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The hydraulic excavator market share is expected to increase to USD 6.04 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.65%.
This hydraulic excavator market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hydraulic excavator market segmentation by application (mining, construction, and utility), technology (crawler excavators, mini excavators, and wheeled excavators), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The hydraulic excavator market report also offers information on several market vendors, including AB Volvo, Alamo Group Inc., Astec Industries Inc., BEML Ltd., Caterpillar Inc., CNH Industrial NV, Deere and Co., Doosan Infracore Co. Ltd., FAYAT SAS, Guangxi LiuGong Machinery Co. Ltd., Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., KATO WORKS CO. LTD., Lonking Holdings Ltd., SANY Group, Shantui Construction Machinery co. Ltd., Sumitomo Heavy Industries Ltd., Takeuchi Mfg. Co. Ltd., Wacker Neuson SE, and Xuzhou Construction Machinery Group Co. Ltd. among others.
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The increasing requirement for large-scale project management is notably driving the hydraulic excavator market growth, although factors such as stringent emission regulations for construction machinery may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hydraulic excavator industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hydraulic Excavator Market Driver
The increasing requirement for large-scale project management is one of the key drivers supporting the hydraulic excavator market growth. Currently, organizations are focusing on cultivating and managing the resources necessary for efficient product outputs, which increases the requirements for efficient solutions for large-scale construction project management. Moreover, the primary purpose of the hydraulic excavator is to automate processes to ensure maximum outputs by managing resources and maintaining a regular follow-up. Significantly, revenue possibilities can be rapidly increased by calculating conversion ratios and running time by using hydraulic excavators to track the metrics detailed as per the duration of the project and demand from operations. Such benefits of employing hydraulic excavators will drive market growth during the forecast period.
Key Hydraulic Excavator Market Trend
Growing construction of green buildings is one of the key hydraulic excavator market trends contributing to the market growth. Primarily, the construction, establishment, and subsequent services of a building consume a substantial amount of energy. However, such processes emit the maximum quantity of greenhouse gasses, exceeding those emitted from the transportation sector. In view of this, the need for appropriate energy-efficient buildings, such as green buildings, which are ergonomically designed to consume minimal energy has been introduced. Also, the by-products released into the environment from such buildings are recycled. Such factors of green buildings will contribute to the market growth during the forecast period.
Key Hydraulic Excavator Market Challenge
Stringent emission regulations for construction machinery is one of the factors hampering the hydraulic excavator market growth. The factors such as budget-related constraints, stringent regulations, and growing expenses of proprietorship make rental an appealing option for a large number of contractors and other users. For instance, the Cat Rental Store remains one of the biggest drivers of the rental market, and it has nearly 1,500 dealers all over the world providing both Caterpillar and non-Caterpillar equipment. Well, with the downturn in the global mining and construction industries and the global economic scenario being uncertain, the rental will prove to be an effective solution for end-users. This, in turn, will hamper the market growth in the coming years.
This hydraulic excavator market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The global hydraulic excavator market is a key segment of the global construction machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hydraulic excavator market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hydraulic excavator market encompasses successful business strategies deployed by the key vendors. The hydraulic excavator market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hydraulic excavator market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the hydraulic excavator market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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59% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for the hydraulic excavator market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing construction of commercial and industrial buildings will facilitate the hydraulic excavator market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had adversely impacted the regional market. However, the relaxation of lockdowns in 2021 led to the resumptions of incomplete construction projects. Such relaxations in restrictions led to an increased demand for hydraulic excavators in incomplete construction project sites, which will lead to market growth during the forecast period.
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The hydraulic excavator market share growth by the mining segment will be significant during the forecast period. Crawler hydraulic excavators are utilitarian machines used in the mining industry for burrowing trenches, loading trucks, and lifting pipes and other heavy materials. These machines can also be equipped with attachments such as grapples, breakers, and shears to break and handle rocks at mining sites. Moreover, hydraulic excavators are the highest-selling equipment in the mining industry in terms of value. This, in turn, will boost the market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hydraulic excavator market size and actionable market insights on post COVID-19 impact on each segment.
Hydraulic Excavator Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.65% |
Market growth 2022-2026 |
$ 6.04 billion |
Market structure |
Fragmented |
YoY growth (%) |
2.27 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 59% |
Key consumer countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AB Volvo, Alamo Group Inc., Astec Industries Inc., BEML Ltd., Caterpillar Inc., CNH Industrial NV, Deere and Co., Doosan Infracore Co. Ltd., FAYAT SAS, Guangxi LiuGong Machinery Co. Ltd., Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., KATO WORKS CO. LTD., Lonking Holdings Ltd., SANY Group, Shantui Construction Machinery co. Ltd., Sumitomo Heavy Industries Ltd., Takeuchi Mfg. Co. Ltd., Wacker Neuson SE, and Xuzhou Construction Machinery Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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