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The crawler excavators market size is forecast to increase by USD 9.52 billion, at a CAGR of 4.06% between 2023 and 2028. The market is experiencing significant growth due to several key factors. The increasing automation in the construction industry is driving the demand for advanced machinery, such as crawler excavators, which offer increased efficiency and productivity. Additionally, the rising number of large-scale projects in the infrastructure sector, particularly in areas like road construction and utility installation, is boosting the market. Crawler excavators provide operational benefits, including superior digging capabilities, versatility, and ease of movement across various terrains. These advantages make crawler excavators an indispensable tool for construction and infrastructure projects, ensuring their continued popularity and demand in the market.
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The market is witnessing significant growth due to the increasing demand from various sectors such as mining projects, construction sector, industrial sites, waste management, and road construction projects. Crawler excavators, a type of heavy equipment, are essential for material handling and construction activities. They are widely used in the mining industry for extracting minerals and metals and in the construction sector for building residential houses, commercial structures, and infrastructure projects. Automation is a key trend in the Crawler Excavator Industry, with hydraulic systems being upgraded to improve efficiency and productivity. Government investments in infrastructure development and real estate projects are also driving the market growth. Crawler excavators are used extensively in construction sites for excavation, grading, and demolition work. In addition, the rental market for crawler excavators is gaining popularity due to the high initial investment required for purchasing these machines. Mini excavators are another variant of crawler excavators, which are increasingly being used for smaller construction projects and landscaping works.
Increasing automation in construction industry is notably driving market growth. Crawler excavators are essential heavy equipment used in various industries, including mining projects, construction sector, industrial sites, waste management, and urbanization. These machines are employed for excavation, lifting, loading, and material handling in construction projects and small scale construction projects. The crawler excavator industry is witnessing significant growth due to government investments in infrastructure development, road construction projects, and sustainable construction machinery. FPT Industrial engine powers many crawler excavators, making them efficient and reliable. The market for crawler excavators caters to various sectors such as mining operations for resource extraction, forestry, agriculture, and rental services.
Further, the demand for crawler excavators is high in the construction sector due to the increasing number of residential houses, commercial buildings, and real estate developments. Automation and advanced technology are transforming the crawler excavator industry, making the machines more productive and reducing the need for skilled workers. The financial conditions and government support play a crucial role in the growth of the crawler excavator market. Mining projects, demolition projects, and urbanization are significant contributors to the demand for large, medium, compact, and mini crawler excavators. Thus, such factors are driving the growth of the market during the forecast period.
Development of hybrid excavators is the key trend in the market. Crawler excavators are essential heavy machinery used in various industries, including mining projects, construction sector, industrial sites, waste management, and urbanization. These machines are employed for excavation, lifting, loading, and material handling in construction projects and construction activities. The crawler excavator industry is witnessing significant growth due to government investments in infrastructure development, particularly in road construction projects. Automation and sustainable construction machinery are key trends in the market. FPT Industrial engine is a leading provider of powertrains for crawler excavators. Mining operations and resource extraction projects utilize crawler excavators for material handling and demolition tasks.
The compact, mini, medium, and large crawler excavators cater to diverse applications in construction, forestry, agriculture, and mining. Government support and financial conditions influence the rental market for crawler excavators. Real estate development and residential houses also benefit from crawler excavators' versatility. Urbanization and infrastructure development projects require skilled workers to operate these machines effectively. Crawler excavators are integral to the success of various industries, making them indispensable for efficient and productive operations. Thus, such trends will shape the growth of the market during the forecast period.
Increasing demand for wheeled excavators in Middle East countries is the major challenge that affects the growth of the market. Crawler excavators are essential heavy machinery used in various industries, including mining projects, construction sector, industrial sites, waste management, and urbanization. These machines are employed for excavation, lifting, loading, and material handling in construction projects and construction activities. The crawler excavator industry is witnessing significant growth due to government investments in infrastructure development, road construction projects, and sustainable construction machinery. FPT Industrial engine powers many crawler excavators, providing superior performance and reliability.
Moreover, the mining operations and resource extraction sectors heavily rely on these machines for their mining projects and demolition projects. The compact, medium, and large crawler excavators are used in forestry, agriculture, and urbanization for various applications. Government support and financial conditions influence the crawler excavator rental market, making it an attractive option for real estate and construction projects. The construction sector, including residential houses, benefits significantly from crawler excavators' versatility in handling various materials and lifting heavy loads. Automation in crawler excavators enhances productivity and efficiency, making them indispensable in various industries. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Volvo - The company offers crawler excavators such as EC950E, EC750D, EC550E, EC480D, EC300D and others.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The large crawler segment is estimated to witness significant growth during the forecast period. The global market encompasses a wide range of heavy machinery used in various industries, including mining projects, construction sector, waste management, forestry, agriculture, and mining operations. Crawler excavators, characterized by their crawler undercarriage, come in mini, compact, medium, large sizes based on their weight and application. Large crawler excavators, weighing above 30,000 kg, are in high demand due to their power and versatility. These machines are extensively utilized in the mining, construction, waste management, and Forestry and agricultural sectors for excavation, lifting, loading, and material handling tasks. Notable projects contributing to the growth of the large crawler excavator industry include the UK's first new coal mine in three decades at Whitehaven in Cumbria, set to operate until 2049, and the Dipka OC Project in Chhattisgarh, India, which focuses on resource extraction of minerals and metals.
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The Large crawler was the largest segment and was valued at USD 13.88 billion in 2018. Government investments in infrastructure projects, such as road construction and urbanization, also drive the demand for crawler excavators. The rental sector is another significant market for crawler excavators, offering flexibility for skilled workers and financial conditions conducive to various construction projects. The construction sector, in particular, benefits from the use of sustainable construction machinery, including crawler excavators, in residential houses and other construction activities.
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APAC is estimated to contribute 65% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.Mini excavators, a subset of the larger excavator category, are gaining popularity in the construction industry due to their compact size and maneuverability. These machines, also known as compact excavators, utilize advanced hydraulic systems for efficient digging and lifting tasks. OEMs (Original Equipment Manufacturers) such as Caterpillar, Komatsu, and Volvo Construction Equipment dominate the mini excavator market. Wheel excavators, another type of excavator, are known for their mobility and versatility. They too rely on hydraulic systems for their operations. The hydraulic systems in these excavators enable smooth and precise movement, contributing to their widespread use in various construction projects.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Crawler excavators are heavy machinery used for excavation, material handling, and lifting tasks in various industries, including construction, mining, forestry, agriculture, and waste management. The industry has witnessed significant growth due to the increasing number of mining projects and construction sector activities. Automation in crawler excavators has been a game-changer, increasing efficiency and productivity. Industrial sites, road and port construction, and demolition projects are major consumers of crawler excavators. FPT Industrial engine powers many crawler excavators, providing reliability and power.
Also, the market is driven by government investments in infrastructure and real estate development, urbanization, and the need for sustainable construction machinery. Mini, compact, medium, large crawler excavators cater to different application requirements. Mining operations and resource extraction are significant consumers of crawler excavators due to their ability to handle heavy loads and rough terrain. Skilled workers operate these machines in construction sites, lifting and loading materials for construction projects. Crawler excavator rental services have gained popularity due to financial conditions and the need for flexibility in equipment usage. The market is expected to grow further with government support and the increasing demand for construction projects in various sectors.
Market Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.06% |
Market growth 2024-2028 |
USD 9.52 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.9 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 65% |
Key countries |
China, US, Japan, India, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Volvo, Caterpillar Inc., China National Machinery Industry Corp. Ltd., CNH Industrial N.V., Deere and Co., HD Hyundai Co. Ltd., Hitachi Ltd., Karmica Global , Kobe Steel Ltd., Komatsu Ltd., LeeBoy, Liebherr International AG, Maxpower, Sany Group, SCHWING GmbH, Shandong Heavy Industry Group Co. Ltd., SHANDONG KEN STONE HEAVY MACHINERY CO. LTD, SINOWAY INDUSTRIAL SHANGHAI CO.LTD., Sumitomo Heavy Industries Ltd., and Yanmar Holdings 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 market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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