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Hydraulic Excavator Market Size, Share, Price, Trend, Competitive Landscape, And Forecast To 2033
Hydraulic Excavator Market Size
As per the report, the hydraulic excavator market size has grown steadily in recent years. It will grow from $67.60 billion in 2023 to $69.89 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The hydraulic excavator market size is expected to see steady growth in the next few years. It will grow to $80.55 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%.
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The Role Of Booming Construction In Hydraulic Excavator Market Growth
The increasing construction activities are expected to propel the growth of the hydraulic excavators market going forward. Construction activities involve the physical development of buildings, infrastructure, and other structures. The increasing construction activities are due to rapid urbanization, infrastructure development, and a focus on efficiency and accuracy in building projects. Hydraulic excavators are indispensable in modern construction, providing the power, efficiency, and versatility to handle diverse and demanding tasks. For instance, in December 2021, according to the United States Census Bureau, a US-based government agency, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, the increasing construction drives the hydraulic excavators market.
Innovations And Sustainability Major Companies Lead The Charge With Eco-Friendly Hydraulic Excavators
Major companies operating in the hydraulic excavator market are developing eco-friendly hydraulic excavators to reduce environmental impact, comply with stringent emission regulations, and meet the increasing demand for sustainable construction solutions. Eco-friendly hydraulic excavators are heavy construction equipment designed to minimize environmental impact while maintaining high performance and efficiency. For instance, in May 2022, Larsen & Toubro, an India-based industrial technology company, Komatsu India, an India-based machinery company, and Scania India, a Sweden-based truck manufacturer, collaborated to launch four new eco-friendly hydraulic excavators that are B20-biodiesel-ready. This includes various models, such as Komatsu PC205-10MO hydraulic excavator, Komatsu PC500LC-10R hydraulic excavator, Komatsu PC210LC-10MO super long front, and Komatsu GD535-6 motor grader. These machines can operate on B20 biodiesel, delivering the same power and productivity level while significantly reducing greenhouse gas emissions. Furthermore, Komatsu's machines come with digitalized KOMTRAX tracking systems, enabling users to monitor equipment health and improve operational efficiency.
The hydraulic excavator market covered in this report is segmented -
1) By Type: Crawler, Mini, Wheeled
2) By Power Rating: 0-300 HP, 301-500 HP, Above 501 HP
3) By Size: Upto 8T, 8 - 12T, 12 - 20T
4) By Operating Mechanism: Electric, Conventional, Hybrid
5) By End-User: Contractors, Rental Providers, Other End Users
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Major companies operating in the hydraulic excavator market are Caterpillar Inc. , Deere & Company, Komatsu Ltd., Kubota Corporation, Liebherr Group, Sany Heavy Industry Co. Ltd., Volvo Construction Equipment, Hitachi Construction Machinery Co. Ltd., Sumitomo Heavy Industries Construction Crane Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., JCB Inc., Wacker Neuson SE, Lonking Holdings Limited, Shantui Construction Machinery Co. Ltd., Bobcat Co., Sunward Intelligent Equipment Co. Ltd., Kobelco Construction Machinery Inc., Guangxi LiuGong Machinery Co. Ltd., Takeuchi Manufacturing Co. Ltd., Hyundai Construction Equipment Co. Ltd., Doosan Infracore Co. Ltd., XCMG Construction Machinery Co. Ltd., Yanmar Holdings Co. Ltd., Shandong Huitong Heavy Industry Co. Ltd.
Contents of the report:
1. Executive Summary
2. Hydraulic Excavator Market Report Structure
3. Hydraulic Excavator Market Trends And Strategies
4. Hydraulic Excavator Market - Macro Economic Scenario
5. Hydraulic Excavator Market Size And Growth
…..
27. Hydraulic Excavator Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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