A hydraulic excavator is a heavy construction machine equipped with a hydraulic system to perform various earthmoving tasks. It consists of a boom, dipper (or stick), bucket, and cab on a rotating platform. A hydraulic excavator uses hydraulic fluid under pressure to power and move its components, allowing it to dig, lift, and move large amounts of material.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The hydraulic excavator market report table of contents includes:
1. Executive Summary
- Hydraulic Excavator Market Characteristics
- Hydraulic Excavator Market Trends And Strategies
- Hydraulic Excavator Market – Macro Economic Scenario
- Global Hydraulic Excavator Market Size and Growth
.
32. Global Hydraulic Excavator Market Competitive Benchmarking - Global Hydraulic Excavator Market Competitive Dashboard
- Key Mergers And Acquisitions In The Hydraulic Excavator Market
- Hydraulic Excavator Market Future Outlook and Potential Analysis
- Appendix
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