Fort Collins, Colorado, Sept. 27, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Excavators Market Size, Growth, Share, Statistics Report, By Product Type (Mini/Compact, Medium and Large), By Application (Construction, Forestry & Agriculture, Rental and Mining), By Bucket Capacity, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, The excavators market size was valued at USD 67.9 Billion in 2022 and is anticipated to reach USD 106.6 Billion by 2032 with a CAGR of 4.7%. The report comprehensively analyzes the market conditions at global and regional levels in the heavy machinery sector. It also highlights the collaborative strategies between key players and their overall impact on the global market.
An excavator is a heavy construction machine used for excavation, digging, and trenching objectives. It can also be used for demolitions, digging waterways, and lifting heavy machinery. Excavators typically have a long arm with a bucket on the end that can be rotated 360 degrees, allowing the operator to reach and move material from different angles. They use hydraulic engines controlled by petroleum, diesel, or electric motors to create power to control and operate the mechanical arm of the machines.
Several market drivers for excavators impact their demand and usage in various industries. Excavators are widely used in mining and resource extraction operations, such as coal mining, oil and gas exploration, and mineral extraction. In addition, excavators find including the tearing down of old buildings and structures. The recovered materials can be recycled and reused, reducing waste and lowering environmental impact.
Technological advancements in new models with improved productivity, efficiency, and safety features are increasing the demand for the excavator market. Also, applications like landscaping to move soil, dig irrigation channels, and create land contours in agricultural sectors anticipate the market to grow positively. Overall, the demand for excavators is driven by economic and technological factors, with infrastructure development and urbanization being the primary drivers.
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Report Snapshot:
| Report Title | Excavators Market |
| Market Size in 2022 | USD 67.9 Billion |
| Market Size by 2032 | USD 106.6 Billion |
| CAGR from 2023 to 2032 | 4.7% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Product Type | Mini/Compact, Medium and Large |
| By Application | Construction, Forestry & Agriculture, Rental and Mining. |
| By Bucket Capacity | Below 3 Cubic Meter, 3-6 Cubic Meter and Above 6 Cubic Meter |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others |
| Major Market Players | Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Sany Heavy Industries Co. Ltd., Hyundai Heavy Industries Ltd., Terex Corporation, Kobelco Construction Equipment, Komatsu Ltd., Volvo Construction Equipment, CNH Industrial N.V., Doosan Corporation, John Deere, Joseph Cyril Bamford Excavators Ltd., Liebherr Group, and Yanmar Construction Equipment Co. Ltd. |
Segmentation Overview:
The global excavators market has been segmented based on deployment, product, application, bucket capacity, and region. Mini excavators are widely used in many sectors, such as forestry, agriculture, and small-scale construction, and are projected to remain dominant in the forthcoming years. The bucket capacity below three cubic meters excavator has gained more attention comparatively. These types of excavators are commonly available in compact or mini excavators.
North America's excavators market accounted for the largest revenue share for 2022. The market projections till 2032 for the North America market include the high adoption of modernized equipment. Besides, the U.S.'s demand for mining and construction equipment is high throughout the forecast period. Asia Pacific is a fast-growing market attributed to the significant investments in the regional markets. The excavator applications are widespread in the construction and mining industry, which marks their contribution to the industry developments.
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Excavators Market Report Highlights:
- The global excavators market growth is anticipated to reach USD 61.5 Billion at a CAGR of 8.5% by 2032.
- The excavators market drivers include the growing rate of construction and an increase in excavation projects in the mining sector. Besides, the use of modernized equipment with automated mode is anticipated to propel the market developments in the forthcoming period.
- Based on product, the excavators market, mini/compact segment dominated the global market attributed to the constant growth in agriculture and construction industry. Mining projects dominated based on application and are projected to dominate in the forthcoming years.
- Asia Pacific is the leading excavator market region and is anticipated to account for a significant share in the forthcoming years.
- Some of the prominent players in the excavators market report include Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Sany Heavy Industries Co. Ltd., Hyundai Heavy Industries Ltd., Terex Corporation, JCB, Kobelco Construction Equipment, Komatsu Ltd., Volvo Construction Equipment, CNH Industrial N.V., Doosan Corporation, John Deere, Joseph Cyril Bamford Excavators Ltd., Liebherr Group, and Yanmar Construction Equipment Co. Ltd.
Key Developments in the Industry:
- In 2023, Develon introduced two mini excavators for the U.S. and Canadian markets. DX62R-7 and DX63-7 contain updated designs and premium features such as cabin temperature control, long-arm configuration, and auto idle function when not in use. The company states these vehicles will be available in the U.S. and Canada starting October 2023.
- In 2023, Hyundai showcased its three models: Hyundai HX40A, HX48AZ, and HX35AZ. These vehicles are compact excavators and are specially designed for the North America and U.S. markets, these vehicles are available throughout the dealers in the region.
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Excavators Market Report Segmentation:
Excavators Market, By Product Type (2023-2032)
- Mini/Compact
- Medium Type
- Large Type
Excavators Market, By Application (2023-2032)
- Construction
- Forestry & Agriculture
- Rental
- Mining
Excavators Market, By Bucket Capacity (2023-2032)
- Below 3 Cubic Meter
- 3-6 Cubic Meter
- Above 6 Cubic Meter
Excavators Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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