Excavator Market Is Projected To Reach US$ 126.86 Billion by 2033 | Fact.MR

Sustainability and Electrification Trends Driving Demand for Electric Excavators

Rockville, Oct. 09, 2023 (GLOBE NEWSWIRE) — As per this latest analysis by Fact.MR, a market research and competitive intelligence provider, the global excavator market is estimated at US$ 74.27 billion in 2023 and is forecasted to reach US$ 126.86 billion by 2033-end.

Excavators, also known as diggers or hydraulic excavators, are indispensable equipment for a wide range of applications, from construction and mining to infrastructure development and landscaping. The excavator industry is experiencing a significant technological evolution, with the integration of advanced features such as telematics, GPS, and IoT (Internet of Things). These innovations enhance operational efficiency, reduce downtime, and overall productivity of excavators.

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Growing environmental concerns are driving the adoption of electric and hybrid excavators, which offer reduced emissions, lower operating costs, and compliance with stringent environmental regulations. Sustainability is a prominent trend, with manufacturers focusing on eco-friendly equipment. Automation is gaining traction, with the development of autonomous and semi-autonomous excavators. These machines enhance safety, increase efficiency, and can operate in hazardous environments.

Key Takeaways from Market Study

• The global market for excavators is projected to expand at a CAGR of 5.5% from 2023 to 2033.
• Asia Pacific is the leading market for excavators due to the rapid construction boom in countries such as China and India.
• North America is seeing high excavator demand due to infrastructure investments and urban development projects. Technological advancements are also a prominent driver in this region.
• European countries such as Germany, the United Kingdom, and France have a well-established market for excavators, with a focus on sustainability and emissions compliance.

“Excavator manufacturers are offering customization options to cater to specific customer needs and applications, a factor that is driving market expansion as well”, says a Fact.MR analyst.

Competitive Analysis

Leading manufacturers of excavators are Caterpillar Inc., Komatsu Ltd., Volvo Construction Equipment, Hitachi Construction Machinery Co., Ltd., and others. Market players are emphasizing innovation, sustainability, and customization to gain a competitive edge.

Collaboration, mergers, and acquisitions are common strategies for expanding market presence and technological advancements to enhance product offerings. Collaborations with technology companies are helping excavator manufacturers stay competitive by integrating cutting-edge technologies into their products.

• In January 2021: Hyundai Construction Equipment introduced an extensive lineup of 11 new excavators under the ‘SMART PLUS’ series. These excavators encompass a weight range spanning from 8 tonnes to 50 tonnes.

Key Companies Profiled in This Report

• Atlas Copco
• Caterpillar Inc.
• CNH Global NV
• Doosan
• Escorts Group
• Hitachi Construction Machinery
• Hyundai Heavy Industries Ltd
• JC Bamford Excavators Ltd.
• John Deere
• Kobelco
• Komatsu Ltd.
• Liebherr-International AG
• Manitou Group
• Mitsubishi
• Sany Heavy Industries Co Ltd.
• Sumitomo Heavy Industries Ltd
• Terex Corporation
• Volvo Construction Equipment AB

Important Market Developments

• Deere & Co. a leading American manufacturer of construction equipment, recently entered a supplier partnership with Wacker Neuson a German supplier and distributor of construction equipment. The partnership aims to provide compact excavators in Asia Pacific excavator markets such as China, Oceania, and Southeast Asia.
• Caterpillar Inc., the world’s leading player in the excavator market, recently announced that the incorporation of its latest Cat Connect Technology in the design of its three new Next Generation 20-ton size class excavators-the 320 GC, 320, and 323-has resulted in enhanced efficiency, productivity, and reduced operating cost of excavators

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global excavator market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights on the market based on type (wheeled, crawler), vehicle weight (< 10 metric tons, 11 to 45 metric tons, 46 metric tons >), engine capacity (up to 250 HP, 250 to 500 HP), drive type (electric, ICE), and application (construction, forestry & agriculture, mining, rental), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

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About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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