Growth Opportunities in the Excavators and Loaders Industry, 2024–2030
Electrification, Smart Equipment, and Business Model Transformation to Drive Long-Term Growth
Excavators and loaders are versatile machines used in road and infrastructure projects, residential and commercial building construction, and mining operations. The industry has grown significantly in recent years, with a global market size of $55.68 billion in 2023. Frost & Sullivan projects a 5.2% compound annual growth rate (CAGR) to reach $79.48 billion in 2030. Factors driving the industry include infrastructure development and rapid urbanization, construction project demand, application versatility, and sustainability practices.
Frost & Sullivan forecasts that excavator and loader unit sales in the United States and Europe will register resilient CAGRs of 1.5% and 2.1%, respectively, between 2023 and 2030. India and China will likely record strong CAGRs of 6.8% and 5.7%, respectively, for the same period because of urban planning and infrastructure strategies.
The industry is competitive, with many manufacturers wanting a piece of the action. Caterpillar, John Deere, Hitachi, Hyundai, Kobe Steel, Komatsu, Sany, Volvo, CNHI, Kubota, JCB, Liugong, Shantui, and XCMG have a presence in multiple markets and offer a range of products. A trend toward more sustainable and efficient vehicles with an increasing focus on reducing emissions and improving fuel efficiency characterizes the industry. This drives innovation, with manufacturers developing electrification and autonomous technologies.
Major innovations are likely in the areas of electric equipment, smart features such as fleet management and telematics, 5G integration, business model transformation in equipment-as-a-service, financing, and service and maintenance. Frost & Sullivan expects industry growth to be propelled by high-tech innovations, interoperability, and the need for electric equipment.
Transformation in the Excavator and Loaders Industry
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8
The Impact of the Top 3 Strategic Imperatives on the Excavators and Loaders Industry
Global Economic Environment and Ecosystem
Scope of Analysis
Gross Domestic Product Growth
GDP Growth by Region
Competitive Environment
Key Competitors
Global Construction Industry
Construction Industry: United States
Construction Industry: Europe
Construction Industry: India
Construction Industry: China
Global Mining Industry Outlook
Mining Industry: Regional Outlook
Regulatory Impact: United States
Regulatory Impact: Europe
Regulatory Impact: India
Regulatory Impact: China
Excavators and Loaders Ecosystem
Business Model Canvas Evolution
Top Trends Driving the Excavators and Loaders Industry
Growth Generator
Growth Metrics
Growth Drivers
Growth Restraints
Forecast Methodology
Unit Sales Forecast
Unit Sales Forecast by Region
Table Off-Highway Equipment Industry: Excavators and Loaders Unit Sales Forecast, Regional, 2023-2030