The large excavator market is expected to reach $29.2 billion worldwide by 2032, growing at a CAGR of 3.0%: Allied Market Research
NEW CASTLE, DE, UNITED STATES, December 17, 2024 /EINPresswire.com/ – Allied Market Research has released a report titled “Large Excavator Market by Large Excavator Operating Weight (45 to 65 Ton, 65 to 100 Ton and Above)” published 100 tons), business type (new sales and customer service) and end user (construction and infrastructure, mining and quarries and others): Global opportunity analysis and Industry Forecast, 2023-2032. According to the report, the global large-scale excavation industry generated $21.9 billion in 2022 and is expected to generate $29.2 billion by 2032, registering a CAGR of 3.0% from 2023 to 2032.
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Main determinants of growth
An upswing in the mining and quarrying industries, growth in the construction and infrastructure sectors, and increasing focus on public-private partnership (PPP) products are driving the growth of the global large excavator market. However, different CO2 emission regulations around the world are limiting market growth. In addition, the integration of the latest technologies in large excavators will offer new opportunities in the coming years.
COVID-19 scenario
The outbreak of the COVID-19 pandemic had a negative impact on the global large excavator market due to the temporary closure of manufacturing plants during the lockdown.
Not only production but also sales were hampered by the closure of various mining and construction sites around the world, especially in the early days of the pandemic.
The 45 to 65 tonne segment will maintain its leadership status throughout the forecast period.
In terms of operating weight, the 45 to 65 tonne segment held the highest market share in 2022, accounting for more than two-fifths of global large excavator market revenue. It is estimated to maintain its leadership status throughout the forecast period. Additionally, the increase in renewable energy projects such as wind and solar farms opens opportunities for excavators in land preparation and foundation work. Manufacturers have the opportunity to introduce innovative features that increase productivity, reduce downtime and improve overall efficiency. Such factors drive market growth. However, the 65 to 100 tonne segment is expected to witness the highest CAGR of 3.4% from 2023 to 2032. Customers in this segment often value high power and digging performance, leading to a trend toward more robust engine configurations. Additionally, driver comfort features, including ergonomic designs, modern cabs and improved visibility, are becoming increasingly important in this weight class.
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The new sales segment is expected to maintain its leadership status throughout the forecast period
By business type, the new sales segment held the highest market share in 2022, accounting for nearly three-quarters of the global large excavator market. It is estimated to maintain its leadership status throughout the forecast period. Large excavators are essential equipment for the mining and construction industries, and these industries often use these machines for digging and earthmoving. Additionally, large excavators are often used long-term in these sectors, so purchasing rather than leasing the equipment is usually more economical, particularly for large mining companies. However, the after-sales segment is expected to witness the highest CAGR of 3.4% from 2023 to 2032. Excavators are mechanical machines and are subject to frequent maintenance due to damage caused by excessive force, pressure, weather conditions such as rain, snow and others. Therefore, companies offer various aftermarket services as well as parts and components.
The mining and quarrying segment will maintain its leading position during the forecast period
By end-users, the mining and quarrying segment accounted for the largest share in 2022, contributing to nearly two-thirds of the global large excavator market revenue. It is expected to maintain its top position during the forecast period. The mining industry uses a variety of heavy equipment, including large excavators, which play a crucial role in digging, shoveling, and earthmoving. The thriving mining sector is expected to lead to increasing demand for large excavators integrated into mining operations. However, the construction and infrastructure segment is expected to witness the largest CAGR of 3.4% from 2023 to 2032. The increasing demand for public and private infrastructure has skyrocketed due to the growing global population and rapid urbanization. As a result, countries such as China, India, the United States, Vietnam and others have made significant investments in infrastructure development to meet the growing needs of their populations.
The Asia-Pacific region is expected to maintain its dominance until 2032
By region, Asia Pacific had the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global large excavator market revenue and is expected to dominate the market during the forecast period. Furthermore, the same region is expected to witness the fastest CAGR of 3.4% from 2023 to 2032. The Asia-Pacific region is largely a developing region with developing countries such as India, China and Vietnam. Due to rapid infrastructure growth, these countries are considered important markets. Other smaller but developed countries such as Japan, South Korea, Malaysia, Australia and others have a significant impact on the large excavator market in Asia Pacific.
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Leading Market Players:-
AB Volvo
Liebherr International AG
KOMATSU Ltd
Hitachi Ltd.
XCMG Construction Machinery Co., Ltd.
Deere & Company
CNH Industrial NV
Sanny Global
HD Hyundai Infracore Co., Ltd.
Caterpillar Inc.
The report provides a detailed analysis of these key players in the global large excavator market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting the business performance, business segments, product portfolio, and strategic moves of market players, thus depicting the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global enterprises, medium and small businesses. AMR takes a focused view of providing business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas.
We have professional business relationships with various companies and this helps us in identifying market data that helps us create precise research data tables and confirms the highest accuracy of our market forecasts. Pawan Kumar, CEO of Allied Market Research, is instrumental in inspiring and encouraging everyone associated with the company to maintain high data quality and help customers succeed in every way possible. All data presented in the reports we publish are extracted through initial interviews with top officials from leading companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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Allied Market Research
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