Selbyville, Delaware, Oct. 05, 2022 (GLOBE NEWSWIRE) —
The excavator market is projected to cross USD 65 billion by 2030, according to new research study by Global Market Insights Inc. Rapid urbanization and the emergence of smart city projects have triggered the demand for advanced construction equipment.
The need to reduce carbon emissions and combat climate change have fueled the construction of green buildings. New government investments and funding are supporting the trend of green infrastructure development. For instance, in February 2022, the European Union (EU) and the International Finance Corporation (IFC) established a new partnership to boost climate-smart, inclusive infrastructure investments in South Asia. Such initiatives will offer lucrative business opportunities to excavator manufacturers and rental companies.
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The large excavator market segment was about USD 5 billion in 2021. The equipment is used on various construction sites to transport materials. It is deployed across large-scale commercial spaces such as shopping malls for demolishing purposes. The machine is also used by industries to perform different mining and quarrying activities. Robust demand for coal and other minerals will foster the product deployment across the mining sector.
The industry revenue share from the forestry & agriculture applications is poised to record a CAGR of nearly 4% between 2022 and 2030. The equipment is used for conducting different agricultural activities such as constructing water supply line, laying down sewage line, or digging trenches. It also has other utilitarian significance such as enabling an ergonomic and efficient removal of trees and stumps from the surface.
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The crawler type excavator accounted for over 75% share of the global industry in 2021. The equipment is increasingly used in mining and construction projects. It is preferred for key features such as the ability to offer stronger gradeability in mining projects as well as in muddy areas. Due to these functionalities as well as strong expansion activities taking place in this sector, the crawler excavator market demand is expected to increase by end of 2030.
The excavator business value from the ‘above 6 cubic meters’ bucket capacity sector valued at USD 8.5 billion in 2021. There is a strong demand for high-capacity earthmoving equipment in some industrial and commercial users. The construction and tourism sectors are also encouraging both public as well as private investments in the development of a modern infrastructure for better user experience. Building of commercial infrastructure projects in developing nations will propel the demand for excavators with a bucket capacity of more than 6 cubic meters.
Latin America excavator market size is projected to reach USD 5.5 billion by 2030, with rapid urbanization. Government authorities across Mexico, Brazil, and Argentina are making new investments to support urbanization trends. For instance, in May 2022, the Secretariat of Infrastructure, Communications, & Transport (SICT) of Mexico announced a total investment of USD 38.6 billion from the country’s public and private sectors, in road and railways development. Several countries across the region are also emphasizing on infrastructure development to boost economy growth.
The new report characterizes the competitive landscape of the global excavator industry, covering players such as Caterpillar Inc., J.C.Bamford Excavators Ltd., Komatsu, Sany, Volvo, Hitachi Construction Machinery Co. Ltd., Liebherr, and XCMG. These companies are ramping up efforts to boost innovation via multiple research & development activities along with strategic partnerships to drive collaborations.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Excavator industry 360º synopsis, 2018 – 2030
2.1.1 Business trends
22.214.171.124 TAM, 2023 – 2030
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Type trends
2.1.5 Application trends
2.1.6 Bucket capacity trends
Chapter 3 Excavator Industry Insights
3.2 COVID-19 impact
3.3 Ukraine-Russia war impact
3.4 Industry ecosystem analysis
3.5 Profit margin analysis
3.6 Technological & innovation landscape
3.7 Patent Landscape
3.8 Key news & initiatives
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
126.96.36.199 Growing infrastructure development activities across the globe
188.8.131.52 Rising smart city projects in Asia Pacific region
184.108.40.206 Increasing investment in mining projects in MEA and Latin America
220.127.116.11 Proliferation of technologically advanced excavators
18.104.22.168 Increasing urbanization leading to a surge in construction activities
3.10.2 Industry pitfalls & challenges
22.214.171.124 High ownership cost of excavator
126.96.36.199 Stringent regulations pertaining to use of heavy construction equipment
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.