Press release
Excavator Market Report 2024: Strategies And Recent Developments | Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Hyundai Heavy Industries Co. Ltd., JCB Limited, Komatsu Limited
Excavator Market Size
The Business Research Company offers in-depth market insights through Excavator Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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%. The growth in the historic period can be attributed to earthmoving and excavation needs, construction industry growth, mining sector expansion, demolition operations, utility and pipeline installation, landscaping and grading, 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 growth in the forecast period can be attributed to focus on operator comfort and safety, focus on sustainability, versatility in attachment compatibility, emerging market development, focus on fuel efficiency and emissions reduction.. Major trends in the forecast period include technological advancements in excavator design, hybrid and electric excavators, telematics and iot integration, autonomous and remote-controlled excavators, rental market growth, , rise in compact and mini excavators..
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Market Segmentation:
The excavator market covered in this report is segmented -
1) By Type: Mini/ Compact Excavator, Crawler Excavator, Wheeled Excavator, Other Type
2) By Operating Weight: Upto 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
Major Driver - Global Construction Boom Fuels Excavator Market Growth
The growing construction industry across the globe is contributing to the growth of the excavator market. The construction industry refers to the industrial division of production and trade that is concerned with the construction, repair, renovation, and maintenance of infrastructure. The construction industry uses an excavator as it offers advantages such as easily navigating rough terrain, being highly versatile, and being able to be transported easily and efficiently. For instance, in May 2022, according to the National Highways Authority of India report, an autonomous agency of the government of India that develops, maintains, and manages national highways, the rate of annual construction of four-, six-, and eight-lane national highways had increased by more than 300% in seven years, reaching 3,963 km during 2021-22. Therefore, the increased growth of the construction industry is anticipated to propel the excavator market growth over the coming years.
Competitive Landscape:
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, Tere*x 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., Palfinger AG
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Top Trend - Product Innovation Drives Growth In The Excavators Market
Major companies operating in the excavator market are developing innovative products such as demolition excavators to meet larger customer bases, more sales, and increase revenue. A demolition excavator refers to a specialized type of excavator designed and equipped for the purpose of demolishing structures and buildings. For instance, in February 2023, Volvo Construction Equipment, a Sweden-based manufacturer of construction equipment, launched the EC300E Straight Boom demolition excavator. Distinguishing itself in the Volvo CE demolition lineup, the EC300E Straight Boom crawler excavator stands out alongside the EC380E Straight Boom model. Deviating from the conventional boom-and-stick configuration seen in digging-centric excavators, this crawler features a purpose-built arm paired with an impressive 23-foot-long straight boom. The extended length of the straight boom provides remarkable height and reach advantages compared to its standard counterparts. Ensuring operator safety, the cab is fortified against falling debris with a frame-mounted Falling Objects Guard while maintaining clear visibility of the worksite. The roof window and front one-piece glass, constructed from impact-resistant P5A, further contribute to the excavator's resilience in demanding demolition environments.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Excavator Market Characteristics
3. Excavator Market Trends And Strategies
4. Excavator Market - Macro Economic Scenario
5. Excavator Market Size And Growth
…..
27. Excavator Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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