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Wheel Excavator Market Trends

Report ID: GMI7449
Published Date: Nov 2023
Report Format: PDF

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Wheel Excavator Market Trends

The introduction of electric-powered wheel excavators is fostering lucrative growth in the wheel excavator industry. As industries prioritize sustainable practices, the launch of electric variants aligns with the increasing demand for eco-friendly construction equipment. For instance, in July 2022, Greenland Technologies, a Chinese manufacturer specializing in transmissions & drivetrains, introduced a new range of all-electric construction equipment named Hevi Equipment. This launch marked the rebranding of the company's Greenland Machinery division and features electric wheel loaders (GEL-1800 and GEL-5000) and an electric excavator (GEX-8000), all powered by lithium-ion technology. This strategic move capitalized on the shift toward sustainable construction practices, contributing to the overall expansion and market appeal of wheel excavators.

The increasing number of mining projects is driving demand for the wheel excavator market. As mining operations expand globally, the need for efficient and versatile excavation equipment will intensify. Wheel excavators, known for their maneuverability and productivity, are becoming integral to mining activities. Their ability to navigate diverse terrains and handle various materials positions them as crucial assets in the mining sector, contributing significantly to the rising demand for wheel excavators in the industry.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of wheel excavator was worth USD 10.7 billion in 2022 and is estimated to register over 5.5% CAGR through 2032, owing to the growing focus on decarbonization in the construction sector.

The mini/compact segment held over 40% market share in 2022 and will grow significantly through 2032, due to the cost-effectiveness and easy maneuverability of these wheel excavators.

Asia Pacific wheel excavator market captured around 35% share in 2022 and will witness an increase in product demand due to the growing urbanization across APAC region.

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