Excavator Market Size, Share & Trends Analysis Report By Vehicle Weight (< 10, 46 >), By Engine Capacity (Up To 250 HP, More Than 500 HP), By Type (Wheel, Crawler), By Drive Type (Electric, ICE), By Region, And Segment Forecasts, 2024 - 2030

Excavator Market Size, Share & Trends Analysis Report By Vehicle Weight (< 10, 46 >), By Engine Capacity (Up To 250 HP, More Than 500 HP), By Type (Wheel, Crawler), By Drive Type (Electric, ICE), By Region, And Segment Forecasts, 2024 - 2030

Excavator Market Growth & Trends

The global excavator market size is anticipated to reach USD 108.37 billion by 2030, registering a CAGR of 5.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The focus on building robust transportation networks and tapping into the vast mineral resources has resulted in an increasing demand for excavators globally. Manufacturers are responding to this demand by providing a diverse range of excavator models, specifically tailored to meet the unique requirements of construction and mining activities.

The increasing emphasis on sustainable construction practices and the integration of advanced technologies in construction equipment is fueling the demand for more energy-efficient and environment-friendly machinery. Wheel excavators, equipped with advanced hydraulic systems and emission-reducing technologies, are sought after for their improved fuel efficiency, and reduced environmental impact. As governments and regulatory bodies worldwide continue to push for greener construction practices, the demand for wheel excavators is gaining momentum, leading to a surge in their global adoption.

Manufacturers focus on developing electric excavators to comply with environmental regulations and changing customer requirements as stringent laws continue to provide manufacturers with several problems and consumers are seeking to lower the environmental impact of the equipment they deploy. For instance, in December 2023, Volvo Construction Equipment, a subsidiary of AB Volvo launched EC500, a 50-ton electric excavator in India. The company also launched L120 Electric and EC80 Electric wheel loader.

Market players are focusing on diversifying the applications of excavators to boost sales. In September 2022, Liebherr introduced crawler excavators with a broad range of application possibilities. These Liebherr crawler excavators, weighing over 50 tons, have gained traction in the French market, finding successful use in demolition work and quarry operations, particularly in the north and northeastern regions of the country. Liebherr crawler excavators offer high performance, stability at work, and flexibility, making them suitable for a variety of tasks. They offer high levels of operator comfort, along with features such as a suspension seat and excellent sound insulation in the operator's cab. Compared to previous-generation excavators, these models contribute to a significant reduction in fuel consumption, requiring only 30 liters per hour. The excavators also deliver substantial digging force and lifting capacity.

Excavator Market Report Highlights

• Based on vehicle weight, the 46> segment dominated the market with more than 36.0% share in 2023 owing to growing infrastructure development in both developing and developed countries
• Based on engine capacity, the up to 250 HP segment held the largest market share in 2023. Growing urbanization and the need for modernizing aging infrastructure, governments across the globe are investing heavily in construction projects, including bridges, roads, and buildings is expected to drive the demand for up to 250 HP excavators
• Based on type, the crawler segment dominated the market owing to the rapid expansion of the mining and agriculture sectors in various regions
• Asia Pacific dominated the market in 2023. Governments and private players are heavily investing in building transportation networks, urban areas, and public utilities

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