According to a new market report by Lucintel, the future of the excavator market looks promising with opportunities in the mining, sewage disposal, commercial, residential, and oil & gas construction applications. The excavator market is expected to grow with a CAGR of 28% from 2019 to 2024. The major drivers for this market are increasing residential and commercial construction activity, high investments by governments to upgrade the existing infrastructure, and rise in urbanization.
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In this market, crawler, compact, backhoe, suction, and dragline excavators are used in various applications. Crawler excavator will remain the largest segment in the excavator market.
Within the excavator market, mining, sewage disposal, commercial, residential, and oil & gas construction are the major end use industries. Construction will remain the largest end use segment for excavators.
Asia Pacific will remain the largest region over the forecast period due to the growth in infrastructure development, rise in urbanization, and development of roads and infrastructure.
BEML, Caterpillar, Hitachi Construction Machinery, JCB (Shanghai) Construction Machinery, Komatsu, Liebherr International, Sany Heavy Industry, Terex, and Volvo Construction are among the major manufacturers of excavators.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the excavator market by product type, size, power range, mechanism, end use, and region. Lucintel has prepared a comprehensive research report titled "Excavator Market 2019-2024: Trends, Forecast, and Opportunity Analysis". This Lucintel report serves as a catalyst for growth strategies, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the excavator market by product type, size, power range, mechanism, end use, and region as follows:
By Product Type [$M shipment analysis for 2013 – 2024]
Compact Excavators
Crawler Excavators
Dragline Excavators
Backhoe
Suction Excavators
By Size [$M shipment analysis for 2013 – 2024]
Mini/Compact ( <13,227 lbs)
Medium ( 13,227-22,046 lbs)
Standard/Full Size (22,046- 198,416 lbs)
Heavy Excavator (>198,416 lbs)
By Power Range [$M shipment analysis for 2013 – 2024]
0-300 BHP
300-500 BHP
500 & Above
By Mechanism [$M shipment analysis for 2013 – 2024]
Electric
Hydraulic
Hybrid
By End Use [$M shipment analysis for 2013 – 2024]
Mining
Sewage Disposal
Oil and Gas Construction
Construction
Commercial Construction
Residential Construction
By Region [$M shipment analysis for 2013 – 2024]
North America
Europe
Germany
Russia
France
United Kingdom
Italy
Asia Pacific
China
Japan
India
South Korea
Indonesia
Turkey
Brazil
The Rest of the World
This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/excavator-market.aspx or helpdesk@lucintel.com.
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