Growth Opportunities in the Excavators and Loaders Industry, 2024 2030

Electrification, Smart Equipment, and Business Model Transformation to Drive Long-Term Growth

Excavators and loaders are versatile machines used in road and infrastructure projects, residential and commercial building construction, and mining operations. The industry has grown significantly in recent years, with a global market size of $55.68 billion in 2023. The publisher projects a 5.2% compound annual growth rate (CAGR) to reach $79.48 billion in 2030. Factors driving the industry include infrastructure development and rapid urbanization, construction project demand, application versatility, and sustainability practices.

The publisher forecasts that excavator and loader unit sales in the United States and Europe will register resilient CAGRs of 1.5% and 2.1%, respectively, between 2023 and 2030. India and China will likely record strong CAGRs of 6.8% and 5.7%, respectively, for the same period because of urban planning and infrastructure strategies.

The industry is competitive, with many manufacturers wanting a piece of the action. Caterpillar, John Deere, Hitachi, Hyundai, Kobe Steel, Komatsu, Sany, Volvo, CNHI, Kubota, JCB, Liugong, Shantui, and XCMG have a presence in multiple markets and offer a range of products. A trend toward more sustainable and efficient vehicles with an increasing focus on reducing emissions and improving fuel efficiency characterizes the industry. This drives innovation, with manufacturers developing electrification and autonomous technologies.

Major innovations are likely in the areas of electric equipment, smart features such as fleet management and telematics, 5G integration, business model transformation in equipment-as-a-service, financing, and service and maintenance. The publisher expects industry growth to be propelled by high-tech innovations, interoperability, and the need for electric equipment.