Jul 19, 2023   SOURCE: BusinessWire

Excavator Global Market to 2028: Players Include Caterpillar, Hitachi Construction Machinery, Volvo Construction Equipment and Escorts Kubota - ResearchAndMarkets.com

The "Global Excavator Market to 2028" report has been added to ResearchAndMarkets.com's offering.

The global excavator market was valued at US$49.19 billion in 2022 and is probable to reach US$65.99 billion by 2028. It is projected to grow at a CAGR of 5.02%, during the forecast period of 2023-2028.

The type of excavator demanded often varies depending on their size, digging depth, reach, specialized attachments, mobility and terrain adaptability, and application-specific features.

Excavators with greater digging depth and reach are in demand for tasks such as deep foundation digging, trenching, and excavation in larger construction projects. Excavators with tracks or specialized undercarriages are preferred for working on rough or uneven terrain, while wheeled excavators are suitable for urban areas and projects with smoother surfaces. The growth of the excavator market is primarily driven by several factors.

The ongoing global infrastructure development projects, such as the construction of roads, bridges, railways, and urban infrastructure, played a significant role in fueling the demand for excavators. Secondly, the construction industry's growth, both residential and commercial and rising mining activities were major drivers of the excavator market in the past years.

Market Dynamics

Growth Drivers

  • Increased Investment in Construction and Real Estate Sector
  • Rising Smart City Projects
  • Rapid Urbanization
  • Rising Infrastructure Development
  • Increasing Oil and Gas Projects
  • Upsurge in Mining Activities

Challenges

  • High Installation and Maintenance Cost
  • Environmental Regulations and Emissions Standards

Market Trends

  • Mini Excavators
  • Electric and Hybrid Excavators
  • Cutting Edge Technology Equipped Excavators
  • Excavator Rental

Competitive Landscape and Recent Developments:

The global excavator market is fragmented owing to the presence of large number of players and a long tail of smaller, local, and niche manufacturers. Caterpillar, Komatsu, Liebherr, Hitachi, John Deere, and Kobelco are significant industry players. Manufacturers of excavators are primarily focus on new research & development initiatives to expand their product lines by utilizing techniques like rentals, alliances with component suppliers. The players are also focusing on expanding their geographical footprint to serve a wider customer base.

The major players of global excavator market are:

  • Caterpillar Inc
  • Hitachi Construction Machinery Co. Ltd.
  • Volvo Construction Equipment
  • Escorts Kubota Limited
  • CNH Industrial
  • Sumitomo Construction Machinery Co. Ltd.
  • John Deere
  • KOBELCO Group (KOBELCO Construction Machinery Co., Ltd.)
  • Komatsu
  • Liebherr Group
  • JCB Heavy Construction Machine Manufacturer & Supplier
  • SANY Heavy Industry Co. Ltd
  • Xuzhou Construction Machinery Group Co. Ltd. (XCMG)

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis

4. Regional Analysis Market

5. Impact of COVID-19

6. Market Dynamics

7. Competitive Landscape

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/akksxd

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.