The global excavator market size is expected to reach USD 62.2 billion by 2026 according to a new study by Polaris Market Research. The report “Excavator Market Share, Size, Trends, & Industry Analysis Report By Product Type (Mini, Heavy, Wheeled, Crawler); By Application (Infrastructure, Mining, Waste Management); By Region, Segment Forecasts, 2020 - 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Excavators are building equipment which is equipped with a dipper, boom or bucket fixed on a mobile platform that is based on application requirements. The excavators assist in the execution of excavation, landscaping, picking and placing, handling and construction of materials, demolition and other activities. The excavators also help to complete labor-intensive tasks or earlier work performed using heavy building equipment.
Advances in technology have also resulted in superior equipment for excavators with high power output and performance capabilities, offering effective alternative solutions for heavy construction equipment. As a result, excavators are available for various applications in various power output capacities.
One of the major indicators driving the growth of the market for excavators during the forecast period is the growing construction industry. It is also expected that the versatile advantages of excavators, such as durability, compact size, superior maneuverability, availability of different power output ranges and others, will fuel the demand for excavators over the forecast period. In order to optimize the building process in the construction industry, rapid infrastructural development and technological advancement lead to the incorporation of advanced machinery and equipment.
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In addition, heavy construction equipment is also projected to boost the growth of the market for excavators over the demand for efficient, robust, and mobile construction equipment, providing lucrative opportunities for market players. However, it is expected that the lack of skilled operators and technicians will hamper the growth of the market for excavators in emerging economies.
Asia Pacific dominates the global market, driven by the growth in China's urbanization and growth in infrastructure development. Population growth is expected to boost the construction market in countries like India and China. The construction of roads and infrastructure in developing countries such as China and India are expected to increase rapidly. This is estimated to boost the market for excavators. Also, North America is a favorable market for this industry. Another positive outlook in Europe is that excavators are used on a large scale in developed countries such as Germany, France and the United Kingdom.
Saudi Arabia and Israel's market is also growing rapidly. This is expected to increase the Middle East & Africa market share. The region is a leading oil and gas market and thus offers huge opportunities for the MEA region. Due to the implementation of new emission standards, companies are trying to introduce environment friendly machines and are constantly trying to develop enhanced products which would meet the international regulations and norms. This is one of the major concern for the overall industry.
Increasing investment in the residential building segment followed by development of transport infrastructure is projected to increase growth prospects in this market. This will result in a steady rate of market growth and increase the sales of manufacturers of excavators. Some of the key players in the market include John Deere, Komatsu, Liebherr, KUBOTA Corporation, CNH Industrial N.V., Doosan Bobcat Inc, Caterpillar, Hitachi, Kato Works Co., Ltd. and Kobelco among others.
Polaris Market research has segmented the excavators market report on the basis of product type, application and region
Excavators Product Type Outlook (Revenue, USD Billion, 2015 – 2026)
Excavators Application Type Outlook (Revenue, USD Billion, 2015 – 2026)
Excavators Regional Outlook (Revenue, USD Million, 2015 – 2026)