Global Excavators Market to Grow at a CAGR of 4.9% During the Period 2024-2032, Driven by Increasing Development and Construction Activity

The global excavators market is expected to be driven by increasing number of private and public infrastructure projects, growing economic development activity, and government focus on major projects are the factors expected to drive demand, especially in developing nations including India. The need for high productivity and fuel-efficient machines is expected to stimulate market growth. North America, Europe and Asia are expected to be key markets.

Leading companies are engaged in providing technologically advanced solutions for various types of projects. For example, in 2021, Volvo Construction Equipment was reported to enter the 50-ton class for excavators with two models — the EC530E and EC550E. The two models had digging and lifting forces normally found in 60-ton machines, offering contractors the performance they required to excel in heavy-duty digging, mass excavation and large-scale site preparation.

In 2021, Volvo revealed the prototype LX03. The fully autonomous, battery-electric prototype was the first real-world example of a self-learning concept wheel loader with the ability to make decisions, perform tasks, and interact with humans. It is also the first time ever a LEGO® Technic model had been fashioned into a real machine. While not commercially available, engineers expected that valuable insights from the LX03 would feed into present and future applications.   Volvo LX03 represented both the next stage in Volvo CE’s exploration into machine intelligence and its determination to decarbonize the construction industry.

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In 2022, new Cat® 333 excavator offered more digging force, durability and low cost-per-hour operation; built for rough applications, the new Cat® 333 Hydraulic Excavator offered an increased bucket size, up to ten percent more bucket force and up to fifteen percent more stick force than the Cat 330 to maximize performance. The excavator also boasted wide track gauge and reinforced structures for increased stability and durability. Extended maintenance intervals combined with a fuel-efficient hydraulic system and two engine power mode options to decrease cost-per-hour operation.

In 2021, Caterpillar expanded Cat® Command remote-control operation to excavator line to enhance safe machine operation. New Cat® Command for Excavating provided remote-control operation for certain Cat excavators. Command for excavating enhanced safe machine operation while decreasing operator fatigue to enhance productivity. Such offerings are expected to drive the global excavators market. Six Cat excavators covering the 20 to 40 metric ton class sizes – Cat 320, 323, 326, 330, 336 and 340 models – could now be equipped with either line-of-sight or non-line-of-sight remote operating configurations.

In 2021, Sany, became the world’s number one company in excavator sales by selling 98,705 excavators in the year 2020 globally. The brand recorded a fifteen percent market share in 2020 across the globe. Through their facility in Pune, India, the company operated in four business verticals - Excavator, Heavy Equipment, Mining Machinery, and Renewable Energy.

In 2022, Komatsu announced that it would launch the PC01E-1 electric micro excavator (developed jointly with Honda Motor Co., Ltd.) in Japan, its first electric micro excavator powered by portable and swappable mobile batteries. The PC01E-1 model not only decreased noise and exhaust heat significantly, but also enabled eco-friendly, comfortable work in indoor or outdoor environments, without exhaust gas.

In 2022, Komatsu Europe announced the launch of its redesigned PC170LC-11 excavator. PC170LC-11 excavator retained all the customer values of the previous model, and further benefited from EU Stage V emissions compliance. Such solutions are expected to boost growth of the global excavators market. With increasing demand for environmentally-friendly solutions and growing sensitivity to emissions, the PC170LC-11 EU Stage V crawler excavator offered customers the opportunity to participate in any tender, demonstrate environmental credentials, and future proof their investment.

Key Findings of the Report:

• Increasing development and industrial activity, especially in developing nations, is expected to boost the global excavators market.

• Environmentally-friendly and technologically advanced solutions are likely to stimulate the market. 

• North America, Europe and Asia are projected to be key markets.

Market Analysis by Product, Application and Region:

• By product, the market is segmented into Wheeled, Crawler, Mini/Compact, and Others.

• By application, the market is divided into Construction, Mining and Others.

• By region, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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