Press release
Asia Pacific Leads Global Excavators Market with 40% Share in 2023
Excavators Market
The global excavators market is experiencing significant growth, with projections estimating a rise from USD 50.63 billion in 2023 to USD 69.83 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period. This surge is attributed to escalating infrastructure projects, urbanization, and the integration of advanced technologies in construction equipment.
Competitive Landscape and Regional Demand
The excavators market is characterized by intense competition among key players such as Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery, Volvo Construction Equipment, and Liebherr-International AG. These companies are focusing on strategic partnerships, mergers, and acquisitions to expand their global footprint and enhance product offerings.
Asia Pacific emerges as the region with the highest demand, accounting for approximately 40% of the global market share in 2023. This dominance is fueled by rapid urbanization, infrastructural developments, and significant investments in countries like China and India.
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Regional Insights
United States: Consolidation and Technological Advancements
In the United States, the excavators market is witnessing consolidation, with major players investing in technological innovations to enhance efficiency and reduce environmental impact. The adoption of electric and hybrid excavators is gaining traction, aligning with the country's focus on sustainable construction practices.
Asia Pacific: Growth Driven by Infrastructure and Urbanization
Asia Pacific continues to be the epicenter of growth in the excavators market. China's ambitious infrastructure projects and India's rapid urbanization are key contributors to the region's dominance. The market in India is expected to grow at a CAGR of 9.4% from 2023 to 2030, reaching USD 5.23 billion by 2030
Middle East and Africa: Opportunities in Oil and Gas Sector
The Middle East and Africa region presents significant opportunities, particularly in the oil and gas sector. The acquisition of KCA Deutag by Helmerich & Payne for $1.97 billion exemplifies the region's potential and the strategic moves by companies to capitalize on it.
Europe: Trends Towards Sustainability and Innovation
Europe's excavators market is evolving with a strong emphasis on sustainability and innovation. Companies are investing in electric and hybrid excavators to meet stringent environmental regulations and cater to the growing demand for eco-friendly construction equipment.
Key Recent Developments
Corporation acquired the Environmental Solutions Group (ESG) from Dover Corporation for $2 billion in October 2024, enhancing its portfolio in the solid waste and recycling industries
Helmerich & Payne's acquisition of KCA Deutag for $1.97 billion aims to bolster its presence in the Middle East, increasing its rig count in the region from 12 to 88.
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Breaking Down the Excavators Market: Key Segments Shaping the Industry
by Type
Crawler Excavators
Wheeled Excavators
Mini or Compact Excavators
Long Reach Excavators
Amphibious Excavators
Crawler excavators, wheeled excavators, mini or compact excavators, long reach excavators, and amphibious excavators are the different types of the market. The market was dominated by crawler excavators in 2023, and this dominance is anticipated to persist during the forecast period. The steadiness of crawler excavators on difficult and uneven terrain is well known. Their tracks minimize ground disturbance and provide traction by distributing weight evenly. From little models to massive, heavy-duty equipment, crawler excavators come in a variety of sizes and capacities. Customers are guaranteed to discover a crawler excavator that meets their unique needs thanks to this variety, which is anticipated to support the expansion of the excavators market.
by End Use Industry
Construction
Mining
Forestry
The market is divided into three segments based on the End-Use industry: mining, forestry, and construction. In 2023, the construction sector had the biggest market share for excavators, and it is anticipated to continue to do so during the forecast period. For various jobs, such as excavation and demolition, excavators are essential. The size and scope of construction projects varies, ranging from modest residential structures to vast commercial and industrial enterprises. To meet these varied needs, excavators are available in a range of sizes and types, making them a flexible option for the building sector.
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Meet the Industry Leaders Revolutionizing the Excavators Market
1. Caterpillar Inc.
2. Komatsu Ltd.
3. Hitachi Construction Machinery Co., Ltd.
4. Volvo Construction Equipment
5. Liebherr Group
6. Doosan Infracore
7. JCB
8. Kobelco Construction Machinery Co., Ltd.
9. SANY Group
10. Hyundai Construction Equipment Co., Ltd.
11. XCMG Group
13. Case Construction Equipment
14. Bobcat Company
15. Kubota Corporation
16. Takeuchi Manufacturing Co., Ltd.
17. Yanmar Co., Ltd.
18. LiuGong Machinery Corp.
19. New Holland Construction
20. Wacker Neuson Group
21. Deere & Company
22. Bell Equipment
23. CNH Industrial N.V.
Uncover Key Insights Answering the Biggest Questions in the Excavators Market
What is Excavators ?
What is the growth rate of the Excavators Market?
Which are the factors expected to drive the Excavators market growth?
What is the CAGR at which the Excavators market will grow during the forecast period?
What are the different segments of the Excavators Market?
Which is the fastest growing region in the Excavators market?
What growth strategies are the players considering to increase their presence in Excavators ?
What are the upcoming opportunities and trends for the Excavators Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Excavators Market?
Who are the leading companies and what are their portfolios in Excavators Market?
What segments are covered in the Excavators Market?
Who are the key players in the Excavators market?
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Explore the Revolutionary Products Powering Market Success
Past Size and Competitive Landscape
• Past Pricing and price curve by region
• Size, Share, Size Forecast by different segment
• Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Segmentation A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape Profiles of selected key players by region from a strategic perspective
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