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 the major machines used in the 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 significant growth due to rising investment in the construction industry in major developing economies. Simultaneously, the rising number of construction orders for residential and commercial buildings in the developed regions, on account of aging 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 an increasing number of huge projects in these sectors worldwide. However, the market in the residential sector is expected to witness impressive growth over the projected period and this growth will majorly be attributed to rapidly growing urbanization and the 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, the Middle East and Africa, and the Asia Pacific. The market in the Asia Pacific region holds the largest share on account of huge investments streaming into infrastructure development and the residential sector. Europe and North America also hold a significant share in this market. Regions like the 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.
Excavators Market Scope:
| Market size value in 2018
|| US$46.056 billion
| Market size value in 2024
|| US$61.633 billion
| Growth Rate
|| CAGR of 4.98% from 2018 to 2024
| Base year
| Forecast period
| Forecast Unit (Value)
|| USD Billion
| Segments covered
|| Type, Customer Type, End-User, And Geography
| Regions covered
|| North America, South America, Europe, Middle East and Africa, Asia Pacific
| Companies covered
|| Caterpillar, Komatsu Ltd, AB Volvo, Hitachi Construction Machinery Co., Ltd., Liebherr, Hyundai Construction Equipment , Zoomlion Heavy Industry Science & Technology Co., Ltd., Terex Corporation, Doosan Infracore, Deere & Company
| Customization scope
|| Free report customization with purchase
The excavators Market has been analyzed through the following segments:
Crawlers and Wheel-Based
By Customer Type
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What will be the excavators market size by 2024?
A1. The global excavators market is expected to reach a total market size of US$61.633 billion by 2024.
Q2. What are the growth prospects for the excavators market?
A2. The excavators market is expected to grow at a CAGR of 4.98% during the forecast period.
Q3. What is the size of the global excavators market?
A3. Excavators Market was valued at US$46.056 billion in 2018.
Q4. Which region holds the largest market share in the excavators market?
A4. The excavators market in the Asia Pacific region holds the largest share on account of huge investments streaming into infrastructure development and in the residential sector.
Q5. What factors are anticipated to drive the excavators market growth?
A5. The demand for excavators is witnessing significant growth due to rising investment in the construction industry in major developing economies.
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. Excavators Market by Type
5.1. Crawlers and Wheel-Based
5.2. Mini Excavators
6. Excavators Market by Customer Type
6.1. Regular Customers
6.2. Rental Companies
7. Excavators Market by End User
8. Excavators Market by Geography
8.1. North America
8.1.1. United States
8.2. South America
8.4. Middle East and Africa
8.4.1. Saudi Arabia
8.5. Asia Pacific
9. Competitive Intelligence
9.1. Competitive Benchmarking and Analysis
9.2. Recent Investments And Deals
9.3. Strategies of Key Players
10. Company Profiles
10.2. Komatsu Ltd
10.3. AB Volvo
10.4. Hitachi Construction Machinery Co., Ltd.
10.6. Hyundai Construction Equipment
10.7. Zoomlion Heavy Industry Science & Technology Co., Ltd.
10.8. Terex Corporation
10.9. Doosan Infracore
10.10. Deere & Company
LIST OF FIGURES
LIST OF TABLES
Hitachi Construction Machinery Co., Ltd.
Hyundai Construction Equipment
Zoomlion Heavy Industry Science & Technology Co., Ltd.
Deere & Company