Crawler Excavator Market - By Product (Mini/Compact, Medium, Large), By Bucket Capacity, By Propulsion (ICE, Electric), By Application (Construction, Forestry & Agriculture, Mining, Rental) & Forecast, 2023 – 2032

Crawler Excavator Market Size

Crawler Excavator Market was valued at USD 33.8 billion in 2022 and is estimated to register a CAGR of over 4.5% between 2023 and 2032. Increasing government investments in road construction projects are driving growth in the crawler excavator industry. The substantial funds allocated to infrastructure development, particularly in the construction of roads, create a heightened demand for heavy equipment such as crawler excavators. For instance, in July 2023, the Indian government started the development of multiple greenfield expressways, spanning a total of 10,000 kilometers throughout the country with an estimated expenditure of USD 57.25 billion. The National Highways Authority of India (NHAI) successfully raised over USD 890.6 million through diverse financing models, and these funds will be allocated for the construction of highway projects.
 

The escalating demand for material handling at construction sites is also fueling the crawler excavator industry growth. As construction activities intensify, the need for efficient excavation, lifting, and loading of materials becomes paramount. Crawler excavators, renowned for their versatility & robust capabilities, are integral in meeting these demands. Their adaptability in diverse construction scenarios positions them as essential equipment, contributing to market expansion as construction projects increasingly prioritize effective material handling.
 

The comparatively slower speed of crawler excavators, when compared to other excavator types, can potentially hinder market growth. Construction projects often demand quick & efficient operations, and a slower excavator speed might impact the overall project timeline. In sectors where time is a critical factor such as construction, a perceived lack of speed can influence purchasing decisions, favoring faster alternatives, and potentially limiting the widespread adoption of crawler excavators in certain applications.
 

COVID-19 Impact

The COVID-19 pandemic negatively impacted the crawler excavator market. Lockdowns, supply chain disruptions, and economic uncertainties led to project delays & reduced construction activities. The decline in investment and financial constraints among businesses resulted in a decreased demand for construction equipment including crawler excavators. The uncertainty surrounding the duration and intensity of the pandemic further contributed to a cautious approach to capital expenditures, hindering market growth.
 

Crawler Excavator Market Trends

The increasing focus on sustainable construction machinery is fostering lucrative growth in the crawler excavator industry. As environmental concerns rise, construction industries globally are seeking eco-friendly solutions. For instance, in May 2022, JCB India, a prominent manufacturer of earthmoving & construction equipment, unveiled the JCB 19C-1E, a fully electric excavator. This zero-emission machine is equipped with four lithium-ion batteries, providing a full-day operation on a single charge. Crawler excavators, with advancements in fuel efficiency and emission control, align with sustainability goals. This emphasis on environmentally conscious construction practices propels the demand for crawler excavators.
 

Demolition projects are driving increased demand for crawler excavators. With their robust design and versatility, crawler excavators excel in the challenging tasks associated with demolishing structures. These machines efficiently handle tasks such as breaking down concrete, removing debris, and navigating through confined spaces. As urbanization prompts more demolition and reconstruction initiatives, the demand for crawler excavators rises. Their ability to perform precise and powerful demolition work positions them as essential equipment in the construction industry, propelling sustained growth in the market.
 

Crawler Excavator Market Analysis

Based on product, the market is divided into mini/compact, medium, and large. The medium segment hold around 30% market share in 2022. Medium-sized crawler excavators thrive on versatility, seamlessly adapting to various construction tasks. Their optimal size allows for maneuverability in urban environments and effectiveness across diverse terrains. Recent technological advancements have elevated their efficiency and power, enhancing productivity on construction sites. With a balanced combination of adaptability and performance, medium crawler excavators have become essential in meeting the demands of construction projects, whether it be in urban settings or the construction of roads & infrastructure in different regions.
 

Based on application, the market is categorized into construction, forestry & agriculture, mining, and rental. The mining segment held around 25% market share in 2022 and is projected to grow significantly through 2032. Mining excavators with exceptional durability and maximum safety features are driving growth in the mining application segment. The demanding nature of mining operations necessitates robust equipment and high durability to ensure prolonged operational efficiency. For instance, in March 2023, Tata Hitachi launched the ZX670H Mining Excavator in Kharagpur, India. Equipped with an environmentally friendly EPA Tier II engine, the robust ZX670H boasts a formidable 295 kW (400 PS) engine designed to effortlessly handle the most challenging tasks encountered at mining sites.
 

Asia Pacific led the global market with a major share of over 35% in 2022. The Asia Pacific crawler excavator market is driven by a thriving construction industry, encompassing diverse projects from residential to industrial. This sector's expansion is further complemented by the escalating demand for crawler excavators in mining applications as the region experiences increased mining activities. The versatile use of crawler excavators in both construction & mining aligns with the region's dynamic economic growth, making these machines pivotal in meeting the demands of infrastructure development and resource extraction across Asia Pacific.
 

Crawler Excavator Market Share

Major players operating in the crawler excavator industry are:

•  AB Volvo
•  Caterpillar Inc.
•  Deere & Company
•  Doosan Infracore Co. Ltd
•  Hitachi Construction Machinery Co. Ltd
•  J.C.Bamford Excavators Ltd
•  Komatsu Ltd
•  Liebherr Group
•  Sany Heavy Industry Co., Ltd.
•  XCMG
   

Major players in the crawler excavator business are intensifying competition by launching mining-specific excavators and emphasizing electrification. These strategic moves aim to capture market share by catering to specific industry needs while aligning with the growing demand for environmentally friendly and technologically advanced construction equipment.
 

Crawler Excavator Industry News

• In November 2023, Liebherr launched the R 930 Tunnel crawler excavator, which is an addition to its tunnel excavator series. Featuring sturdy steel bodywork, this machine is well-suited for underground applications. It is also customizable with the Liebherr quick coupling system, adding to its versatility and adaptability for various construction needs in tunnel environments.

The crawler excavator market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:

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Market, By Product

• Mini/Compact
• Medium
• Large

Market, By Bucket Capacity

• Below 3m³
• 3 - 6m³
• Above 6m³

Market, By Propulsion

• ICE
• Electric

Market, By Application

• Construction
• Forestry & Agriculture
• Mining
• Rental

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia