The global excavators market is anticipated to register considerable growth, exhibiting a CAGR of 5.2% from 2023 to 2033. According to the research report published by FMI, the market is likely to hit a valuation of US$ 74.27 billion in 2023 and US$ 123.30 billion by 2033.
The construction industry is being fueled by the rising urbanization of both developing and developed countries. As a result, there is a growing need for heavy-duty machinery in the construction sector.
Excavators are frequently used in small-scale building, agriculture, forestry, and other operations. They are also employed in mining and sewage disposal applications. Many different types of soil can be dug up with excavators. In these applications, excavators are capable of carrying out a wide range of demanding tasks.
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Excavators are predicted to become more and more in demand as infrastructure projects and smart city construction pick up in countries like China, South Korea, India, and Japan. The expansion of mining operations in China, Vietnam, and Thailand is also anticipated to increase product sales.
Asia Pacific’s market growth is projected to be facilitated by the presence of major industry players and their evolving business expansion strategies. Market growth is predicted to be boosted by the increased investments in megaprojects across developing countries.
The introduction of electric excavators and small excavators with cutting-edge technology is anticipated to open up investment potentials in the industry. Furthermore, the electrification of drivetrains to reduce carbon emissions is likely to contribute to product sales. The adoption of automated excavators is likely to augment in the coming years.
Key Takeaways from Excavators Market Report:
- In 2018, the global market size stood at nearly US$ 57.64 billion.
- Asia Pacific held the dominant share with a revenue of more than 41% in 2022. The region is likely to register a CAGR of 5.8% from 2023 to 2033.
- The electric drive type segment is poised to exhibit a CAGR of 14.5% during the forecast period.
- The excavators with up to 250 HP registered a huge market share nearly 70% in 2022. This segment is predicted to exhibit a CAGR of approximately 5.8% from 2023 to 2033.
- The excavators weighing 46 > metric tons captured a massive 35% market share in 2022.
- The wheeled excavator segment accounted for a revenue of nearly 72.6% in 2022.
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Recent Development Observed by FMI:
- Tata Hitachi unveiled ZX670H, a new mining excavator, in March 2023. The machine is made in India and is designed to have excellent levels of comfort, safety, and longevity while requiring less maintenance.
- In January 2021, Hyundai Construction Equipment introduced a new line of excavators. The eleven new excavators, which range in class from 8 tonnes to 50 tonnes, are introduced as part of the SMART PLUS series. The new launch aims to improve the company’s international positioning.
- In September 2022, Schwing Stetter introduced the two new hydraulic wheel loaders and excavators from XCMG. The business is continuously enhancing its market presence and has aspirations to broaden its reach globally.