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According to IMARC Group’s latest report, titled “Excavator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global market reached a value of US$ 48.9 Billion in 2020. An excavator refers to a type of heavy construction equipment used for digging excavations and trenching purposes. It is also adopted for drilling holes, foundations, dredging rivers, demolitions, material handling, lifting heavy objects, etc. These operations utilize hydraulic force generated by a hydraulic motor with an electric, diesel, or petrol engine. In comparison to conventionally used machines, modern excavators facilitate safer movements and enhanced maneuverability. As a result, these are used globally in large-scale residential and commercial construction, development of roads and ports, mining projects, etc.
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The growing construction industry is one of the primary factors propelling the market growth for excavators. Moreover, the rising adoption of automated excavators for minimizing labor costs and remote tracking of operations is also augmenting the global market. Furthermore, ongoing product innovations, such as the integration of fuel cell-based electric motors for powering excavators, are positively influencing the market growth. Various other factors, including the emergence of equipment rental services and expanding infrastructural development projects undertaken by the government bodies across several nations, will further continue to drive the market over the forecasted period. Looking forward, IMARC Group expects the excavator market to grow at a CAGR of 4.3% during 2021-2026.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Caterpillar Inc.
- CNH Industrial N.V.
- Doosan Corporation
- Hitachi Construction Machinery Co. Ltd.
- Hyundai Heavy Industries Ltd.
- John Deere
- Joseph Cyril Bamford Excavators Ltd.
- Kobelco Construction Machinery Co. Ltd.
- Komatsu Ltd.
- Liebherr Group
- Sany Heavy Industries Co. Ltd.
- Terex Corporation
- Yanmar Construction Equipment Co. Ltd.
- Volvo Construction Equipment AB.
Market Segmentation:
Breakup by Product:
- Mini/Compact
- Crawler
- Wheeled
- Heavy
Breakup by Mechanism Type:
- Electric
- Hydraulic
- Hybrid
Breakup by Power Range:
- Upto 300 HP
- 301-500 HP
- 501 HP and Above
Breakup by Application:
- Mining
- Construction
- Waste Management
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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