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Excavator Market Size By Product (Mini/Compact, Medium, Large), By Type (Wheel, Crawler), By Bucket Capacity (Below 3m3, 3-6m3, Above 6m3), By Application (Construction, Forestry & Agriculture, Mining, Rental), COVID-19 Impact Analysis, Regional Outlook, End-user, Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5104
  • Published Date: Sep 2022
  • Report Format: PDF

Industry Statistics

Excavator Market size surpassed USD 40 billion in 2021 and is anticipated to witness over 5.6% CAGR from 2022 to 2030. A rise in urbanization, particularly across emerging countries has encouraged robust construction activities and the requirement for excavators, thereby influencing the industry growth.

Excavator Market

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Initiatives focusing on infrastructure modernization and strong government spending on urban projects will drive the product deployment. Relatively higher ownership costs may impede excavator sales by 2030. Nonetheless, manufacturers that own significant resources and infrastructure are expanding their product portfolio and gaining a strong business position.

The competitive business scenario is expected to encourage industry participants to provide excavators at an affordable and attractive cost. The sector will also benefit from the increasing focus of government authorities on domestic manufacturing, enabling manufacturers to scale down equipment prices.

High demand from small scale construction activities

China Excavator Market Size, By Product

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The mini/compact product segment dominated with above 80% of the excavator market share in 2021 and is projected to witness sustainable growth through 2030. Mini excavators are used in compact spaces such as agriculture, forestry, and small-scale construction activities. The equipment is designed to provide superior operational capabilities and is a convenient tool to accelerate construction operations. Owing to the integration of advanced hydraulic systems and electrification, mini excavators are supposed to see new technological features and offer reduced emissions.

Rising investment in smart city projects to drive the product demand

The excavators demand from the construction sector is poised to reach around USD 29 billion by 2030. There is an increasing number of smart infrastructure projects initiated in the developing nations, backed by substantial government funding. Strong investments made by consumers in the real estate sector and rising disposable income will foster the need for superior hydraulic excavators in construction.

For instance, in September 2022, the U.S. Trade & Development Agency offered a technical assistance grant to the Digital Economy Promotion Agency (DEPA) of Thailand. The grant was provided to boost smart city projects and IT infrastructure in the country.

Increasing usage of below 3 cubic meters bucket capacity excavators

The below 3m3 excavators segment is likely to attain more than 6.4% gains through 2030. Bucket capacity below 3 cubic meters are typically available in compact or mini excavators. It is a key attachment that is required in the projects involving activities such as digging smaller trenches, clearing snow from roads or a small-scale demolition. Emerging need for modernizing or repair of urban infrastructure like fixing sewer lines, laying power lines and landscaping will spur the use of this excavator bucket.

Development of innovative excavators in Europe

Europe Excavators Market Share, By Country

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Europe excavator market size is estimated to record about 5.5% growth between 2022 and 2030. The region will emerge as a lucrative revenue pocket owing to constant deployment of innovative mini excavators. The widespread adoption of the product can be attributed to its ergonomic operation, minimal ground damage, and compact size. In May 2022, Sany announced plans to expand its suite of crawler excavators with the addition of the new SY390H product to better serve its European customers. Government authorities are encouraging climate-friendly green infrastructure initiatives which will also complement the demand for electric excavator throughout the region.

Key strategic partnerships to outline global excavator industry development

Some of the leading excavator manufacturers worldwide are Caterpillar Inc., Komatsu, Sany, Volvo, Liebherr, Hitachi Construction Machinery Co. Ltd., J.C.Bamford Excavators Ltd. and XCMG, among many others. These companies are primarily focusing on new research & development initiatives to strengthen their product portfolio. Industry players are also focusing on the expansion of their geographical footprint to serve a wide customer base.

Impact of COVID-19 pandemic on the excavator market outlook

The COVID-19 pandemic disrupted global supply chains and hampered manufacturing and industrial activities. The construction sector was among the many businesses to witness new challenges due to the outbreak. The scenario negatively affected the excavator industry. However, ease of pandemic restrictions has offered a push to economic recovery in several nations, driving the market demand.

This market research report on excavator includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2018 to 2030 for the following segments:

Market, By Product

  • Mini/Compact
  • Medium
  • Large

Market, By Type

  • Wheel
  • Crawler

Market, By Application

  • Construction
  • Forestry & agriculture
  • Mining
  • Rental

Market, By Bucket Capacity

  • Below 3 m3
  • 3-6 m3
  • Above 6 m3

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada 
  • Europe 
    • UK
    • Germany
    • France
    • Italy
    • Russia
    • Sweden
  • Asia Pacific 
    • China
    • India
    • Japan
    • South Korea
  • Latin America 
    • Mexico
    • Brazil
  • MEA 
    • UAE
    • Saudi Arabia
    • South Africa


Authors: Preeti Wadhwani, Smriti Loomba

Frequently Asked Questions (FAQ) :

The market size of excavator valued at USD 40 billion in 2021 and is anticipated to record over 5.6% CAGR between 2022 and 2030, says this GMI report.

Europe excavator industry is projected to attain around 5.5% gains through 2030, driven by growing smart city initiatives and new product developments in the region.

The excavator market revenue from construction applications is expected to record USD 29 billion by 2030, due to the rising need for construction equipment for smart city projects and increased public spending in developing economies.

Caterpillar Inc., Komatsu, Sany, Volvo, Liebherr, Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Ltd. and XCMG, are some of the leading companies in the global industry.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 20
  • Tables & Figures: 550
  • Countries covered: 17
  • Pages: 270

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