advancements.

The region is a major oil and gas market. The excavator market in the Middle East and Africa will benefit greatly as a result of this. Oil mining requires the use of excavators. As a result, the demand for excavators across the Middle East and Africa is growing. Due to the introduction of new emission standards, competition in the worldwide excavator market is expected to heat up in the next years. This is expected to open up new market prospects as well.
Report Objectives:
Landscape analysis of the Excavator Market
Competitive benchmarking
Past and current status of the industry with the forecasted market size and trends
Evaluation of potential key players that include market leaders, followers, and new entrants
Technology trends
The potential impact of micro-economic factors on the market
External and Internal factors affecting the market have been analyzed

The report also helps in understanding the Excavator Market dynamics, structure by analyzing the market segments project the Excavator Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Excavator Market make the report investor’s guide.
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Excavator Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 48.36 Bn.


Forecast Period 2023 to 2029 CAGR:
4.7%
Market Size in 2029:
US $ 66.7 Bn.


 Segments Covered:
by Product
Crawler
Wheeled
Mini/Compact
Others


by Application
Construction
Others



Excavator Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Excavator Market Key Players are:
1. AB Volvo Group
2. Caterpillar Inc
3. Cukurova Ziraat
4. Deere & Company
5. Hitachi Ltd
6. Hyundai Construction Equipment Co Ltd
7. J C Bamford Excavators Ltd
8. Kobe Steel Ltd
9. Komatsu Ltd
10.Takeuchi Mfg. Co Ltd.

Frequently Asked Questions

1. What is the projected market size & growth rate of the Excavator Market?
Ans- Excavator Market was valued at USD 48.36 billion in 2022 and is projected to reach USD 66.7 billion by 2029, growing at a CAGR of 4.7% during the forecast period.

2. What are the key driving factors for the growth of the Excavator Market?
Ans- Some of the primary reasons driving the growth of the global excavator market include rapid urbanization in developing countries and increased building activity.

3. Which Region accounted for the largest Excavator Market share?
Ans- APAC dominates the worldwide excavators market, thanks to plentiful raw resources and cost-competitive workforces.

4. What makes the Asia Pacific a Lucrative Market for Excavator Market?
Ans- The region's market shares are being driven by rising infrastructure development activities and big construction projects such as dams and canals buildings.

5. What are the top players operating in Excavator Market?
Ans- AB Volvo Group, Caterpillar Inc, Cukurova Ziraat, Deere & Company, and Hitachi Ltd