Excavator Market Size worth $64.7 Billion by 2025 | CAGR: 6.7% – Planet Market Reports

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Summary

Global Excavator Market

Press Release

Market Overview

Excavator or hydraulic excavator is one of the important heavy duty construction equipment that plays vital role in global construction equipment market. Excavators are commonly used in applications such as commercial construction, sewage disposal, mining and residential construction. An excavators consists hydraulic arms, digging bucket and controller cabin on rotating platform. Excavators are multipurpose heavy construction machines which come with various attachments that can be used for land leveling, trench digging and steel cutting. Further, these machineries help in reducing operating cost, improving efficiency and productivity. In past few years, excavator market has witnessed dip in sales of excavators due to macro-economic factors such as volatility in prices of crude oil and mining. Decline construction rate in Europe and North America also contributed to the slow growth of excavator market. However, growing population lead to the rapid urbanization and increasing construction spending by the developing economies, which is anticipated to drive excavator market growth in nearby future. Large scale projects of railways, energy & mining sector and construction sector in developing regions has propelled the growth of global excavator market growth.

Market Segmentation

By Product Type

  • Crawler Excavators
    • Backhoe
    • Suction Excavators
    • Dragline Excavators

By Power range

  • 0-300 BHP
    • 300-500 BHP
    • 500 & Above

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By Geography

  • North America US, Canada {Market Share % , Market Size USD Million , Product Sales Units }
    • Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe {Market Share % , Market Size USD Million , Product Sales Units }
    • Middle East and Africa GCC Countries, North Africa, South Africa and Rest of Middle East & Africa {Market Share % , Market Size USD Million , Product Sales Units }
    • Latin America Brazil, Mexico and Rest of Latin America {Market Share % , Market Size USD Million , Product Sales Units }
    • Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific {Market Share % , Market Size USD Million , Product Sales Units }
    • Rest of the World{Market Share % , Market Size USD Million , Product Sales Units }

Growth Drivers and Restraints

Rapid urbanization in developing countries and rising construction activities are some of the major factors driving the growth of global excavator market. Urban population tends to increase by 60% by 2050 and USD 3.3 trillion annual global infrastructure investments are required to pace up with the expected growth. Mining and energy sector also plays an important role for the growth of excavator market because of its large scale implementation in mining applications. World energy consumption will be increased by the 48% between 2012 and 2040, which includes 31% increase of energy consumption based on fossil fuels. These factors will help the market to grow in nearby future. Large scale construction projects in emerging economies like railways, oil & gas and commercial construction sectors will boost the market growth of excavators. Emerging economies will contribute more than 63% in construction sector. Moreover, key players are focusing on research and developments to provide more efficient and technically advanced products to consumer, which is expected to impel global excavator market growth.
Major oil dependent economies in Middle East witnessed major slump in the prices of crude oil between 2011 and 2013 which led to the decline in the construction spending and impacted the growth of excavators market. Moreover, major developing countries like China and Russia facing major challenges in economic growth due to various geopolitical reasons, which also been results in steep growth of excavators market.
Market Size and Forecast
The global excavator market accounted for USD 38.7 billion in 2016 and expected to reach USD 64.7 billion by the end of forecast period i.e. 2016-2024. Further, the market is anticipated to expand at compound annual growth rate of 6.7% over the forecast period i.e. 2016-2024.
Decline of price in crude oil based economies is expected to grow in nearby future. Stability in prices of crude oil propelled the growth of Middle East countries which is expected to improve its expenditures on construction sector which will drive the growth of excavator market in these regions. Asia-pacific is expected to dominate the global excavator market over the forecast period. Rapid urbanization coupled with growing population in countries such as India, China and Indonesia will impel the growth of excavator market in Asia-pacific region. Further, investments in mining sector in Latin America and increased construction activities in Mexico will support significant growth of global excavator market.

Key Players

  • Caterpillar Inc.
    • Synopsis
    • Financial Analysis
    • Business Strategy
    • Product Portfolio
    • SWOT Analysis
    • Hitachi
    • Kobelco
    • Komatsu Ltd.
    • Volvo
    • JCB
    • Hyundai
    • Sumitomo Heavy Industries

Market Synopsis

Market Segmentation

The global Excavators market is segmented as follows:

  • By product type Market Size, Demand Analysis and Growth Analysis 
    • By power range Type Market Size, Demand Analysis and Growth Analysis 

Global Excavators Market Report covered insights of below mentioned regions:

  • North America U.S., Canada {Market Size, Growth Analysis and Opportunity Analysis}
    • Latin America Argentina, Mexico, Brazil and Rest of Latin America {Market Size, Growth Analysis and Opportunity Analysis}
    • Europe Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe {Market Size, Growth Analysis and Opportunity Analysis}
    • Asia-Pacific China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific {Market Size, Growth Analysis and Opportunity Analysis}
    • Middle East and North Africa MENA {Market Size, Growth Analysis and Opportunity Analysis}
    • Rest of World {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

  • Risk Factors
    • Regional Variations
    • Recent Trends and Developments

Key Market Players

  • Synopsis
    • Business Strategy
    • Product Portfolio
    • SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks

 

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