Europe Excavator Market Report and Forecast 2024-2032

Increasing Product Demand for Construction Applications To Aid the Market Growth of Excavator in Europe

Based on application, the excavator market is divided into mining and construction, among others. Among these, the construction segment is projected to exhibit a significant CAGR over the forecast period. Road projects and initiatives undertaken by the government in Europe are poised to stir up the demand for excavators. Increasing urbanisation and industrialisation are leading to a rise in construction activities and, subsequently, an upsurge in excavator demand. Industries are demanding more fuel-efficient, technologically upgraded equipment for improvising construction operations. The adoption of upgraded excavators reduces the labour costs, tracking of work done in every stage of the process, and operational process. Also, it is expected that there will be a significant market growth in the construction segment owing to the growth of the commercial, residential, and industrial sectors of the region.

Technological Advancements and Product Innovations Boosting the Market Growth of Excavators

Digitalisation and technological advancements have become an indispensable part of the construction sector. Manufacturers are integrating digital support tools for effective control, and maximum performance as automation and technological advancements grow. Volvo, for example, introduced Dig Assist technology in March 2017, which provides real-time advice to increase operator productivity and deliver intuitive machine control for crawler excavators . The adoption of such solutions is likely to boost the demand for advanced equipment, boosting excavator market revenue. Other factors, including increased building spending and the government's significant infrastructure development initiatives are likely to further propel the market forward. Excavators are in high demand in the region due to an increase in the number of large-scale projects in the mining, oil and gas sector, and road and port construction. The emergence of the concept of excavator rentals is another major driving factor as it enables operators and manufacturers to utilise the equipment without heavy capital investments and make maximum utilisation of the equipment. Additionally, commercial and residential infrastructure developments under smart city initiatives require heavy machines for various applications, including demolishing old buildings, which is expected to further create equipment demand in Europe.

Europe Excavator Market Report Snapshots

Europe Excavator Market Size

Europe Excavator Market Growth

Europe Excavator Companies