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The global excavators market size stood at USD 44.12 Billion in 2018 and is projected to reach USD 63.14 Billion by 2026, exhibiting a CAGR of 4.7% during the forecast period.
The global excavators market is estimated to grow with an increase in the investments by private construction companies & government in infrastructure development such as residential, commercial & industrial projects. Large-scale projects in the oil and gas, mining, road construction & port construction, have also led to an increase in the demands of the excavator. The key companies in the market are investing in R&D activities for graduation such as the installation of hydraulics, providing efficient mining equipment, forestry equipment, agricultural equipment, material handling at ports & warehouses, and municipal equipment.
Emerging trends such as renting of excavators are driving the global excavators market to shift from traditional to automated ones, as technology equipped excavators are much efficient than the traditional ones as in case of any malfunction or operational drawbacks they provide information to service centers which reduce information flow time & costs. Crawler excavators held the highest market share in 2018 due to its higher capacity to carry weights and greater suitable for application in muddy conditions. They allow safer and faster removal of debris. Also, digging procedures have become much simpler and easier with the help of crawlers.
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"Adoption of Automated Excavator"
End-use industries across the globe are demanding more fuel-efficient, technologically upgraded equipment for improvising the constructing activities. Adoption of upgraded excavator reduces the labor costs, tracking of work done in every stage of the process, reduction in operational costs. Also, it is being projected; there will be a heavy growth of the market during the forecast 2018 – 2026, owing to the growing residential, commercial, and industrial sectors.
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"Increasing investment for infrastructure development is supplementing the revenue growth of the Asia Pacific, whereas North America is estimated to have a significant growth"
Asia Pacific valued at US$ 17.32 Bn in 2018 and is anticipated to emerge dominant in the global excavators market over the forecast period. The growth witnessed in the region is expected to be driven by the increasing investments for infrastructure development and also the growing industrialization across the region. Construction of infrastructure and roads is anticipated to increase rapidly in developing countries such as China and India.
Asia Pacific Excavators Market, 2018
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North America generated a revenue of US$ 9.62 Bn in 2018 and is expected to witness a substantial growth owing to increasing demand for new housing units. Currently, European countries are facing problems related to the environmental regulations that are being imposed by the government across the construction industry. Also, it is being observed that the manufacturers exporting machines to Europe have also to face these challenges. Therefore, it has resulted in the slowdown of the sales of the construction equipment in 2018 but is expected to increase moderately during the forecast period.
The report provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate for all possible segments in the market. The market has been segmented by type, end-use industry, and geography. By type, the market is categorized into mini excavator equipment, crawler, wheel, and other excavators. Based on the application, the global excavators market is segmented into construction, forestry, and agriculture, mining, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the global excavators market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, SWOT analysis, and key industry trends.
· Mini/ Compact Excavator
· Crawler Excavator
· Wheeled Excavator
· Other Excavator
By End-use Industry
· Forestry & Agriculture
· North America (The U.S. and Canada)
· Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
· Latin America (Brazil, Mexico and Rest of Latin America)
Fortune Business Insights says that the Excavators Market was valued at USD 44.12 Bn.
In 2026, the Excavators Market is expected to be valued at USD 63.14 Bn.
Growing at a CAGR of 4.7%, the Excavators Market will exhibit moderate growth in the forecast period (2019-2026)
Asia Pacific is expected to hold a significant market share in the Excavators Market. The region is valued at USD 17.32 Bn in 2018.
Within the type segment Mini/ Compact Excavator is expected to be the leading segment in market during the forecast period.
Adoption of Automated Excavator is expected to drive the growth of the Excavators Market.
Caterpillar Inc., Komatsu Ltd., Dheere & Company, AB Volvo, & Terex Trucks are the top players in Excavators Market.
Construction industry is expected to drive the market of Excavators.
The major players in the market constitutes ~60-70% of the market which is majorly owed to their brand name and presence in multiple regions.
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