The Excavator Global Market Report 2023 by The Business Research Company, provides excavator market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Excavator Global Market Report 2023, the market size is expected to grow from$47.74 billion in 2022 to $50.14 billion in 2023 at a compound annual growth rate (CAGR) of 5.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The excavator market size is expected to grow to $59.98 billion in 2027 at a CAGR of 4.6%.
The growing construction industry across the globe is contributing to the growth of the excavator market. The construction industry refers to the industrial division of production and trade that is concerned with the construction, repair, renovation, and maintenance of infrastructure. The construction industry uses an excavator as it offers advantages such as easily navigating rough terrain, being highly versatile, and being able to be transported easily and efficiently.
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The excavator market is segmented:
1) By Type: Mini/ Compact Excavator, Crawler Excavator, Wheeled Excavator, Other Type
2) By Operating Weight: Upto 50K Kg, 51K to 75K Kg, 76K Kg and Above
3) By Mechanism Type: Electric, Hydraulic, or Hybrid
4) By Power Range: 0-300 BHP, 300-500 BHP, and 500 And Above
5) By End-Use Industry: Construction, Forestry And Agriculture, Mining and Other End-Use Industries
The adoption of technologically equipped excavators is gaining significant popularity in the excavator market. Major market players are concentrating their efforts on implementing new technological modifications to gain a competitive edge in the market. For instance, in May 2020, Sany Heavy Industry Co. Ltd., a China-based company that develops and manufactures construction machinery—excavators, cranes, pumps, and mining equipment, launched SY750H and SY950H excavators that feature the latest technological upgrades, such as a hydraulic system with reduced fuel consumption and a dynamic response engine that provides steady operations for a variety of heavy-load excavation missions such as stone, coal, and metal.
The excavator market report table of contents includes:
1. Executive Summary
2. Excavator Market Characteristics
3. Excavator Market Trends And Strategies
4. Excavator Market – Macro Economic Scenario
5. COVID-19 Impact On Excavator Market
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26. Africa Excavator Market
27. Excavator Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Excavator Market
29. Excavator Market Future Outlook and Potential Analysis
30. Appendix
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