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Exciting Growth Predicted for Global Excavator Market: Insights on Market Size, CAGR, Key Players, and Emerging Trends
Excavator Market
What Is The Projected Market Size Of The Global Excavator Market And Its Growth Rate?
The global excavator market is on a solid growth trajectory:
- The market size has grown strongly in recent years and will move from $52.8 billion in 2024 to $55.72 billion in 2025 at a CAGR of 5.5%.
- This growth can be attributed to factors such as earthmoving and excavation needs, construction industry growth, mining sector expansion, demolition operations, utility pipeline installation, and the need for landscaping and grading, as well as forestry and logging.
- The excavator market size is expected to see even stronger growth in the coming years, growing to $69.29 billion in 2029 at a CAGR of 5.6%.
- Growth during this forecast period will be driven by factors such as focus on operator comfort and safety, sustainability, attachment compatibility versatility, emerging market development, fuel efficiency, and emissions reduction.
What Is Driving The Growth In The Excavator Market?
The growth in the construction industry is a significant driver propelling the excavator market growth. The construction industry, an industrial division specializing in infrastructure construction, repair, renovation, and maintenance, utilizes excavators for numerous advantages such as easy navigation over rough terrain, high versatility, and efficient transport. A case in point, according to a May 2022 report from the National Highways Authority of India, the rate of annual construction for four-, six-, and eight-lane national highways increased by over 300% in seven years, reaching 3,963 km during 2021-22. This growth in the construction industry is expected to further propel the excavator market in the future.
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Who Are the Key Players Driving Excavator Market Growth?
The excavator market's growth is being propelled by numerous key players:
- Caterpillar Inc.
- Hitachi Construction Machinery Co. Ltd.
- Hyundai Heavy Industries Co. Ltd.
- JCB Limited
- Komatsu Limited
- Volvo Construction Equipment
- Liebherr Group
- Kobelco Construction Machinery Co. Ltd.
- Sany Heavy Industries Co. Ltd.
- Bobcat Company
- LiuGong Machinery Corporation
- CNH Industrial NV
What Are The Key Trends In The Excavator Market?
Key trends in the excavator market include:
- Technological advancements in excavator design
- Hybrid and electric excavators
- Integration of telematics and IoT
- Autonomous and remote-controlled excavators
- Growth of the rental market
- Rise in use of compact and mini excavators
What Are The Segments Of The Global Excavator Market?
The global excavator market is categorized into the following segments:
- By Type: Mini Or Compact Excavator, Crawler Excavator, Wheeled Excavator, and Other Type
- By Operating Weight: Up To 50k Kg, 51k to 75k Kg, 76k Kg And Above
- By Mechanism Type: Electric, Hydraulic, and Hybrid
- By Power Range: 0-300 BHP, 300-500 BHP, and 500 And Above
- By End-Use Industry: Construction, Forestry And Agriculture, Mining, and Other End-Use Industry
Which Region Leads The Excavator Market?
In 2024, the Asia-Pacific region held the largest market share in the global excavator market. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Excavator Market Global Market Report?
- Market Size Analysis: Analyze the Excavator Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Excavator Market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Excavator Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Excavator Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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