굴착기 시장 평가 : 유형, 엔진 용량, 최종사용자 산업, 동력원, 지역별 기회와 예측(2017-2031년)

Global excavators market is projected to witness a CAGR of 5.24% during the forecast period 2024-2031, growing from USD 53.49 billion in 2023 to USD 80.49 billion in 2031. Excavators play a significant role in major industries, such as mining, construction, and forestry, finding their applications and contributing to the market size. Advanced transmission and the advent of mini excavators are expected to shape the market growth. The integration of telematics with excavator attachments revolutionizes construction and mining projects. These additions are projected to enable better fleet management, predictive maintenance, and improved holistic efficiency. AI is becoming prevalent in the construction sector, and this also applies to excavator attachments. More complex and regulated movements are possible for advanced AI algorithms that improve the accuracy and precision of attachments. This is especially helpful for jobs where accuracy is essential, such as excavation, grading, and demolition.

Advanced sensors are available on many excavators to provide real-time feedback about soil conditions, attachment positioning, and potential obstacles. As a result, sensors are significantly safer as the operator can receive updated and accurate information to make viable decisions. As environmental consciousness increases, eco-friendly options such as electric and hybrid excavators are becoming more prevalent. They preserve high-performance levels while cutting down on fuel consumption, pollutants, and noise pollution. Consistently moving with greener technologies in the construction sector is leading to the dedication to ecologically friendly methods.

For instance, in April 2024, Volvo CE (The Volvo Group) launched the large electric excavator EC230 in Japan at CSPI-Expo. Volvo Construction Equipment introduced its largest model in Japan, the L25 Electric Compact Wheel Loader, which debuted last year, and the ECR25 Electric Compact Excavator, which debuted in 2022.

Infrastructure Development and Rising Mining Activities to Propel Market Growth

Most governments across the globe are undertaking infrastructure projects to increase economic growth, offer employment opportunities, and improve public facilities. Excavation work for highways, bridges, airports, and other forms of public transportation facilities is fueling the demand for excavators. In addition, along with strengthening the existing infrastructure, an increased number of people are shifting towards cities due to rapid urbanization, prompting the construction of newly developed residential and commercial properties. This urban sprawl generates great excavation needs for foundations, utilities, and landscaping.

As the global economy is largely dependent on minerals and natural resources, the mining industry is a massive market with an evident drag on excavator sales. It brings about the need for the excavation of surface sites and underground mining, which requires the removal of overburdened soil and the extraction of valuable minerals. One of the emerging trends in the development of mining is between open-pit and underground mining, where the latest excavator technologies and machinery are required. As mining industries turn to modern technology, the demand for diversified excavators specific to a particular type of job is evident. Hence, companies focus on delivering excavators that cater to various applications and are highly productive.

For instance, in June 2024, Caterpillar Inc. launched its new facelift excavators Cat 323D3, 320D3, and 320D3GC. The new electrohydraulic system installed in the Cat 323D3 and 320D3 machines lowers fuel consumption and maintenance expenses and enhances operational controllability and efficiency.

New Construction Projects and Technological Advancements to Fuel Market Growth

Excavators have many applications, especially when building commercial infrastructure or residential houses. Large excavators are used for site preparation and earthmoving in many construction projects, mainly in developing countries. Tall buildings, such as skyscrapers and shopping malls, require strong machines. Nonetheless, aged infrastructure always requires frequent repairs and updates, involving the major role of excavators, boosting market demand.

The integration of technology in excavators, such as GPS for precise grading and telematics for performance monitoring, enhances efficiency and reduces downtime. These advancements appeal to contractors looking to optimize operations and improve project timelines. Newer models are being designed with improved fuel efficiency and lower emissions. This helps contractors reduce operating costs and meet increasing regulatory demands for sustainability. For efficient operations, end-users turn to mini excavators that are highly efficient and helpful in different roles of construction, mining, and demolition operations. Hence, companies are introducing their mini machines to deliver these specific regional demands.

For instance, in September 2024, Tata Hitachi Construction Machinery Company Pvt Ltd. launched the 3.5 tons mini excavator ZAKIS 38U, segmented under the heavy construction equipment category. The machine's main engine is a powerful Japanese model with excellent performance. With its sophisticated hydraulic system, it operates smoothly and effectively, increasing productivity on the job site. The equipment is made to specifically fit the needs of the construction sector in India. It is ideal for utility work, urban building, and landscaping due to its great performance, efficiency, and longevity.

Higher Availability and Technological Innovation to Fuel the ICE Segment

Based on the power source, the Internal Combustion Engine (ICE) segment leads in terms of revenue. The higher availability of ICE vehicles, parts, and high-end research and development is expected to propel the segmental growth for the same. The addition of telematics, automation, and advanced hydraulics to the existing ICE excavator infrastructure puts it at the forefront of market innovation. While electric and hybrid excavators are gaining momentum, efficient and highly productive battery technology is yet to come.

ICE's long service life makes users and contractors inclined toward ICE excavators. Reliability for any condition adds strength to user confidence. Most of the operators are skilled and experienced in using an ICE excavator due to their familiarity with ICE technology. Power and torque levels offered by ICE excavators are more elevated and applied for heavy-duty operations such as major construction and mining works. For demanding jobs, ICE machines generally tend to complete work faster than electrical machines, as electricity might have limited power for some applications. Companies tend to launch excavators that are highly efficient in countering the widespread use of electric excavators.

For instance, in June 2023, Volvo CE (The Volvo Group) launched a series of multiple medium and large excavator models in North America named the ECR145 short swing, EC210, EC230, EC370, EC400, and EC500 crawler excavators. The company claimed this series has improved fuel efficiency and reduced costs and environmental impact.

Asia-Pacific Dominates Excavators Market Share

Asia-Pacific leads in the share of the global excavators market in terms of revenue. The rapid urbanization, infrastructural development, and technological innovation are expected to fuel the regional market. Companies hold major opportunities due to rapid economic activities, especially in emerging economies such as China, India, and Japan, investing in high-end research and development to deliver technically advanced products. Many governments in the region have launched large-scale infrastructure initiatives, such as China's Belt and Road Initiative, to enhance connectivity and stimulate economic growth, driving the demand for excavators. While India rebuilds old infrastructure and expands its cities, the role of construction machinery, such as excavators, is increasing.

Asia-Pacific market features a diverse range of applications for excavators, from mining and construction to agriculture and landscaping, allowing for broad market penetration. Manufacturers in the region are adapting their products to meet the specific needs of local markets, enhancing the relevance of excavators in different sectors. Electric excavators are a new thing in the regional market. In India, companies are launching Made in India to support government initiatives while increasing their presence in the regional market.

For instance, in August 2024, Kobelco Construction Equipment India Pvt Ltd. (Kobelco Construction Machinery Co., Ltd.) launched Made in India SK80, an 8-ton category mod-segment excavator. With over 70% plus indigenization, the SK80 exhibits a strong commitment to Kobelco's Make-in-India initiative.

In December 2023, Tata Hitachi Construction Machinery Company Pvt Ltd. launched its first Made in India electric excavator at EXCON, the 12th International Construction Equipment and Construction Technology Trade Fair.

Future Market Scenario (2024 - 2031F)

Autonomous excavators and remote-control technologies are expected to transform the market dynamics during the forecast period.

The shift towards electric excavators is anticipated to gain momentum as battery technology improves. Electric models will offer reduced emissions, lower operating costs, and quieter operation, making them suitable for urban areas.

Integration of telematics systems is projected to enable real-time monitoring of machine performance, fuel efficiency, and maintenance needs. Data analytics can optimize operations and reduce downtime.

Key Players Landscape and Outlook

Key players employ a multi-faceted strategy to enhance their competitive edge and drive growth. These strategies often focus on technological innovation, such as the integration of advanced automation and telematics systems, which improve operational efficiency and reduce downtime. Additionally, major manufacturers are expanding their product lines to cater to diverse customer needs, including electric and hybrid models that align with sustainability trends. Strategic partnerships and collaborations with local distributors enable companies to penetrate emerging markets more effectively. Furthermore, investing in after-sales services and customer support enhances brand loyalty and ensures long-term relationships with clients. By leveraging these strategies, key players aim to maintain market leadership while addressing evolving industry demands.

For instance, in July 2023, Liebherr Mining (Liebherr Group) launched a fuel-efficient R9300 generation 8 excavators. The R9250 will be replaced by this new excavator in Liebherr's 250 metric ton excavator lineup. This machine was initially shown to customers at Munich's Bauma 2022. The Liebherr R 9300 is a second-generation (8-generation) excavator in the company's product line. It is fitted with the newest technology in mining, such as Liebherr's Assistance Systems, and future upgrades, including automation, zero-emission technologies, and digital services.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customer

• 4.1. Product and Market Intelligence
• 4.2. Mode of Brand Awareness
• 4.3. Factors Considered in Purchase Decisions
  • 4.3.1. Size and Weight
  • 4.3.2. Power and Performance
  • 4.3.3. Digging Depth and Reach
  • 4.3.4. Attachments and Versatility
  • 4.3.5. Fuel Efficiency
  • 4.3.6. Operator Comfort
  • 4.3.7. Safety Features
• 4.4. Consideration of Privacy and Regulations

5. Global Excavators Market Outlook, 2017-2031F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
  • 5.1.2. By Volume
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Type
    • 5.2.1.1. Crawler Excavators
    • 5.2.1.2. Wheeled Excavators
    • 5.2.1.3. Dragline Excavators
    • 5.2.1.4. Suction Excavators
    • 5.2.1.5. Skid Steer Excavators
    • 5.2.1.6. Others
  • 5.2.2. By Engine Capacity
    • 5.2.2.1. Up to 250 hp
    • 5.2.2.2. Between 250 hp and 500 hp
    • 5.2.2.3. Above 500 hp
  • 5.2.3. By End-user Industry
    • 5.2.3.1. Construction
    • 5.2.3.2. Mining
    • 5.2.3.3. Agriculture
    • 5.2.3.4. Forestry
    • 5.2.3.5. Others
  • 5.2.4. By Power Source
    • 5.2.4.1. ICE
    • 5.2.4.2. Hybrid
    • 5.2.4.3. Electric
  • 5.2.5. By Region
    • 5.2.5.1. North America
    • 5.2.5.2. Europe
    • 5.2.5.3. Asia-Pacific
    • 5.2.5.4. South America
    • 5.2.5.5. Middle East and Africa
  • 5.2.6. By Company Market Share Analysis (Top 5 Companies and Others - By Value, 2023)
• 5.3. Market Map Analysis, 2023
  • 5.3.1. By Type
  • 5.3.2. By Engine Capacity
  • 5.3.3. By End-user Industry
  • 5.3.4. By Power Source
  • 5.3.5. By Region

6. North America Excavators Market Outlook, 2017-2031F*

• 6.1. Market Size Analysis & Forecast
  • 6.1.1. By Value
  • 6.1.2. By Volume
• 6.2. Market Share Analysis & Forecast
  • 6.2.1. By Type
    • 6.2.1.1. Crawler Excavators
    • 6.2.1.2. Wheeled Excavators
    • 6.2.1.3. Dragline Excavators
    • 6.2.1.4. Suction Excavators
    • 6.2.1.5. Skid Steer Excavators
    • 6.2.1.6. Others
  • 6.2.2. By Engine Capacity
    • 6.2.2.1. Up to 250 hp
    • 6.2.2.2. Between 250 hp and 500 hp
    • 6.2.2.3. Above 500 hp
  • 6.2.3. By End-user Industry
    • 6.2.3.1. Construction
    • 6.2.3.2. Mining
    • 6.2.3.3. Agriculture
    • 6.2.3.4. Forestry
    • 6.2.3.5. Others
  • 6.2.4. By Power Source
    • 6.2.4.1. ICE
    • 6.2.4.2. Hybrid
    • 6.2.4.3. Electric
  • 6.2.5. By Country Share
    • 6.2.5.1. United States
    • 6.2.5.2. Canada
    • 6.2.5.3. Mexico
• 6.3. Country Market Assessment
  • 6.3.1. United States Excavators Market Outlook, 2017-2031F*
    • 6.3.1.1. Market Size Analysis & Forecast
      • 6.3.1.1.1. By Value
      • 6.3.1.1.2. By Volume
    • 6.3.1.2. Market Share Analysis & Forecast
      • 6.3.1.2.1. By Type
        • 6.3.1.2.1.1. Crawler Excavators
        • 6.3.1.2.1.2. Wheeled Excavators
        • 6.3.1.2.1.3. Dragline Excavators
        • 6.3.1.2.1.4. Suction Excavators
        • 6.3.1.2.1.5. Skid Steer Excavators
        • 6.3.1.2.1.6. Others
      • 6.3.1.2.2. By Engine Capacity
        • 6.3.1.2.2.1. Up to 250 hp
        • 6.3.1.2.2.2. Between 250 hp and 500 hp
        • 6.3.1.2.2.3. Above 500 hp
      • 6.3.1.2.3. By End-user Industry
        • 6.3.1.2.3.1. Construction
        • 6.3.1.2.3.2. Mining
        • 6.3.1.2.3.3. Agriculture
        • 6.3.1.2.3.4. Forestry
        • 6.3.1.2.3.5. Others
      • 6.3.1.2.4. By Power Source
        • 6.3.1.2.4.1. ICE
        • 6.3.1.2.4.2. Hybrid
        • 6.3.1.2.4.3. Electric
  • 6.3.2. Canada
  • 6.3.3. Mexico

All segments will be provided for all regions and countries covered

7. Europe Excavators Market Outlook, 2017-2031F

• 7.1. Germany
• 7.2. France
• 7.3. Italy
• 7.4. United Kingdom
• 7.5. Russia
• 7.6. Netherlands
• 7.7. Spain
• 7.8. Turkey
• 7.9. Poland

8. Asia-Pacific Excavators Market Outlook, 2017-2031F

• 8.1. India
• 8.2. China
• 8.3. Japan
• 8.4. Australia
• 8.5. Vietnam
• 8.6. South Korea
• 8.7. Indonesia
• 8.8. Philippines

9. South America Excavators Market Outlook, 2017-2031F

• 9.1. Brazil
• 9.2. Argentina

10. Middle East and Africa Excavators Market Outlook, 2017-2031F

• 10.1. Saudi Arabia
• 10.2. UAE
• 10.3. South Africa

11. Demand Supply Analysis

12. Import and Export Analysis

13. Value Chain Analysis

14. Porter's Five Forces Analysis

15. PESTLE Analysis

16. Pricing Analysis

17. Market Dynamics

• 17.1. Market Drivers
• 17.2. Market Challenges

18. Market Trends and Developments

19. Case Studies

20. Competitive Landscape

• 20.1. Competition Matrix of Top 5 Market Leaders
• 20.2. SWOT Analysis for Top 5 Players
• 20.3. Key Players Landscape for Top 10 Market Players
  • 20.3.1. Volvo CE (The Volvo Group)
    • 20.3.1.1. Company Details
    • 20.3.1.2. Key Management Personnel
    • 20.3.1.3. Products and Services
    • 20.3.1.4. Financials (As Reported)
    • 20.3.1.5. Key Market Focus and Geographical Presence
    • 20.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 20.3.2. Caterpillar Inc.
  • 20.3.3. Komatsu Ltd.
  • 20.3.4. Liebherr Group
  • 20.3.5. Tata Hitachi Construction Machinery Company Pvt Ltd.
  • 20.3.6. Kobelco CE (Kobelco Construction Machinery Co., Ltd.)
  • 20.3.7. J.C. Bamford Excavators Limited (JCB)
  • 20.3.8. Sany Heavy Industry Co., Ltd.
  • 20.3.9. Hyundai Heavy Industries Group (HHI Group)
  • 20.3.10. Doosan Group

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

21. Strategic Recommendations

22. About Us and Disclaimer