Global Excavator Market Overview, 2022-2027

Global Excavator Market Overview, 2022-2027

Excavators are the heavy construction machinery, generally used to move large and heavy objects. Such excavators use a fluid mechanism for effective working. Excavators have a multipurpose usage such as earth digging, mining, loading, quarrying, and many more. These types of machinery are capable of working in three dimensions and all directions. The most common types of excavators are crawlers, mini excavators, dragline excavators, suctions excavators, skid steer, and long reach excavators. The need for abrupt & flawless constructions have across the globe has propelled the demand in the excavator market. Along with this, the stellar need for movable types of equipment within the construction industry has given a boost to the market. The growth of the construction industry is driven by the development of large-scale infrastructure projects, transportation development facilities.

The report titled 'Global Excavator Market Overview, 2022-27' published by Bonafide Research highlights the market performance of different types of excavators with a global comparison of the historical and the forecasted data. The increasing government expenditure over developing the public infrastructure and the individual living lifestyle, which have given rise to the demand for more housing units, is seen as the market drivers for the excavators globally. The introduction of new emission standards and the development of better fuel-efficient methods are to support the growth in the forecasted period. The market stood at around 46 billion in size, which is projected to reach nearly 65 billion by 2027. Furthermore, the market is expected to grow at a 6% CAGR between 2022 and 2027.

The excavator industry is cost-sensitive, which has pushed the leading manufacturers to fund their R&D towards delivering efficient performance and unique features to attract more customers. The Asia Pacific region shows the increasing trend in the market share, owing to the availability of labor at cheaper rates and the need for improvising the infrastructure quality in the major developing countries. The Latin American region holds the least share globally. The factors behind this lag are the fluctuation in fuel rates and the weak economical conditions. The North American region is likely to lose a part of its share by 2027 and reach below 20%. The market share of the Middle East & Africa regions does not show much fluctuation with a slight increase, expected to cover more than 14% by 2027.

Even though the market shows an overall growth, the industry is full of hindrance that hampers growth, leading manufacturers, and the end-users have made possible alternatives to overcome the same. The major issue being the high initial cost required for the purchase of this heavy machinery. Crushing this hurdle, many contracting firms have started opting for renting the excavators rather than owning one. It not only helps them save on the initial expenses but save the other indirect outlay. Apart from this, vital issues such as lack of skilled labors, various environmental regulations imposed by the government, timely unavailability of components, are still faced by the manufacturers.

Covid-19 Impacts:
The onset of the novel corona-virus pandemic has been a huge blow to the excavators’ market share that was anticipated to grow during the forecast period that will end in 2027. The limitations, like the implementation of lockdown followed by the rising need for employment and funds, are hampering the ability of the market to grow. However, as the period commences, the global market operations are likely to commence with the ease of restrictions, and hence, positive attributes are in store for the market. For the first couple of years in the forecasted period, the excavator market is likely to fall back by value due to the COVID-19 pandemic. The pandemic is likely to leave the economy shaken, resulting in a fall in construction and the real estate industry. The spread of the corona-virus led to the enforcement of a lockdown to curb the spread of the virus. This led to travel restrictions and supply chain disruptions, which affected the growth of the excavator attachments market. The cancellation of various construction and mining projects amid the lockdown period hampered the market's growth significantly. However, with the lift of lockdown, the growth of the end-use industries is likely to gain momentum and thus drive the market growth.

Major Companies Present In the Market
Caterpillar Private Limited, CNH Industrial, Doosan Infracore, Epiroc Construction Machinery Co. Ltd, Hitachi Construction Machinery Co. Ltd, J C Bamford Excavators Ltd, John Deere Ltd, Kobe Steel Ltd, Komatsu Ltd., Kubota Corporation, Liebherr Group, Metso Corporation, Sandvik Mining And Rock Technology, Sany Group, Terex Corporation, Volvo Construction Equipments, XCMG Ltd., Zoomlion Co. Ltd

Considered In the Report
• Geography: Global
• Historical year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Regions and Countries covered:
• North America (US, Canada, Mexico)
• Europe (Germany, UK, Russia, Spain, France, Italy)
• Asia-Pacific (Japan, India, China, Australia)
• South America (Brazil, Argentina, Columbia)
• Middle East & Africa (UAE, Saudi Arabia, Qatar, South Africa)

Aspects Covered In the Report
• Market Size By Value for the historic time period (2016-2021)
• Market Size By Value for the forecast time period (2022-2027)
• Market Share by Application (Construction, Mining, utility & agriculture)
• Market Share by Machine Type (Mini Excavator, Crawler, Wheeled, Others)
• Market Share by Region (2016, 2021 & 2027F)
• Market Share by Country (2016, 2021 & 2027F)

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the construction machinery and excavator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.