Feb 6, 2023   SOURCE: BusinessWire

Global Excavator Market Report 2022 to 2027: Featuring Caterpillar Private, CNH Industrial, Doosan Infracore and Epiroc Construction Machinery Among Others - ResearchAndMarkets.com

The "Global Excavator Market Overview, 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The market stood at around 46 billion in size, which is projected to reach nearly 65 billion by 2027. Furthermore, the market is expected to grow at a 6% CAGR between 2022 and 2027.

This report highlights the market performance of different types of excavators with a global comparison of the historical and the forecasted data.

The increasing government expenditure over developing the public infrastructure and the individual living lifestyle, which have given rise to the demand for more housing units, is seen as the market drivers for the excavators globally.

The introduction of new emission standards and the development of better fuel-efficient methods are to support the growth in the forecasted period.

Excavators are the heavy construction machinery, generally used to move large and heavy objects. Such excavators use a fluid mechanism for effective working. Excavators have a multipurpose usage such as earth digging, mining, loading, quarrying, and many more.

These types of machinery are capable of working in three dimensions and all directions. The most common types of excavators are crawlers, mini excavators, dragline excavators, suctions excavators, skid steer, and long reach excavators. The need for abrupt & flawless constructions have across the globe has propelled the demand in the excavator market.

Along with this, the stellar need for movable types of equipment within the construction industry has given a boost to the market. The growth of the construction industry is driven by the development of large-scale infrastructure projects, transportation development facilities.

The excavator industry is cost-sensitive, which has pushed the leading manufacturers to fund their R&D towards delivering efficient performance and unique features to attract more customers. The Asia Pacific region shows the increasing trend in the market share, owing to the availability of labor at cheaper rates and the need for improvising the infrastructure quality in the major developing countries.

The Latin American region holds the least share globally. The factors behind this lag are the fluctuation in fuel rates and the weak economical conditions. The North American region is likely to lose a part of its share by 2027 and reach below 20%. The market share of the Middle East & Africa regions does not show much fluctuation with a slight increase, expected to cover more than 14% by 2027.

Even though the market shows an overall growth, the industry is full of hindrance that hampers growth, leading manufacturers, and the end-users have made possible alternatives to overcome the same. The major issue being the high initial cost required for the purchase of this heavy machinery.

Crushing this hurdle, many contracting firms have started opting for renting the excavators rather than owning one. It not only helps them save on the initial expenses but save the other indirect outlay. Apart from this, vital issues such as lack of skilled labors, various environmental regulations imposed by the government, timely unavailability of components, are still faced by the manufacturers.

Major Companies present in the market

Caterpillar Private Limited, CNH Industrial, Doosan Infracore, Epiroc Construction Machinery Co. Ltd, Hitachi Construction Machinery Co. Ltd, J C Bamford Excavators Ltd, John Deere Ltd, Kobe Steel Ltd, Komatsu Ltd., Kubota Corporation, Liebherr Group, Metso Corporation, Sandvik Mining And Rock Technology, Sany Group, Terex Corporation, Volvo Construction Equipments, XCMG Ltd., Zoomlion Co. Ltd

Considered In the Report

  • Geography: Global
  • Historical year: 2016
  • Base year: 2021
  • Estimated year: 2022
  • Forecasted year: 2027

Regions and Countries covered:

  • North America (US, Canada, Mexico)
  • Europe (Germany, UK, Russia, Spain, France, Italy)
  • Asia-Pacific (Japan, India, China, Australia)
  • South America (Brazil, Argentina, Columbia)
  • Middle East & Africa (UAE, Saudi Arabia, Qatar, South Africa)

Aspects Covered In the Report

  • Market Size By Value for the historic time period (2016-2021)
  • Market Size By Value for the forecast time period (2022-2027)
  • Market Share by Application (Construction, Mining, utility & agriculture)
  • Market Share by Machine Type (Mini Excavator, Crawler, Wheeled, Others)
  • Market Share by Region (2016, 2021 & 2027F)
  • Market Share by Country (2016, 2021 & 2027F)

For more information about this report visit https://www.researchandmarkets.com/r/mhkdw8-excavator?w=4

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