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Excavator Market Trends

Report ID: GMI5104
Published Date: Nov 2023
Report Format: PDF

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Excavator Market Trends

Rapid electrification and integration of hybrid technology will be an emerging trend in the excavator industry. There is a growing trend toward the electrification of construction equipment, including excavators. Manufacturers are increasingly exploring and developing electric and hybrid excavators to address environmental concerns and meet stricter emission standards. These machines aim to provide improved energy efficiency and reduced carbon footprint, aligning with the broader industry push toward sustainable practices.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of excavator was worth USD 44.6 billion in 2022 and is estimated to register over 4.5% CAGR between 2023 and 2032, due to the infrastructure development projects such as roads, bridges, airports, and urban development.

The mini/compact excavator market is experiencing substantial growth as these compact machines are increasingly preferred for their versatility, maneuverability, and efficiency in tight spaces, making them vital for urban construction and infrastructure projects.

Asia Pacific region captured more than 40% share of excavator market in 2022 and is expected to grow significantly through 2032, propelled by robust infrastructure development, urbanization, and expanding construction activities.

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., and XCMG.