The hydraulic excavator global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Hydraulic Excavator Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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%. The growth in the historic period can be attributed to increasing demand for oil and gas construction sectors, increasing urbanization, increasing number of large scale mining-related projects, increasing demand for excavation and construction equipment, and rising 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%. The growth in the forecast period can be attributed to booming construction and mining industries, growing usage of a hydraulic excavators in mining, increasing need for urbanization and infrastructure upgrades ,increasing number of large scale mining-related projects, and rising construction activities. Major trends in the forecast period include growing popularity for hybrid hydraulic excavator vehicles, new recent developments, increase in the advancement in technologies, product innovations, and technological advancements.
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Scope Of Hydraulic Excavator Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hydraulic Excavator Market Overview
Market Drivers –
The increasing construction activities are expected to propel the growth of the hydraulic excavators market going forward. Construction activities involve the physical development of buildings, infrastructure, and other structures. The increasing construction activities are due to rapid urbanization, infrastructure development, and a focus on efficiency and accuracy in building projects. Hydraulic excavators are indispensable in modern construction, providing the power, efficiency, and versatility to handle diverse and demanding tasks. For instance, in December 2021, according to the United States Census Bureau, a US-based government agency, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, the increasing construction drives the hydraulic excavators market.
Market Trends –
Major companies operating in the hydraulic excavator market are developing eco-friendly hydraulic excavators to reduce environmental impact, comply with stringent emission regulations, and meet the increasing demand for sustainable construction solutions. Eco-friendly hydraulic excavators are heavy construction equipment designed to minimize environmental impact while maintaining high performance and efficiency. For instance, in May 2022, Larsen & Toubro, an India-based industrial technology company, Komatsu India, an India-based machinery company, and Scania India, a Sweden-based truck manufacturer, collaborated to launch four new eco-friendly hydraulic excavators that are B20-biodiesel-ready. This includes various models, such as Komatsu PC205-10MO hydraulic excavator, Komatsu PC500LC-10R hydraulic excavator, Komatsu PC210LC-10MO super long front, and Komatsu GD535-6 motor grader. These machines can operate on B20 biodiesel, delivering the same power and productivity level while significantly reducing greenhouse gas emissions. Furthermore, Komatsu’s machines come with digitalized KOMTRAX tracking systems, enabling users to monitor equipment health and improve operational efficiency.
The hydraulic excavator market covered in this report is segmented –
1) By Type: Crawler, Mini, Wheeled
2) By Power Rating: 0-300 HP, 301-500 HP, Above 501 HP
3) By Size: Upto 8T, 8 – 12T, 12 – 20T
4) By Operating Mechanism: Electric, Conventional, Hybrid
5) By End-User: Contractors, Rental Providers, Other End Users
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Hydraulic Excavator Market Report Structure
3. Hydraulic Excavator Market Trends And Strategies
4. Hydraulic Excavator Market – Macro Economic Scenario
5. Hydraulic Excavator Market Size And Growth
…..
27. Hydraulic Excavator Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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