GVR Report cover Excavators Market Size, Share & Trends Report

Excavators Market Size, Share & Trends Analysis Report By Vehicle Weight (< 10, 11 to 45, 46 >), By Engine Capacity (up to 250 HP, 250-500 HP), By Type (Wheel, Crawler), By Drive Type (Electric, ICE), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-2-68038-537-3
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global excavators market size was valued at USD 70,650.6 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. Due to increased investments in the construction sector, particularly in growing nations like India, China, and South Korea, the Excavator industry has experienced significant growth. Excavators are pieces of hydraulic machinery with an arm-mounted bucket and an undercarriage. Global demand for excavators has increased as a result of an increase in the number of major road, port, mining, oil and gas construction projects. Another significant driving force for the excavator industry is the concept of excavator rentals, which allows manufacturers and operators to use the machinery to its fullest potential without having to make significant capital commitments.

North America excavators market size, by vehicle weight, 2020 - 2030 (USD Billion)

A number of countries and regions have experienced a rapid spread of the coronavirus, which has had a significant impact on both communal life and industries as a whole. The COVID-19 outbreak halted production and disrupted supply chains. Subsequently an economic down turn affected the demand among both non-commercial and commercial users for excavator. However, as containment measures and vaccine campaigns subdued the effects of the coronavirus, the construction and mining industry saw an uptick. The excavator manufacturers saw an increase in demand which is likely to contribute to the excavator industry's revival.

Excavator equipped with technology are more effective than conventional machinery because they save time and inform service centers in the event of a malfunction or other operational issues. Equipment producers are creating environmentally friendly equipment as a result of strict emission control regulations. The main responsibility of manufacturers is to provide technologically sophisticated, efficient equipment that complies with regulations and meets consumer expectations. In enclosed spaces like forestry, agriculture, and small-scale construction projects, excavators are employed. The instrument is practical for accelerating construction activities and is built to offer greater operational skills, thus elevating the excavator industry growth.

Mini excavators are anticipated to have new technological characteristics and offer lower emissions due to the integration of cutting-edge hydraulic systems and electrification. A growing number of smart infrastructure projects are being launched in underdeveloped countries with significant government backing. Strong consumer real estate investments and increased disposable income will increase the need for hydraulic excavators in the construction industry. For instance, the Digital Economy Promotion Agency (DEPA) of Thailand received a technical support grant from the U.S. Trade & Development Agency in September 2022.

Additionally, strict emission control requirements have mandated the use of eco-friendly machinery, opening up lucrative growth prospects for the world market for Crawler excavators.Diesel is the fuel of choice for most excavators utilized in various industrial sectors. Numerous governing authorities have enacted strict emission requirements that all excavator market participants must follow to reduce air pollution brought on by heavy machinery with ignition engines, such as excavators.

For manufacturers in the excavator sector, the U.S. Environmental Protection Agency (EPA) has set Tier 4 emission regulations, certification criteria, and other compliance restrictions. Additionally, Regulation (EU) 2016/1628 and the European Commission's non-road mobile machinery emission standards force firms to alter their manufacturing processes, which could raise the overall cost of production. Manufacturers of excavators continue to be impacted by the strict legislation and quality standards that are being imposed. However, a few of the factors that are anticipated to impede the market's growth include costly installation and maintenance costs, as well as the requirement for ongoing technical assistance.

Vehicle Weight Insights

The excavators weighing above 46> held the largest market share of 35% in 2022. These powerful excavators can do heavy-duty work and weigh more than 45 metric tons. For large-scale demolition or significant commercial construction projects, heavy-duty excavators offer significant power. Large excavators can be useful in transporting large amounts of soil for civil engineering projects or digging foundations for malls or residential buildings. Large excavators might be difficult to carry and store, but can handle significant excavation tasks with ease and are a long-term investment. 

Similarly, excavators weighing < 10 are projected to register a CAGR of 5.8 % during the forecast period. Generally termed mini excavators, these compact excavators are ideal for confined task sites. Mini excavators can fit in tight locations and do landscaping jobs like digging trenches for plumbing or tree holes. Because mini excavators frequently have minimal or very zero tail swing, operators can comfortably operate them close to infrastructure. Mini excavators offer better dexterity than bulkier digging equipment for construction locations with numerous underground pipes or gas lines. Mini excavators also use less gasoline than larger excavators, making them easier to be transported on a trailer.

Engine Capacity Insights

Based on engine capacity the market is differentiated based on Up to 250 HP, 250-500 HP, and more than 500 HP. Among all the segments, up to 250 HP accumulated the highest market share of 68.80% in 2022 and is anticipated to register the fastest growth of 5.7 % from 2023-2030. One of the main elements fostering a positive perspective for the market is commercial and residential construction projects. Worldwide, large-scale construction of ports, highways, and mining operations all make extensive use of excavators with engine capacity of up to 250 HP.

Furthermore, the segment expansion is being fueled by the increased use of automated excavators. These excavators enable remote operation tracking and help to reduce labor costs. Other growth-promoting aspects include a variety of product improvements, like the use of excavator power from electric motors powered by fuel cells. Fuel cells are compact and more productive than diesel engines, which expands the operator's cabin area and raises the machine's overall output.

Drive Type Insights

ICE was the dominating segment with a significant 99.27 % revenue share in 2022. Road projects and initiatives undertaken by governments worldwide are poised to stir up the demand for excavators. Increasing urbanization and industrialization are leading to a rise in construction activities and subsequently, an upsurge in demand for excavators. Over the course of the forecast period, the market expansion for excavators is anticipated to be driven by ongoing residential construction and infrastructure development. Additionally, the widespread use of excavators in the construction, upkeep, and restoration of electric transmission networks and gas pipelines is anticipated to hasten the growth of the excavator industry.

The electric type segment is anticipated to gain traction over the forecast period with a CAGR of 14.2%. Due to the rising demand for small excavators in Europe and China, electric excavator sales experienced significant traction. Additionally, as nations throughout the world implement the required measures to achieve net-zero emissions, the demand for electric cars in the construction industry is rising. Similarly, rental firms realized that the electrification of powertrains is a crucial technology to reduce emissions from construction equipment, which further supports the market's expansion. The demand for battery-based equipment has grown as a result of the move toward higher pollution limits. 

Type Insights

The wheel excavators segment held the highest revenue share of 72.56% in 2022. The wheel excavator sector is projected to increase as a result of the growing requirement for waste management in the industrial industries. The massive development projects taking place in developing nations like China and India will increase demand for these cars. The need for heavy material handling systems, including as backhoe loaders, crawler loaders, and others, is also increasing due to the growing collection of garbage from waste yards, building sites, and industrial sites which is promoting the expansion of the wheel excavator segment. In addition, governments in developing nations are putting in place plans for proper waste management. It is anticipated that this factor will have a substantial impact on the growth of the wheel excavator segment in the years to come.

Global excavators market share, by type, 2022 (%)

Demand for crawler excavators is anticipated to rise at the highest CAGR of 5.6% during the forecast period. Easy mobility of crawler excavators in relocation from one place to another and additional stability due to the weight of their undercarriage help them undertake work more efficiently. This factor is, therefore, likely to supplement the growth of the market.The market for crawler excavators is predicted to rise as a result of technological developments like air-to-water intercooler engines that produce more power.

Furthermore, the market is growing due to features like a special riding control, a dedicated swing pump, load-sensing hydraulics, work-toll adaptability, and a hydraulically powered cooling fan. Some of the factors that hinder the growth of the worldwide crawler excavator segment include the fact that crawler excavators are not appropriate for hilly places because of the ground's poor traction and high maintenance costs.

Regional Insights

Asia Pacific dominated the market and accounted for the largest revenue share of over 40.5% in 2022. It is expected to register the highest growth rate of 5.7% during the forecast period. The construction industry is being supported by improving economic conditions and quick infrastructure development in growing economies like China, India, and South Korea. China dominated the excavator industry owing to the presence of major manufacturers and their increasing efforts to establish new production plants.

Excavators Market Trends by Region

Major ongoing projects in China include the Shanghai Metro Line 23: Phase I, Foshan Metro Line 4: Phase I, Liuzhou-Wuzhou Railway Line, Zhongwei Ji'an Natural Gas Pipeline project, Shanghai Chip Manufacturing Plant, and Belt and Road Initiative among others. These projects have led to a major increase in demand for excavators in China. Furthermore, growing mining activities in counties such as India, Thailand, China, and Vietnam also support the market growth.

Key Companies & Market Share Insights

The nature of the global market is one of intense competition. Caterpillar, Komatsu, Liebherr, Hitachi, John Deere, and Kobelco are significant industry rivals. Manufacturers of excavators are expanding their product lines by utilizing techniques like rentals, alliances with component suppliers, and R&D expenditures. For instance, Caterpillar Inc. announced the launch of 320 GC, 320, and 323, the three new next-generation 20-ton size class excavators. Caterpillar recently announced that the incorporation of its latest Cat Connect Technology in the design of these excavators has improved efficiency, productivity, and reduced operating costs. Some prominent players in the global excavators market include:

  • Atlas Copco

  • Caterpillar Inc.

  • CNH Global NV

  • Doosan

  • Escorts Group

  • Hitachi Construction Machinery

  • Hyundai Heavy Industries Ltd

  • JC Bamford Excavators Ltd.

  • John Deere

  • Kobelco

  • Komatsu Ltd.

  • Liebherr-International AG

  • Manitou Group

  • Mitsubishi

  • Sany Heavy Industries Co Ltd.

  • Sumitomo Heavy Industries Ltd

  • Terex Corporation

  • Volvo Construction Equipment AB

Excavators Market Report Scope

Report Attribute


Market size value in 2023

USD 75,848.2 million

Revenue forecast in 2030

USD 108.37 billion

Growth rate

CAGR of 5.2% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

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

Segments covered

Vehicle weight, engine capacity, type, drive type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany, France, Rest of Europe; China; India; Japan; Rest of APAC; Brazil; Mexico; Rest of Latin America; Middle East & Africa

Key companies profiled

Atlas Copco, Caterpillar Inc.; CNH Global NV; Doosan; Escorts Group; Hitachi Construction Machinery; Hyundai Heavy Industries Ltd; JC Bamford Excavators Ltd.; John Deere; Kobelco, Komatsu Ltd.; Liebherr-International AG; Manitou Group; Mitsubishi; Sany Heavy Industries Co Ltd.; Sumitomo Heavy Industries Ltd; Terex Corporation; Volvo Construction Equipment AB

Customization scope

Free report customization (equivalent to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Excavators Market Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global excavators market report based on vehicle weight, engine capacity, type, drive type, and region:

  • Vehicle Weight Outlook (Revenue, USD Million, 2018 - 2030)

    • <10

    • 11 to 45

    • 46>

  • Engine Capacity Outlook (Revenue, USD Million, 2018 - 2030)

    • Up to 250 HP

    • 250-500 HP

    • More than 500 HP

  • Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Wheel

    • Crawler

  • Drive Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Electric

    • ICE

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Rest of Europe

    • Asia Pacific

      • China

      • India

      • Japan

      • Rest of Asia Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East & Africa

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