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Excavator Market Trends, Demand, and Forecast Report 2024
Excavator Market Trends
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According to The Business Research Company's, 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 Drivers and Trends:
The increase in global trade is expected to boost the growth of the excavator market going forward. Global trade refers to the exchange of goods, services, and capital across international borders or territories. The rise in global trade spurs demand for excavators across port development, cargo handling, and infrastructure projects, where they play a pivotal role in facilitating the efficient movement of goods and contributing to the growth and enhancement of trade-related infrastructure. For instance, in September 2023, according to a report published by the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, maritime trade is anticipated to increase by 2.4% in 2023 and by more than 2% from 2024 to 2028. As pandemic constraints loosened, the oil and gas trades in the energy sector increased by 6.0% and 4.6%, respectively, in 2022. Therefore, the increase in global trade is driving the growth of the excavator 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.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Excavator Market 2024 Key Insights:
• 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%.
• Global Construction Boom Fuels Excavator Market Growth
• Product Innovation Drives Growth In The Excavators Market
• Asia-Pacific was the largest region in the excavator market in 2023
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