Excavator Market size is anticipated to cross USD 65 billion by 2030, according to the new research report by Global Market Insights Inc.
The advent of smart technologies such as internet of things (IoT), 3D modeling, and telematics have enabled the addition of new features to excavators. Evolving trends in construction domain will create the need for high-capacity excavators that are loaded with advanced features and systems. Increasing efforts to reduce carbon emissions, use sustainable & eco-friendly solutions will drive the sales of electrically powered construction equipment. It represents a potential growth area for excavator manufacturing companies worldwide.
Robust investment in urban development projects
In 2021, the excavator market value from the medium size product segment valued over USD 14 billion. The report indicates a high demand for medium sized excavators that are fitted with advanced systems and components. These include electronically controlled pumps and 2D grade control. Robust government investment to modernize urban spaces and development of new transportation infrastructure will push the product demand.
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Increasing use of 3-6 cubic meters bucket capacity excavators
The 3-6 cubic meters excavators held around 33% of the industry share in 2021. Bucket capacity excavators between 3-6 cubic meters is useful in the mining sector owing to the ability to reduce the number of cycles it takes to a fill dump truck. This feature contributes to enhancing productivity and efficiency of the machine across mining sites. Rise in surface mining activities and a strong demand for coal in developing nations will fuel the product deployment of excavators with 3-6 cubic meters bucket capacity.
Need for cost-efficient construction equipment
The rental application segment in excavator market is expected to grow at 5% CAGR between 2022 and 2030. Renting services offer a cost-efficient solution for project contractors and companies to gain access to construction equipment for a short duration of time. Efforts to streamline cost of overall construction operations and additional benefits such as maintenance assurance will make renting services an optimized solution for construction projects. The introduction of new rental service providers that offer a wide range of excavator options will boost the industry forecast.
Browse key industry insights spread across 270 pages with 516 market data tables and 34 figures & charts from the report, “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”, in detail along with the table of contents:
Continuous industrialization to expand APAC industry
The Asia Pacific excavator industry accounted for around 45% share in 2021 and is projected to become a hotspot for the companies on account of ongoing construction projects in the public and private sector. Rapid industrialization and urbanization have led to the construction of new commercial spaces throughout the region.
The need for advanced construction equipment has encouraged equipment manufacturers to make robust investments in research & development. They are launching machines that are fitted with advanced technologies such as remote-control and semi-autonomous digging/grading.
New product launches to characterize global industry growth
Caterpillar Inc., Komatsu, Sany, Volvo, Liebherr, Hitachi Construction Machinery Co. Ltd., J.C.Bamford Excavators Ltd. and XCMG are some of the leading players in the excavator market scenario. These companies are focusing on launching new products that offer operational efficiency and power optimization. For instance, in August 2022, Tata Hitachi launched a new 20-ton excavator EX200 INFRA, novel equipment designed to offer improved fuel efficiency along with a fuel-saving pump system, hydraulic regeneration system, auto deceleration, etc.