Excavator Market Report 2025

The excavator market size has grown strongly in recent years. It will grow from $52.8 billion in 2024 to $55.72 billion in 2025 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to earthmoving and excavation needs, construction industry growth, mining sector expansion, demolition operations, utility and pipeline installation, landscaping and grading, forestry and logging.

The excavator market size is expected to see strong growth in the next few years. It will grow to $69.29 billion in 2029 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to focus on operator comfort and safety, focus on sustainability, versatility in attachment compatibility, emerging market development, focus on fuel efficiency and emissions reduction. Major trends in the forecast period include technological advancements in excavator design, hybrid and electric excavators, telematics and IoT integration, autonomous and remote-controlled excavators, rental market growth, rise in compact and mini excavators.

The expansion of the global construction industry significantly contributes to the excavator market's growth. This sector encompasses activities related to infrastructure construction, renovation, and maintenance. Excavators are favored in construction due to their adaptability in rough terrains, versatility, and ease of transportation. For example, in May 2022, the National Highways Authority of India reported a substantial surge of over 300% in the annual construction of national highways, reaching 3,963 km during 2021-22. This upsurge in construction activity signals a potential growth trajectory for the excavator market.

Anticipated growth in global trade is poised to elevate the excavator market. Global trade denotes the exchange of goods, services, and capital across international borders. Excavators are crucial in port development, cargo handling, and infrastructure projects, facilitating efficient goods movement. A report by the United Nations Conference on Trade and Development in September 2023 forecasts a 2.4% rise in maritime trade for 2023, with consistent growth projected from 2024 to 2028. The increased oil and gas trade, rising by 6% and 4.6%, respectively, in 2022, further amplifies the demand for excavators.

Leading companies in the excavator market focus on innovative products, including demolition excavators, to cater to diverse customer needs. Demolition excavators are specialized machines designed for structure and building demolition. For instance, Volvo Construction Equipment introduced the EC300E Straight Boom demolition excavator in February 2023. Distinguished by its 23-foot-long straight boom, this crawler excavator offers superior height and reach capabilities compared to conventional models. Safety features, such as a frame-mounted Falling Objects Guard and impact-resistant glass windows, ensure operator protection in challenging demolition environments.

Major players in the excavator market are innovating with products like mini excavators to broaden their customer base and drive revenue growth. Mini excavators, also known as compact excavators, are designed for precise digging in confined spaces. For instance, in June 2023, Kubota Corporation unveiled an 8.5-ton mini-excavator with a two-piece boom option, providing extended reach and improved efficiency in narrow spaces. Enhanced hydraulic controls allow operators to manage arm, boom, bucket, and swivel functions simultaneously, elevating work efficiency and productivity.

In April 2024, Epiroc AB, a Sweden-based provider of mining and infrastructure equipment, acquired STANLEY Infrastructure for an undisclosed amount. This acquisition is intended to strengthen Epiroc's foothold in the excavator attachments and handheld hydraulic tools market, especially in the U.S. infrastructure and construction sectors. STANLEY Infrastructure is a U.S.-based global manufacturer of high-performance equipment, focusing on attachments for excavators and hydraulic tools.

Major companies operating in the excavator market are Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Hyundai Heavy Industries Co. Ltd., JCB Limited, Komatsu Limited, Terex Corporation, Volvo Construction Equipment, Liebherr Group, Kobelco Construction Machinery Co. Ltd., Sany Heavy Industries Co. Ltd., Bobcat Company, LiuGong Machinery Corporation, CNH Industrial NV, BEML Limited, Takeuchi Mfg Company Limited, Xuzhou Construction Machinery Group Co. Ltd., Doosan Infracore Co. Ltd., Wacker Neuson SE, Yanmar Holdings Co. Ltd., Bell Equipment Limited, Foton Lovol International Heavy Industry Co. Ltd., Deere & Company, Kato Works Co. Ltd., Kubota Corporation, Mahindra & Mahindra Ltd., Manitou Group, Mitsubishi Heavy Industries Ltd.

Asia-Pacific was the largest region in the excavator market in 2024. The regions covered in the excavator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the excavator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Excavators, crucial construction equipment in the building industry, are utilized for tasks involving earth extraction, movement, and transportation of loose materials like gravel, sand, or soil within construction sites. They efficiently handle activities such as picking and placing, digging, landscaping, demolition, and material handling.

Within the category of excavators, several types prevail, including mini/compact excavators, crawler excavators, wheeled excavators, among others. Mini/compact excavators are smaller, lighter variants weighing between 0.7 and 6 tons. Featuring a shorter swing radius superstructure, these excavators offer advantages in urban or confined settings. Excavators vary in operating weight, classified into weight ranges of up to 50K kg, 51K to 75K kg, and 76K kg and above. They operate through various mechanisms such as electric, hydraulic, and hybrid, with power ratings falling within ranges of 0-300 bhp, 300-500 bhp, and 500 bhp and above.

The excavator market research report is one of a series of new reports that provides excavator market statistics, including excavator industry global market size, regional shares, competitors with an excavator market share, detailed excavator market segments, market trends and opportunities, and any further data you may need to thrive in the excavator industry. This excavator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The excavator market consists of sales of heavy excavators, dragline excavators, and backhoe and suction 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.

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