Enjoy complimentary customisation on priority with our Enterprise License!
The hydraulic excavator market size is estimated to grow by USD 4.78 billion at a CAGR of 2.12% between 2023 and 2028. In today's business landscape, the demand for large-scale project management continues to escalate, driven by the increasing complexity and size of initiatives. Simultaneously, the rental system has gained significant traction, offering flexible and cost-effective solutions for businesses looking to expand or experiment with new projects. Furthermore, the global construction industry is experiencing robust growth, fueled by key offerings such as advanced technologies, sustainable practices, and innovative designs. These trends intersect to create a dynamic and evolving marketplace, where effective project management, strategic rental solutions, and cutting-edge construction techniques are essential for success.
For More Highlights About this Report, Request Free Sample
The market is experiencing significant growth due to the increasing demand for construction and infrastructure development projects worldwide. Urbanization and infrastructural activities, including mining-related projects, excavation projects, and underground pipeline projects, are primary drivers of this market's expansion. The mining industry's focus on extracting resources efficiently and effectively is leading to increased adoption of hydraulic excavators. Moreover, water management initiatives and sewage system installations fuel the hydraulic excavator industry's growth. Construction activities requiring soil terrain enhancement also contribute to the market's growth. The forecast period for the hydraulic excavator market is expected to witness continued expansion due to the increasing need for hydraulic excavators in various sectors. Climate change and its impact on infrastructure development further emphasize the importance of this market. 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.
Increasing requirements for large-scale project management is notably driving market growth. The market is experiencing significant growth due to the increasing demand for large-scale project management in various industrial activities. Advanced construction techniques require efficient solutions for resource management and process automation. Hydraulic excavators play a pivotal role in this regard, offering benefits such as improved operational efficiency, reduced fuel consumption, and shorter cycle times.
Furthermore, key trends in the market include the adoption of autonomous excavator technology, carbon footprint reduction, and tax incentives for eco-friendly practices. The COVID-19 pandemic has led to a shift towards mini excavator rentals for smaller projects and an increased focus on deep excavation for infrastructure development. Mergers, acquisitions, and launches of new products are also driving market expansion. Geographic presence is another crucial factor, with companies expanding their reach to cater to the diverse needs of clients across the globe. Overall, the hydraulic excavator market is witnessing continuous growth, driven by the need for efficiency improvement and environmental protection initiatives. Thus, such factors are driving the market's growth during the forecast period.
The growing construction of green buildings is the key trend in the market. The hydraulic excavator market experiences significant growth due to key trends in industrial activities and advanced construction techniques. These trends prioritize fuel consumption reduction and operational efficiency. Mini excavator rentals have gained popularity for their ability to execute deep excavation projects with precision. The COVID-19 pandemic has led to a shift in focus towards shorter cycle times and autonomous excavator technology for increased productivity.
Furthermore, environmental protection initiatives have become a priority, with manufacturers launching new models that offer reduced fuel consumption and carbon footprint reduction. Geographic presence expansion and mergers and acquisitions are common strategies for improving efficiency and competitiveness in the market. Tax incentives and government regulations further encourage the adoption of hydraulic excavators that adhere to eco-friendly standards. Thus, such trends will shape the market's growth during the forecast period.
Stringent emission regulations for construction machinery is the major challenge that affects the growth of the market. The hydraulic excavator market is witnessing significant trends driven by industrial activities and the adoption of advanced construction techniques. Key players are focusing on fuel consumption reduction and operational efficiency to cater to the evolving needs of the construction industry. Mini excavator rentals have gained popularity due to their versatility and cost-effectiveness, particularly in deep excavation projects. The COVID-19 pandemic has disrupted the market, leading to supply chain disruptions and project delays. However, environmental protection initiatives have gained momentum, with key players investing in carbon footprint reduction and the implementation of stricter emission regulations.
Furthermore, these include the EU's Stage V exhaust emission regulation, which limits PM and Nox emissions, and the US's stringent regulations for construction machinery. Mergers, acquisitions, launches, and geographic expansion are common strategies adopted by market players to enhance their efficiency and reduce fuel consumption. Shorter cycle times and the integration of autonomous excavator technology are also key areas of focus. Tax incentives for the adoption of eco-friendly equipment and technologies further boost market growth. Overall, the hydraulic excavator market is expected to continue its growth trajectory, driven by these trends and the increasing demand for construction projects worldwide. 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.
Alamo Group Inc. - The company offers a wide range of hydraulic excavators through its subsidiary, Gradall Industries Inc.
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 market share growth by the mining segment will be significant during the forecast period. Hydraulic excavators play a pivotal role in construction projects and engineering designs, with their versatility and efficiency being essential for various construction practices. These machines, which include crawler and wheeled excavators, are equipped with attachments and accessories that cater to diverse applications. Fuel efficiency and emissions are critical factors influencing the market's growth, with an increasing focus on environmental performance.
Get a glance at the market share of various regions Download the PDF Sample
The mining segment showed a gradual increase in the market share of USD 28.25 billion in 2018. Market segmentation reveals that the crawler segment dominates the hydraulic excavator market in terms of revenue. Crawler excavators offer superior stability, making them suitable for heavy-duty tasks such as mining and quarrying. Their crawler tracks provide the necessary traction and stability, enabling them to handle heavy loads and break rocks with attachments like grapples, breakers, and shears. Safety, efficiency, and power rating are essential considerations for excavation projects, underground pipeline projects, sewage system installations, water management initiatives, and construction activities. Soil terrain enhancement and cycle time are also crucial factors, with advanced control systems and valuation playing a significant role in optimizing excavator performance. The agricultural sector and construction sector are significant end-users of hydraulic excavators, driven by population growth, living standards, and industrialization.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 54% 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.
The market is a significant segment in the construction industry, playing a pivotal role in various projects and engineering designs. These machines are integral to construction practices due to their versatility, mobility, stability, and efficiency. Attachments and accessories, such as crawler tracks and excavator arms, enhance the efficacy of these machines, making them indispensable for tasks like excavation projects, underground pipeline projects, sewage system installations, and water management initiatives. Fuel efficiency and emissions are crucial factors influencing market growth. Advanced control systems and power rating improvements contribute to increased efficiency and reduced environmental impact. Market segmentation includes the crawler segment and wheeled excavators, each catering to specific construction needs. The market revenue is driven by population growth, rising living standards, and industrialization. Mini excavators and advanced excavators are gaining popularity due to their cycle time reduction and fuel consumption optimization. Joint ventures and memorandums of understanding between companies further fuel market expansion. Construction activities on various soil terrains necessitate the use of hydraulic excavators for soil terrain enhancement. The agricultural sector also benefits from these machines in various applications. Safety features and continuous technological advancements ensure the continued relevance and demand for hydraulic excavators in the construction and industrial sectors.
The market 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.
Japan - Excavator Market: Japan - Excavator Market by Type and Application - Forecast and Analysis
Hydraulic Equipment Market: Hydraulic Equipment Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, India, Japan, Germany - Size and Forecast
Hydraulic Valves Market: Hydraulic Valves Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, China, Japan, UK, France - Size and Forecast
The global hydraulic excavator market is a significant sector in the construction industry, characterized by the use of advanced technology and innovative designs. Hydraulic excavators come in various sizes and configurations, catering to diverse applications in mining, construction, and infrastructure development. The market is driven by factors such as increasing infrastructure spending, urbanization, and the need for efficient and productive machinery. Hydraulic excavators offer benefits like high digging power, versatility, and ease of operation. Key components of hydraulic excavators include engines, hydraulic systems, and attachments. Manufacturers focus on improving the efficiency, durability, and performance of these components to meet the evolving demands of the market. The market is competitive, with major players investing in research and development to introduce new products and technologies. The future of the hydraulic excavator market looks promising, with growing demand for sustainable and eco-friendly solutions. The hydraulic excavator industry is witnessing increased demand due to the rising adoption of hybrid hydraulic excavator vehicles in green building projects, road and port construction, and the oil and gas construction sectors, as well as in the mining industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.12% |
Market growth 2024-2028 |
USD 4.78 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.06 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Volvo, Astec Industries Inc, BEML Ltd., Caterpillar Inc., CNH Industrial NV, Deere and Co., Doosan Infracore Co. Ltd., FAYAT SAS, Gradall Industries Inc., 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 market 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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.