Excavators Market Size Share Growth Trends and Forecast to 2032
The global excavators market size was valued at USD 9.62 billion in 2018 and is projected to reach USD 23.66 billion by 2032 at a CAGR of 12.9 percent. Explore market share trends growth drivers.
Excavators Market Overview
The global excavators market is witnessing strong growth driven by increased investments by private construction companies and governments in large-scale infrastructure development. Excavators play a vital role in the construction, forestry, agriculture, and mining sectors due to their versatility and efficiency in heavy-duty operations. The demand for mini and crawler excavators is rising as they provide flexibility for urban construction and congested job sites, boosting the overall excavators market size and share worldwide.
Excavators Market Snapshot
2018 Market Size USD 9.62 Billion
2032 Forecast USD 23.66 Billion
CAGR 12.9 % during the forecast period
Dominant Region Asia Pacific holds 55.54 % market share in 2018
Excavators Market Growth Drivers
Rising Infrastructure Development Projects
Increasing public and private sector investments in residential, commercial, and industrial construction projects are fueling the excavators market growth across emerging economies.
Growing Adoption of Advanced Excavators
Market players are focusing on developing semi-automated and efficient excavators to increase productivity on job sites, driving the excavators market share upwards.
Demand for Compact and Versatile Machines
Urbanization and space constraints are boosting demand for mini and compact excavators, enabling operators to perform tasks in tight spaces efficiently.
Excavators Market Restraints
High Initial Investment
The high cost of advanced excavators can restrain adoption among small and medium contractors, impacting the overall excavators market size.
Fluctuating Raw Material Prices
Volatility in steel and other raw material prices may affect the profit margins of excavator manufacturers and pose a challenge for market growth.
Excavators Market Opportunities
Technological Innovations
Integration of GPS, IoT, and automation technologies in excavators provides lucrative opportunities for market players to gain a competitive edge.
Expansion in Emerging Markets
Rapid urbanization and industrialization in developing regions like Asia Pacific and Africa offer significant growth potential for excavator manufacturers.
Excavators Market Segmentation
By Type Mini or Compact Excavator Crawler Excavator Wheeled Excavator Other Excavator
By End use Industry Construction Forestry and Agriculture Mining Others
Leading Excavators Market Companies
AB Volvo
Caterpillar Inc
Komatsu Ltd
Doosan Infracore Co Ltd
Hitachi Construction Machinery Co Ltd
C Bamford Excavators Limited
Liebherr Group
CNH Industrial NV
Hyundai Heavy Industries Co Ltd
Terex Corporation
Key Industry Developments
September 2017 Komatsu launched its second semi automated excavator to enhance operational efficiency on job sites.
February 2017 John Deere updated its 75G and 85G excavators designed for efficient work around congested job sites.
Read full report and insights at https://www.fortunebusinessinsights.com/industry-reports/excavators-market-100861