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Excavator Market Size

Report ID: GMI5104
Published Date: Nov 2023
Report Format: PDF

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Excavator Market Size

Excavator Market was valued at USD 44.6 billion in 2022 and is estimated to register over 4.5% CAGR between 2023 and 2032. Driven by the infrastructure development projects such as roads, bridges, airports, and urban development. Infrastructure development projects act as a catalyst for market growth by fueling demand for heavy construction machinery. As governments worldwide invest in expanding and upgrading their infrastructure, the demand for excavators rises, driving the market forward and encouraging manufacturers to innovate, further enhancing the industry's technological landscape.

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The burgeoning construction and mining sectors are pivotal drivers of the excavator industry growth. As infrastructure demands surge, excavators become indispensable for tasks like earthmoving and foundation work. In the mining sector, excavators play a crucial role in resource extraction. The escalating activities in these sectors directly propel the demand for excavators, ensuring sustained growth for manufacturers and service providers in the excavator business.

Excavator Market Report Attributes
Report Attribute	Details
Base Year:	2022
Excavator Market Size in 2022:	USD 44.6 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4.5%
2032 Value Projection:	USD 72 Billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	267
Segments covered:	Product, Bucket Capacity, Propulsion, Application
Growth Drivers:	Rapidly growing manufacturing sector in North America & Europe Increasing investments in infrastructure development in APAC High demand for crane rental from oil & gas sector Rising construction and mining activities in Latin America
Pitfalls & Challenges:	Lack of skilled and qualified operators High maintenance and repair costs

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However, Stringent regulations related to emissions, environmental concerns, and safety standards can pose challenges for the excavator market. Compliance with evolving regulations often requires manufacturers to invest in research and development for cleaner and more efficient technologies, which can increase costs. Additionally, restrictions on certain types of excavation activities in environmentally sensitive areas may limit the market's growth potential.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of excavator was worth USD 44.6 billion in 2022 and is estimated to register over 4.5% CAGR between 2023 and 2032, due to the infrastructure development projects such as roads, bridges, airports, and urban development.

The mini/compact excavator market is experiencing substantial growth as these compact machines are increasingly preferred for their versatility, maneuverability, and efficiency in tight spaces, making them vital for urban construction and infrastructure projects.

Asia Pacific region captured more than 40% share of excavator market in 2022 and is expected to grow significantly through 2032, propelled by robust infrastructure development, urbanization, and expanding construction activities.

AB Volvo, Caterpillar Inc., Deere & Company, Doosan Infracore Co. Ltd, Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Ltd., Komatsu Ltd., Liebherr Group, Sany Heavy Industry Co., Ltd., and XCMG.