Crawler Excavators Market Size 2024-2028
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 crawler excavator market is witnessing significant growth due to the increasing automation In the construction industry, which is leading to the adoption of advanced technologies such as autonomous and semi-autonomous machines. Another trend driving the market is the development of hybrid excavators, which offer improved fuel efficiency and reduced emissions. Furthermore, the increasing demand for wheeled excavators in Middle Eastern countries, particularly In the UAE, Saudi Arabia, and Qatar, is expected to boost market growth. These countries are investing heavily in infrastructure development projects, leading to an increase in demand for construction equipment, including crawler excavators. However, challenges such as high initial investment costs and the availability of used equipment In the market may hinder market growth. Despite these challenges, the market is expected to grow steadily due to the increasing demand for efficient and productive construction equipment.
What will be the Size of the Crawler Excavators Market During the Forecast Period?
- The crawler excavator industry is experiencing significant growth due to the increasing demand for heavy equipment in various sectors. Mining projects and construction sites are the primary consumers of crawler excavators, with their large capacity for material handling and ability to work in rough terrain making them indispensable. Automation in crawler excavators is a major trend, enhancing efficiency and productivity. Industrial sites, waste management, and government investments in infrastructure projects such as road construction also contribute to the market's growth. Crawler excavators are essential for handling minerals, metals, and other materials In the extraction process. In the construction sector, crawler excavators are used extensively for construction activities, including residential houses and real estate development.
- Furthermore, rental services for crawler excavators and mini excavators are also popular, providing flexibility for businesses and reducing the need for large capital investments. Hydraulic systems are a critical component of crawler excavators, ensuring smooth operation and precision in material handling.
How is this Crawler Excavators Industry segmented and which is the largest segment?
The crawler excavators industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- Product
- Large crawler
- Medium crawler
- Small crawler
- Application
- Construction
- Mining
- Agriculture
- Forestry
- Others
- Geography
- APAC
- China
- India
- Japan
- Europe
- UK
- North America
- US
- Middle East and Africa
- South America
- APAC
By Product Insights
- The large crawler segment is estimated to witness significant growth during the forecast period.
The market, comprising mini, compact, medium, large, and forestry and agriculture segments, is experiencing significant growth, particularly In the large crawler excavator category. Large crawler excavators, weighing above 30,000 kg, are in high demand for various industries such as mining, construction, waste management, and forestry. Notable projects contributing to this trend 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 involves resource extraction of minerals and metals. These industries require heavy equipment for excavation, lifting, loading, and material handling.
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The large crawler segment was valued at USD 13.88 billion in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
- 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.
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Mini excavators, a subset of the larger excavator category, have gained significant traction In the construction industry due to their compact size and maneuverability. These machines, also known as compact excavators, utilize advanced hydraulic systems for optimal performance and efficiency. OEMs (Original Equipment Manufacturers) have been instrumental in developing mini excavators with superior hydraulic systems, enhancing their digging capabilities and versatility. Wheel excavators, another type of excavator, have also adopted advanced hydraulic systems, offering increased power and agility. The integration of advanced hydraulic systems in both mini and wheel excavators has led to improved productivity and cost savings for construction projects.
Market Dynamics
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise In the adoption of Crawler Excavators Industry?
Increasing automation in construction industry is the key driver of the market.
- 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, road construction projects, demolition projects, and forestry, agriculture, mining, and rental applications. The crawler excavator industry has seen significant growth due to government investments in infrastructure development, real estate, and resource extraction. Advancements in automation and sustainable construction machinery have made crawler excavators more efficient and productive. For instance, FPT Industrial engine-powered crawler excavators offer improved fuel efficiency and reduced emissions. The market for crawler excavators is diverse, catering to mini, compact, medium, large, and even customized solutions for various applications.
- In addition, skilled workers operate these machines in construction sites, mining operations, and other heavy-duty tasks, making them indispensable for various industries. The financial conditions and government support play a crucial role In the demand for crawler excavators In the construction, mining, and real estate sectors.
What are the market trends shaping the Crawler Excavators Industry?
Development of hybrid excavators is the upcoming market trend.
- Crawler excavators are essential heavy equipment used in various industries, including mining projects, construction sector, industrial sites, waste management, and urbanization. These machines are integral to excavation, lifting, loading, and material handling in construction projects and 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 reliability and efficiency. Mining operations and resource extraction benefit from crawler excavators' strongness and automation capabilities. In the construction sector, these machines are indispensable for demolition projects and handling minerals, metals, and other materials.
- Furthermore, skilled workers operate crawler excavators in various applications, from residential houses to large-scale projects. The rental market for crawler excavators is thriving due to financial conditions, providing flexibility for businesses and projects. Urbanization and forestry, agriculture, and other industries also utilize crawler excavators for their versatility. Government support and real estate development further fuel the demand for these machines.
What challenges does the Crawler Excavators Industry face during its growth?
Increasing demand for wheeled excavators in Middle East countries is a key challenge affecting the industry growth.
- Crawler excavators are essential heavy equipment used in various industries, including mining projects, construction sector, industrial sites, waste management, and urbanization. The crawler excavator industry has seen significant growth due to automation and government investments in infrastructure development. These machines are integral to construction projects, enabling excavation, lifting, loading, and material handling. Sustainable construction machinery, such as crawler excavators, is increasingly popular in construction activities for residential houses, road construction projects, and demolition projects. FPT Industrial engine powers many crawler excavators, providing efficiency and reliability. The market for crawler excavators extends to mining operations and resource extraction, where these machines play a crucial role in material handling and lifting.
- Furthermore, skilled workers operate these machines in various sectors, including forestry, agriculture, and mining. Government support and financial conditions also impact the crawler excavator rental market. Urbanization and real estate development further boost the demand for these versatile machines in various construction projects, making crawler excavators an indispensable part of the heavy equipment landscape.
Exclusive Customer Landscape
The crawler excavators 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 crawler excavators market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, crawler excavators market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- 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.
- Yanmar Holdings Co. Ltd.
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 industry 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.
Research Analyst Overview
The global crawler excavator market is witnessing significant growth due to the increasing demand from various industries such as mining projects, construction sector, industrial sites, waste management, and road construction projects. The market is driven by the automation of crawler excavators, which enhances productivity and efficiency in excavation, lifting, loading, and material handling activities. The mining operations and resource extraction sectors are major consumers of large and medium-sized crawler excavators for material handling and excavation in open-pit mining sites. Government investments in infrastructure development, urbanization, and sustainable construction machinery are also boosting market growth. The construction sector, including construction projects, residential houses, and real estate, is another significant end-user of crawler excavators.
In addition, compact and mini crawler excavators are popular in forestry, agriculture, and demolition projects. The crawler excavator industry is witnessing technological advancements, with FPT Industrial engines powering many crawler excavators due to their high performance and fuel efficiency. The rental market for crawler excavators is also growing due to the financial conditions of construction companies and the need for skilled workers in various industries. The market is expected to continue its growth trajectory due to the increasing demand for heavy equipment in various sectors and government support for infrastructure development.
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Market Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.06% |
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Market growth 2024-2028 |
USD 9.52 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.9 |
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Key countries |
China, US, Japan, India, and UK |
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Competitive landscape |
Leading Companies, market growth and forecasting, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Crawler Excavators Market Research and Growth Report?
- CAGR of the Crawler Excavators industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across APAC, Europe, North America, Middle East and Africa, and South America
- Thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the crawler excavators market growth of industry companies
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