Excavators Market Outlook
According to the report by Expert Market Research (EMR), the global excavators market share, is projected to grow at a CAGR of 4.9% between 2023 and 2028. Aided by the rising demand for infrastructure and increasing applications of excavators in various industries, the market is expected to grow significantly by 2028.
Excavators are multipurpose building tools used for earthwork, demolition, heavy lifting, and surface mining. They are essential for resource exploitation, infrastructure construction, and general economic growth. Excavators are extremely useful in a variety of industrial applications, including construction, mining, and waste management. In addition to their basic tasks, they also display exceptional versatility when coupled with different attachments.
The increasing demand for infrastructure, especially in emerging economies, is a significant driver of the global excavators market growth. As nations continue to urbanise and industrialise, the need for new infrastructure in the form of roads, buildings, and utilities has seen a substantial increase, leading to a surge in demand for excavators. Additionally, the trend of smart city development has further contributed to the increasing popularity of excavators.
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In addition, the expanding applications of excavators in various industries is playing a significant role in accelerating the excavators market expansion. In the mining industry, excavators are utilised for surface mining and material handling. In the construction industry, they are integral to the building process, from site preparation to the construction phase. Moreover, the rise of the waste management industry, where excavators are used for landfill operations and recycling, is another key factor driving the market expansion.
Further, the advent of technologically advanced excavators, such as those with autonomous operation and electric powertrains, has led to an increased focus on excavators as a critical component for the future of industries. With the rise of automation and the growing concern for environmental sustainability, technologically advanced excavators have emerged as essential tools for efficient and eco-friendly operations, thereby boosting the excavators market growth. Additionally, the increasing focus on mechanisation in construction and related sectors has led to a growing interest in excavators as they enhance operational efficiency and productivity.
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Excavators Market Segmentation
The market can be divided based on product, application, and region.
Market Breakup by Product
- Wheeled
- Crawler
- Mini/Compact
- Others
Market Breakup by Application
- Construction
- Mining
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global excavators companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Caterpillar Inc.
- Komatsu Ltd.
- Liebherr-International Deutschland GmbH
- Volvo Group
- Hitachi Construction Machinery Co., Ltd.
- Others
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