Excavator Market Report by Product (Mini/Compact, Crawler, Wheeled, Heavy), Mechanism Type (Electric, Hydraulic, Hybrid), Power Range (Upto 300 HP, 301-500 HP, 501 HP and Above), Application (Mining, Construction, Waste Management, and Others), and Region

Excavator Market Report by Product (Mini/Compact, Crawler, Wheeled, Heavy), Mechanism Type (Electric, Hydraulic, Hybrid), Power Range (Upto 300 HP, 301-500 HP, 501 HP and Above), Application (Mining, Construction, Waste Management, and Others), and Region 2024-2032

The global excavator market size reached US$ 91.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 269.2 Billion by 2032, exhibiting a growth rate (CAGR) of 12.3% during 2024-2032.

An excavator refers to a kind of heavy construction equipment that is used for digging excavations and trenching purposes. It is also used for digging holes, foundations, demolitions, dredging rivers, material handling and lifting heavy objects. It uses hydraulic motors powered by an electric, diesel or petrol engine to generate hydraulic force and control the mechanical arm of the machine. The machine consists of a rear/back actor, sipper, undercarriage, digging bucket and a cabin on a rotating platform. In comparison to the traditionally used machines, modern excavators are designed to keep the counterweights inside the track width during swinging, thereby keeping the movement safe and enhancing the maneuverability.

Significant growth in the construction industry is one of the key factors creating a positive outlook for the market. Excavators are mostly used in large-scale residential and commercial construction, development of roads and ports and mining projects across the globe. Furthermore, the widespread adoption of automated excavators is also driving the market growth. These excavators aid in minimizing labor costs and facilitate remote tracking of operations. Additionally, various product innovations, such as the utilization of fuel cell-based electric motors to power excavators, are acting as other growth-inducing factors. In comparison to a diesel engine, fuel cells are lighter and more efficient, thereby increasing the cabin space for the operator and improving the overall productivity of the machine. Other factors, including the advent of equipment rental services, along with extensive infrastructural development undertaken by the governments of various nations, are expected to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global excavator market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product, mechanism type, power range and application.

Breakup by Product:

• Mini/Compact
• Crawler
• Wheeled
• Heavy

Breakup by Mechanism Type:

• Electric
• Hydraulic
• Hybrid

Breakup by Power Range:

• Upto 300 HP
• 301-500 HP
• 501 HP and Above

Breakup by Application:

• Mining
• Construction
• Waste Management
• Others

Breakup by Region:

• North America
• United States
• Canada
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Caterpillar Inc., CNH Industrial N.V., Doosan Corporation, Hitachi Construction Machinery Co. Ltd., Hyundai Heavy Industries Ltd., John Deere, Joseph Cyril Bamford Excavators Ltd., Kobelco Construction Machinery Co. Ltd., Komatsu Ltd., Liebherr Group, Sany Heavy Industries Co. Ltd., Terex Corporation, Yanmar Construction Equipment Co. Ltd. and Volvo Construction Equipment AB.

Key Questions Answered in This Report:

• How has the global excavator market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global excavator market?
• What are the key regional markets?
• What is the breakup of the market based on the product?
• What is the breakup of the market based on the mechanism type?
• What is the breakup of the market based on the power range?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global excavator market and who are the key players?
• What is the degree of competition in the industry?