PUBLISHER: The Business Research Company | PRODUCT CODE: 1539708
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539708
A hydraulic excavator is a robust construction machine that utilizes a hydraulic system to carry out diverse earthmoving tasks. It typically consists of a boom, dipper (or stick), bucket, and cab mounted on a rotating platform. By harnessing hydraulic fluid under pressure, the excavator effectively powers and maneuvers its components, enabling it to excavate, lift, and transport large quantities of material.
Hydraulic excavators are primarily classified into crawler, mini, and wheeled types. Crawler excavators are outfitted with tracks instead of wheels, enhancing stability and traction, which makes them well-suited for challenging terrains and heavy-duty applications such as mining and construction. These excavators vary in power ratings, from 0-300 hp, 301-500 hp, and above 501 hp, and are available in sizes ranging from up to 8 tons, 8 to 12 tons, and 12 to 20 tons. They are operated through different mechanisms including electric, conventional, and hybrid, serving diverse end-users such as contractors, rental providers, and others.
The hydraulic excavator market research report is one of a series of new reports from The Business Research Company that provides hydraulic excavator market statistics, including hydraulic excavator industry global market size, regional shares, competitors with a hydraulic excavator market share, detailed hydraulic excavator market segments, market trends, and opportunities, and any further data you may need to thrive in the hydraulic excavator industry. This hydraulic excavator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hydraulic excavator market size has grown steadily in recent years. It will grow from $67.60 billion in 2023 to $69.89 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. Historic period growth was driven by rising demand in the oil and gas construction sectors, urbanization, large-scale mining projects, increasing need for excavation and construction equipment, and expanding infrastructural activities.
The hydraulic excavator market size is expected to see steady growth in the next few years. It will grow to $80.55 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. Forecast period growth is attributed to thriving construction and mining industries, greater adoption of hydraulic excavators in mining, increasing urbanization and infrastructure upgrades, continued large-scale mining projects, and heightened construction activities. Key trends in this period include the rising popularity of hybrid hydraulic excavator vehicles, recent technological developments, advancements in technology, product innovations, and technological progress.
The growth of the hydraulic excavators market is expected to be driven by increasing construction activities. Construction involves the physical development of buildings, infrastructure, and various structures, spurred by rapid urbanization, infrastructure expansion, and a focus on efficiency and precision in construction projects. Hydraulic excavators play a pivotal role in modern construction by providing the necessary power, efficiency, and adaptability to tackle a wide range of demanding tasks. For example, in December 2021, the US Census Bureau reported a significant increase in construction activity value from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, marking a growth rate of 10.2%. This underscores the pivotal role of construction activity in driving the hydraulic excavators market forward.
Leading companies in the hydraulic excavators market are prioritizing the development of eco-friendly models to mitigate environmental impact, comply with stringent emission regulations, and meet the growing demand for sustainable construction solutions. Eco-friendly hydraulic excavators are heavy-duty equipment designed to minimize environmental footprint while maintaining high performance and efficiency levels. For instance, in May 2022, Larsen & Toubro, Komatsu India, and Scania India collaborated to introduce four new eco-friendly hydraulic excavators capable of running on B20 biodiesel. These include models such as the Komatsu PC205-10MO, Komatsu PC500LC-10R, Komatsu PC210LC-10MO super long front, and Komatsu GD535-6 motor grader. These machines offer equivalent power and productivity while significantly reducing greenhouse gas emissions. Additionally, Komatsu's equipment is equipped with digitalized KOMTRAX tracking systems, enabling real-time monitoring of equipment health and enhancing operational efficiency.
In December 2021, CNH Industrial N.V., a UK-based manufacturer of capital goods, completed the acquisition of Sampierana S.p.A. for an undisclosed sum. This acquisition was a strategic initiative by CNH Industrial to expand its portfolio by integrating Sampierana's specialized expertise in manufacturing products for the industrial sector, particularly hydraulic excavators. Sampierana S.p.A., headquartered in Italy, is renowned for its production of hydraulic excavators, enhancing CNH Industrial's capabilities in this segment of the market.
Major companies operating in the hydraulic excavator market are Caterpillar Inc., Deere & Company, Komatsu Ltd., Kubota Corporation, Liebherr Group, Sany Heavy Industry Co. Ltd., Volvo Construction Equipment, Hitachi Construction Machinery Co. Ltd., Sumitomo Heavy Industries Construction Crane Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Terex Corporation, JCB Inc., Wacker Neuson SE, Lonking Holdings Limited, Shantui Construction Machinery Co. Ltd., Bobcat Co., Sunward Intelligent Equipment Co. Ltd., Kobelco Construction Machinery Inc., Guangxi LiuGong Machinery Co. Ltd., Takeuchi Manufacturing Co. Ltd., Hyundai Construction Equipment Co. Ltd., Doosan Infracore Co. Ltd., XCMG Construction Machinery Co. Ltd., Yanmar Holdings Co. Ltd., Shandong Huitong Heavy Industry Co. Ltd.
Asia Pacific was the largest region in the hydraulic excavator market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulic excavator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hydraulic excavator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hydraulic excavator market consists of sales of short-swing radius excavators, long-reach excavators, and compact excavators. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hydraulic Excavator Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hydraulic excavator market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hydraulic excavator ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hydraulic excavator market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.