GVR Report cover Excavator Market Size, Share & Trends Report

Excavator Market Size, Share & Trends Analysis Report By Product (Crawler, Wheeled, Mini/Compact), By Application (Construction), By Region, Competitive Landscape, And Segment Forecasts, 2018 - 2025

  • Report ID: GVR-2-68038-537-3
  • Number of Pages: 174
  • Format: Electronic (PDF)
  • Historical Range: 2014 - 2016
  • Industry: Technology

Industry Insights

The global excavator market size was valued at USD 37.29 billion in 2016. The industry has witnessed substantial growth owing to rising investments in the construction sector, particularly in emerging countries including India, China, and South Korea. Excavators are hydraulic equipment that consists of a house and undercarriage with a bucket attached to its arm.

Upswing in the number of large-scale projects in the mining, road and port construction, and oil and gas construction sectors have led to a surge in demand for excavators on a global level. The emergence of concept of excavator rentals is another major driving factor as it enables operators and manufacturers to utilize the equipment without heavy capital investments and make maximum utilization of the equipment.

U.S. excavator market

Technology-enabled excavators are more efficient than traditional equipment as they save time and provide information to service centers in case of any malfunction or operational drawbacks. Owing to stringent regulations related to emission control, equipment manufacturers are developing environment-friendly equipment.

Some of the key roadblocks in the upward climb of the market are high maintenance cost, continuous technical support, and stringent emission norms. The foremost function of manufacturers is to build efficient and technologically-advanced equipment, which fulfills the norms and caters to the needs of end users.

Mini/compact excavators accounted for USD 7.76 billion in 2016. These excavators are expected to lose market share over the coming years. Crawlers and mini/compact excavators are widely popular in the U.S. due to their strong demand in the residential sector. However, heightened demand for excavators by the rental and energy development industries is estimated to lower the demand for new equipment over the forecast period.

EPA emission regulations that came to effect on January 1, 2012, require new machines built to be equipped with Tier 4 interim engines. Wheeled excavators are a niche segment in the American region as wheelers are used for operations on the urban environments for excavating, lifting, and renovating buildings and infrastructure, whereas American contractors require equipment to work on rough land.

Product Insights

Demand for wheeled excavators is anticipated to rise at the highest CAGR of 6.5% during the forecast period. Easy mobility of wheeled excavators from one place to another and stability due to the weight of their undercarriage helps them to work more efficiently. This factor is, therefore, likely to supplement the growth of the market.

Mini excavators have an operating range of 0.75 tons to 10 tons and are used for light construction work, agriculture, forestry work, and small demolitions. It is useful for many small- to medium-sized operations. Other excavators are used to perform specific functions. Such as long reach is used for dredging, dragline is used for mining and construction work, and bucketwheel is used for surface mining.

Application Insights

On the basis of application, the construction segment is projected to exhibit a CAGR of 8.1% over the forecast period. Road projects and initiatives undertaken by governments worldwide is poised to stir up the demand for excavators. Increasing urbanization and industrialization are leading to a rise in construction activities and subsequently, upsurge in demand for excavators.

Asia Pacific excavator market

Other activities including mining, utility, and agriculture. Investments in the mining sector and various sports and cultural events such as Summer Olympics, Commonwealth Games, and Winter Olympics are expected to contribute to the growth of the excavator market.

Regional Insights

From a geographical front, the report reviews markets in North America, Asia Pacific, Middle East, and Africa, Europe, and Latin America. The Asia Pacific market was valued at USD 19.07 billion in 2016. Improving economic conditions and rapid infrastructure development in emerging economies such as China, India, and South Korea are fostering the construction industry.

The market in developed countries is estimated to register relatively sluggish growth over the coming years. There has been a decline in construction activities in North America and Europe in recent times with low investments in infrastructure expansion, which in turn can hamper growth prospects.

Excavator Market Share Insights

The global market is highly competitive in nature. Key industry competitors include Caterpillar, Komatsu, Liebherr, Hitachi, John Deere, and Kobelco. Excavator manufacturers are using strategies, such as rentals, partnerships with component providers, and investments in research & development to broaden their product portfolio. For instance, in 2016, Caterpillar Inc. launched a strategic alliance with Ritchie Bros for onsite and offsite auction of used Cat equipment.

Report Scope



Base year for estimation


Actual estimates/Historical data

2014 - 2016

Forecast period

2017 - 2025

Market representation

Revenue in USD Billion and CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

The U.S., Canada, The U.K., Germany, France, China, India, Japan, Brazil, Mexico,

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization

Segments Covered in the Report

This report forecasts revenue growth at global, regional, & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global excavator market report on the basis of product, application, and region:

  • Application Outlook (Revenue, USD Billion, 2014 - 2025)

    • Construction

    • Others

  • Product Outlook (Revenue, USD Billion, 2014 - 2025)

    • Crawler

    • Wheeled

    • Mini/Compact

    • Others

  • Regional Outlook (Revenue, USD Billion, 2014 - 2025)

    • North America

      • The U.S.

      • Canada

    • Europe

      • Germany

      • France

      • The U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

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