Press release
The Role Of Booming Construction In Hydraulic Excavator Market Growth : Key Factor Driving The Growth In The Hydraulic Excavator Market
Hydraulic Excavator
What Is the Expected Hydraulic Excavator Market Size During the Forecast Period?
The hydraulic excavator market has seen steady growth in recent years. It is expected to grow from $69.89 billion in 2024 to $72.6 billion in 2025 at a compound annual growth rate (CAGR) of 3.9%. The growth can be attributed to the rising demand in the oil and gas construction sectors, increasing urbanization, a surge in large-scale mining projects, the growing need for excavation equipment, and rising infrastructure activities.
The hydraulic excavator market is expected to grow steadily, reaching $83.3 billion by 2029 at a CAGR of 3.5%. Growth is supported by the booming construction and mining industries, rising usage of excavators in mining, the need for urbanization and infrastructure upgrades, and more large-scale mining projects. Major trends include growing popularity of hybrid hydraulic excavators, technological innovations, and advancements in equipment design.
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What Are the High-Growth Segments in the Hydraulic Excavator Market?
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
Subsegments:
1) By Crawler: Standard Crawler Excavators, Heavy-Duty Crawler Excavators, Compact Crawler Excavators
2) By Mini: Mini Crawler Excavators, Mini Wheeled Excavators, Compact Mini Excavators
3) By Wheeled: Standard Wheeled Excavators, Compact Wheeled Excavators, All-Terrain Wheeled Excavators
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What Key Drivers Are Expected to Influence Future 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 July 2024, according to the Bureau of National Statistics, a Kazakhstan-based government agency, the total value of construction services in 2023 was 7,612.8 billion tenge, reflecting a 15.1% increase compared to 2022. Therefore, the increasing construction activities are driving the hydraulic excavators market.
Which Companies Hold the Largest Share Across Different Hydraulic Excavator Market Segments?
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., Terex* Corporation, 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.
What Are the Major Trends Shaping the Hydraulic Excavator Market?
In response to stringent emission regulations and heightened demand for sustainable construction solutions, key players within the hydraulic excavator market are creating environmental-friendly models that are both high performing and efficient. Such earthmoving machinery is engineered to have a minimal ecological footprint. For example, in May 2022, a collaboration to roll out four new environmental-friendly hydraulic excavators that can operate on B20-biodiesel transpired among Larsen & Toubro, a technological industrial firm based in India, Komatsu India, an Indian machinery firm, and Scania India, a Swedish truck manufacturer. The range includes models like the Komatsu PC205-10MO hydraulic excavator, Komatsu PC500LC-10R hydraulic excavator, Komatsu PC210LC-10MO super long front, and Komatsu GD535-6 motor grader. These machines are capable of running on B20 biodiesel, maintaining their power and productivity without contributing significantly to greenhouse gas emissions. Furthermore, these Komatsu models are equipped with digital KOMTRAX tracking systems, allowing users to keep an eye on their equipment's health and enhance their operational efficiency.
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What Are the Emerging Geographies for The Hydraulic Excavator Market Growth?
Asia Pacific was the largest region in the hydraulic excavator market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulic excavator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Hydraulic Excavator Market?
2. What is the CAGR expected in the Hydraulic Excavator Market?
3. What Are the Key Innovations Transforming the Hydraulic Excavator Industry?
4. Which Region Is Leading the Hydraulic Excavator Market?
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