Press release
Large Excavators Market to Generate $29.2 Billion by 2032 | Top Winning Strategies
Prime determinants of growthA rise in the mining and quarrying industry, growth in the construction and infrastructure sector, and an increase in focus on Public-private partnerships (PPP) products drive the growth of the global large excavators market. Moreover, integration of latest technologies in large excavators presents new opportunities in the coming years.
The global large excavators industry generated $21.9 billion in 2022, and is anticipated to generate $29.2 billion by 2032, witnessing a CAGR of 3.0% from 2023 to 2032.
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The 45 to 65 ton segment to maintain its leadership status throughout the forecast period.
By operating weight, the 45 to 65 ton segment held the highest market share in 2022, accounting for more than two-fifths of the global large excavators market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the rise in renewable energy projects, such as wind and solar farms, creates opportunities for excavators in land preparation and foundation work.
Manufacturers have the opportunity to introduce innovative features that enhance productivity, reduce downtime, and improve overall efficiency. Such factors are driving market growth. However, the 65 to 100 ton segment is projected to manifest the highest CAGR of 3.4% from 2023 to 2032. Customers in this segment often prioritize high power and digging capabilities, leading to trends in more robust engine configurations. In addition, operator comfort features, including ergonomic designs, advanced cabs, and improved visibility, are becoming crucial in this weight category.
The new sales segment to maintain its leadership status throughout the forecast period
By business type, the new sales segment held the highest market share in 2022, accounting for nearly three-fourths of the global large excavators market, and is estimated to maintain its leadership status throughout the forecast period. Large excavators are essential equipment for mining, and construction industry, and these industries make frequent use of these machines for digging, and earthmoving applications.
Moreover, large excavators are frequently used for long term in these sectors, thus buying instead of leasing the equipment is typically more economical, especially for large mining companies. However, the aftersales segment is projected to manifest the highest CAGR of 3.4% from 2023 to 2032. Excavators are mechanical machines and are subjected to frequent maintenance, owing to damage from excessive force, pressure, weather conditions such as rain, snow, and others. Thus, companies offer various aftermarket services, and parts & components.
The mining and quarrying segment to maintain its lead position during the forecast period
By end user, the mining and quarrying segment accounted for the largest share in 2022, contributing to nearly two-thirds of the global large excavators market revenue, and is projected to maintain its lead position during the forecast period. The mining industry employs various heavy equipment, including large excavators that play a pivotal role in digging, shovelling, and earthmoving applications.
The flourishing mining sector is poised to drive an increased demand for large excavators integral to mining operations. However, the construction and infrastructure segment is expected to portray the largest CAGR of 3.4% from 2023 to 2032. The rising demand for both public and private infrastructure has surged due to the increasing global population and rapid urbanization. Consequently, countries like China, India, the United States, Vietnam, and others have made substantial investments in infrastructure development to meet the growing needs of their populations.
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Top Runners:
Competitive analysis and profiles of the major players in the large excavators market are provided in the report. Major companies in the report include AB Volvo, LIEBHERR-INTERNATIONAL AG, KOMATSU Ltd, Hitachi Ltd., XCMG Construction Machinery Co., Ltd., Deere & Company, CNH Industrial N.V., Sanny Global, HD Hyundai Infracore Co., Ltd., and Caterpillar Inc.
Key Benefits for Stakeholders:
The report provides an extensive analysis of the current and emerging large excavators market trends.
In-depth large excavators market analysis is conducted by constructing market estimations for key market segments between 2020 and 2032.
Extensive analysis of the large excavators market is conducted by following key product positioning and monitoring of top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The large excavators market revenue and volume forecast analysis from 2023 to 2032 are included in the report.
The key players within the large excavators market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of the large excavators industry.
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