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Wheel Excavator Market was valued at USD 10.7 billion in 2022 and is poised to witness more than 5.5% CAGR from 2023 to 2032. Driven by the growing focus on decarbonization in the construction sector. As environmental concerns drive the adoption of sustainable practices, there is a heightened demand for construction equipment with reduced carbon footprints. The rising emphasis on eco-friendly construction methods enhances the appeal of wheel excavators, contributing to their growth in the market.
The growing number of infrastructure development projects around the globe is a primary factor propelling the market growth. With increasing investments in road construction, urban infrastructure & other large-scale projects, there is a rising demand for versatile and efficient excavation equipment. Wheel excavators, known for their mobility and adaptability, become essential tools in meeting the demands of these projects. As the need for robust and maneuverable machinery continues to grow, the wheel excavator industrybenefits significantly from the ongoing global infrastructure development initiatives.
Report Attribute | Details |
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Base Year: | 2022 |
Wheel Excavator Market Size in 2022: | USD 10.7 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 5.5% |
2032 Value Projection: | USD 18.3 Billion |
Historical Data for: | 2018 – 2022 |
No. of Pages: | 200 |
Tables, Charts & Figures: | 267 |
Segments covered: | Product, Bucket Capacity, Propulsion, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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The high initial cost of wheel excavators stands as a significant challenge for the wheel excavator market. This factor can impede the adoption of these machines, particularly among smaller construction businesses or those operating on limited budgets. The substantial upfront investment required may deter potential buyers, leading them to consider alternative, more cost-effective solutions. Striking a balance between performance & affordability will be crucial for manufacturers to overcome this challenge and broaden the market appeal of wheel excavators.
The COVID-19 pandemic negatively impacted the wheel excavator industry. Disruptions in the global supply chain, labor shortages, and lockdown measures have led to delays in manufacturing & construction projects. Reduced construction activities, economic uncertainties, and financial constraints resulted in a decline in demand for heavy equipment including wheel excavators. These challenges have collectively contributed to a slowdown in the market growth.
The introduction of electric-powered wheel excavators is fostering lucrative growth in the wheel excavator industry. As industries prioritize sustainable practices, the launch of electric variants aligns with the increasing demand for eco-friendly construction equipment. For instance, in July 2022, Greenland Technologies, a Chinese manufacturer specializing in transmissions & drivetrains, introduced a new range of all-electric construction equipment named Hevi Equipment. This launch marked the rebranding of the company's Greenland Machinery division and features electric wheel loaders (GEL-1800 and GEL-5000) and an electric excavator (GEX-8000), all powered by lithium-ion technology. This strategic move capitalized on the shift toward sustainable construction practices, contributing to the overall expansion and market appeal of wheel excavators.
The increasing number of mining projects is driving demand for the wheel excavator market. As mining operations expand globally, the need for efficient and versatile excavation equipment will intensify. Wheel excavators, known for their maneuverability and productivity, are becoming integral to mining activities. Their ability to navigate diverse terrains and handle various materials positions them as crucial assets in the mining sector, contributing significantly to the rising demand for wheel excavators in the industry.
Based on product, the mini/compact segment held over 40% market share in 2022, due to its cost-effectiveness and easy maneuverability. Compact wheel excavators, known for their versatility in confined spaces, offer operational efficiency with reduced fuel consumption. For instance, in July 2023, Case unveiled an inaugural mini excavator in its latest D Series lineup. The CX42D is a zero-tail swing model weighing 4.2 tons and powered by diesel. Positioned alongside the current C Series mini excavators, the CX42D will extend Case's market presence across essential weight categories with significant demand.
Based on application, the construction segment captured around 40% market share in 2022 and is projected to grow by 2032. The maneuverability of wheel excavators in tight urban spaces is a key factor propelling segment growth. Construction projects in densely populated urban areas often require machinery capable of navigating confined spaces without compromising efficiency. Wheel excavators with their compact design and agile handling excel in such environments, making them a preferred choice for construction companies engaged in urban development projects, and where space constraints are a critical consideration.
Asia Pacific led the global wheel excavator market with a major share of over 35% in 2022. The market is driven by the region's growing urbanization. As urban areas expand and construction activities surge, there is an increasing demand for efficient & versatile equipment such as wheel excavators. These machines, known for their maneuverability in confined spaces, become crucial in densely populated urban environments. The construction of infrastructure, residential, and commercial projects in response to urbanization drives the need for wheel excavators, contributing significantly to their market growth in the Asia Pacific region.
Major players operating in the wheel excavator industry are:
Major players in the market are intensely competing to secure market shares through strategies such as technological innovation, product enhancement, strategic partnership, and geographical expansion. This competitive landscape reflects their efforts to gain a competitive edge and meet the evolving market demands.
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Market, By Product
Market, By Bucket Capacity
Market, By Propulsion
Market, By Application
The above information is provided for the following regions and countries: