The global excavators market was valued at US$46.056 billion in 2018 and is expected to grow at a CAGR of 4.98% over the forecast period to reach a total market size of US$61.633 billion by 2024. Excavator is one of major machines used in building and construction industry for a wide range of applications including excavating, moving construction material and removing debris among others. The demand for excavators is witnessing a significant growth due to rising investment in construction industry in major developing economies. Simultaneously, rising number of constructions orders for residential and commercial buildings in the developed regions, on account of ageing structures in these sectors, will add to the growing demand for excavators. Rising investments into research and development by major market players, in order to develop and market state-of-the-art equipment and boost the company’s growth, will augment the demand for excavators over the next five years.
By end user, the excavator market is segmented as residential, commercial and industrial. Industrial and commercial segments together account for the largest share in this market on account of increasing number of huge projects in these sectors worldwide. However, the market in residential sector is expected to witness an impressive growth over the projected period and this growth will majorly be attributed to rapidly growing urbanization and rising number of vast housing projects in many regions across the globe.
By geography, the excavators market is segmented as North America, South America, Europe, Middle East and Africa and Asia Pacific. The market in Asia Pacific region holds the largest share on account of huge investments streaming into infrastructure development and in residential sector. Europe and North America also hold a significant share in this market. Regions like Middle East and Africa, and South America hold a relatively small share in this market.
Growing infrastructure spending in many regions
Rising investments into research and development by major market players
Long working life span of excavators
The major players profiled in the Excavators market include Caterpillar, Komatsu Ltd, AB Volvo, Hitachi Construction Machinery Co., Ltd., Liebherr, Hyundai Construction Equipment and Terex Corporation among others.
The excavators Market has been analyzed through the following segments:
Crawlers and Wheel-Based
By Customer Type
By End User
Middle East and Africa