Excavators Market Expected to Expand at a Steady CAGR through 2024

Excavators, also known as hydraulic excavators, are heavy construction equipment that play an important role in the global construction equipment market. Excavator is one of the major segments of the construction equipment industry. It is widely used in applications such as commercial construction, residential construction, mining, and sewage disposal. An excavator comprises a backhoe called rear actor or back actor, dipper or a stick, digging bucket, and cab on a rotating platform known as a house. The backhoe draws towards itself the bucket attached. The dipper or dipper stick carries the bucket. The digging bucket digs the soils from the ground, while the cab on the rotating platform dumps the soil at the required place. Excavator is used to excavate soil of different forms.

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Various types of excavators are available in the market. They are also available in different power ranges. In terms of power range, the excavators market can be segmented into 0-300 HP, 301-500 HP, and 501 & above HP. In terms of type, the excavator market can be divided into mini, heavy, wheeled, and crawler. Mini excavator is also known as compact excavator. It is smaller in size, and thus called mini excavator. It weighs from 0.7 to 8.5 tons. Mini excavator consists of a backfill blade and a boom swing. Heavy excavators are the usual hydraulic excavators with backhoe, dipper, digging bucket, and cab. Crawler excavator is a crawling digger designed to dig or move large objects. It runs or moves on a crawler chassis. Wheeled excavators are excavator with wheels. The crawler excavator segment dominated the global excavators market in 2015. It was followed by the mini excavator segment. This was due to the increasing demand for technologically advanced and fuel-efficient excavators.

The excavator market can also be segmented on the basis of end-user. Excavators are employed in end-user markets such as infrastructure, mining, and waste management. The product is used to place armors and large rocks, move construction materials and other construction waste in the infrastructure market. Excavators are used to dig the ground for extraction of ores in the mining industry. In waste management, excavators are employed to carry large heaps of waste from one place to another for disposal. The excavators market expanded significantly from 2014 to 2015 due to the increase in investments in construction and mining sectors and rise in awareness about waste management.

Asia Pacific dominates the global excavator market, led by the growth in infrastructure development and rise in urbanization in China. Increase in population in countries such as China and India is expected to boost the construction market. Construction of roads and infrastructure is anticipated to increase rapidly in developing countries such as China and India. This is estimated to propel the excavators market. North America is also a favorable market for excavators. Outlook for the excavator market in Europe also appears positive, as excavators are used on a large scale in developed countries such as Germany, France, and the U.K. The excavator market in Saudi Arabia and Turkey is also growing rapidly. This is projected to augment the excavator market in Middle East & Africa. The region is a leading market for oil & gas. This offers immense opportunities to the excavator market in Middle East & Africa. Excavators are employed in the mining of oil. Thus, demand for excavators in Middle East & Africa is increasing. Competition is likely to intensify in the global excavator market in the next few years owing to implementation of new emission norms. This is also estimated to create new market opportunities.

Key players operating in the excavator market include Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Kobelco Construction Equipment, and Volvo Construction Equipment. Increasing investments in the residential construction segment followed by transport infrastructure development is projected to augment the prospects for growth in this market. This will be resulting in steady market growth rate and boosting the sales of excavator manufacturers.

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