Europe Excavator and Loaders Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Europe Excavator and Loaders Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Europe Excavator and Loaders Market was valued at USD 15.34 billion in 2020 and is expected to reach USD 23.32 billion by 2026 registering a CAGR of 6.98% during the forecast period (2021 - 2026).

The outbreak of covid-19 pandemic hindered the growth of excavator and loaders market in the region owing to continuous lockdowns and travel restrictions imposed by government. The lockdown has resulted in various infrastructure project sites staring at closure as it is mainly due to an effect on the labor movement due to the lockdown and due to supply chain disruptions market anticipated to face challenges.

However, market expected to witness steady and consistent growth during forecast period as economic activities resumed across region. Growing infrastructure projects and expenditure by government and private players to enhance the demand in market. Moreover, rising technological and product innovations likely to contribute for overall development of market.

Indeed, growing environmental regulations and rental market to offer challenges for market players in the region. Germany and United Kingdom anticipated to witness optimistic growth during the forecast period owing to government intiatives and rising adoption of environmentally sustainable products in the market.

Key Market TrendsTechnological Advancements and Product Innovations to Drive Demand in the Market

Digitalization and technological advancements have become an indispensable part of the construction industry. Various market participants have already adopted much advancement and others are following the trend. For instance,

• In October 2020, Bobcat, a loaders company, announced developments in their compact loaders range for Europe and Middle East & Africa (EMEA), which offer more choice of features for the Bobcat compact track skid-steer, and all-wheel steer loader ranges.

The evolving demand by the government to move towards greener vehicles, excavators, and loaders manufacturers are turning their conventional vehicles to electric and hybrid to adopt the changes. Most automakers are introducing new electric excavators and loaders models. For instance,

• In January 2019, Volvo Construction Equipment unveiled two zero-emissions machines – the ECR25 excavator and L25 wheel loader – from its new range of electric compact machines.

Companies have been focusing on developing new models of excavators and loaders with enhanced performance characteristics and environment-friendly features to gain momentum in the market studied. This is likely to attract customers during the forecast period.

Germany Anticipated to Hold Significant Market Share

Germany expected to witness fastest growth and likely to hold significant market share during the forecast period. The country is early adaptor of latest technology and the construction companies in the country are investing heavily in procuring latest equipment to reduce the carbon footprints. For instance,

• In April 2021, it was reported that the federal government in the country was increasing its expenditure in rail and road infrastructure. This increased spending on transportation infrastructure provides EUR 270 billion (USD 324 billion) in funding to improve roads, rail, and waterway, over the next 10 to 15 years.

Factors influencing the growth in the market are increasing public infrastructure spending and extremely low-interest rates. Companies are launching new products and are entering to colloborations for strengthening their position in market.For instance,

• In 2019, Case Construction Equipment has announced their first European sale of its Stage V excavator rangeCX90D which has a Yanmar Stage V engine. Along with that, it has a maximum reach of 7,560mm and a maximum digging depth of 4,670mm, maximum travel speed of 5.1km/h and an operating mass of 8,630kg.

With the aforementioned trends and developments, market likely to have optimistic growth during the forecast period.

Competitive Landscape

The Europe Excavator and Loaders market is moderately consolidated due to the presence of global players holding significant shares in market. These companies are focusing on product innovations and partnerships to gain competitive edge in the market over other players. For instance,

• In April 2020, Komatsu Europe announces the launch of its latest model WB97R-8 a backhoe loader. The WB97R-8 is equipped with two-wheel steering, powershift transmission. It has an operating weight of 8.145 kg, and an improved EU Stage IV Komatsu engine with 75 kW power, with lower fuel consumption.
• In February 2021, Volvo Construction Equipment unveiled the EX03, the company’s first electric prototype in the mid-size excavator range. The 14-ton EX03 is equipped with a battery pack from Volvo Trucks, lower noise levels, and reduced total cost of ownership compared to its conventional counterparts.

Some of the prominent companies in the market are Caterpillar Inc., Liebherr-International, Komatsu Ltd, Volvo amongst others. Moreover, several players are launching a dedicated product for the European market to get more shares in the local market. For instance,

• In April 2021, Liebherr introduced two new electric crawler excavators R 976-E and R 980 SME-E, which will be developed and produced by Liebherr-France SAS in Colmar.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Caterpillar Inc.
CNH Industrial N.V.
Kobelco Construction Machinery Co., Ltd
Deere & Company
Liebherr
International Deutschland GmbH
Hitachi Construction Machinery Co Ltd
Komatsu Ltd
Manitou BF, SA
Doosan Infracore Co Ltd
Yanmar Construction Equipment Co Ltd
Volvo Construction Equipment

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