October 05, 2022 07:28 ET | Source: Research and Markets Research and Markets

Dublin, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The "Global Excavator Market Outlook 2027" report has been added to ResearchAndMarkets.com's offering. Market stood at around 46 billion in size, which is projected to reach nearly 65 billion by 2027. Furthermore, the market is expected to grow at a 6% CAGR between 2022 and 2027.

The construction industry, but also the demand for excavators, is affected largely by the increase in investment by the government in infrastructural developments, mining, large-scale agriculture, forest clearing, and others. The higher productivity with optimum fuel usage is the prime factor that the customer looks for in such construction support types of equipment, as the investment made behind such a purchase is high. The excavator market size is anticipated to witness healthy growth from 2021 to 2027, driven by the increasing demand for transportation and unloading of excavated materials in the construction and manufacturing sectors across the globe. The high usage of excavators in material handling and infrastructure development applications will drive industry demand. The rising excavation of minerals for use in several industries is creating a demand for excavators.

In addition to that, commercial and residential infrastructure developments under smart city initiatives will require heavy machines for various applications, including the demolition of old buildings, further creating equipment demand. The rising demand for hydraulic and long-reach excavators for low-level and high-level demolition is fueling the industry statistics. With growing automation and technical advancements, manufacturers are implementing digital assistance tools for efficient control and optimal performance. For instance, in March 2017, Volvo launched Dig Assist technology that offers real-time guidance to enhance operator productivity.

The introduction of such solutions will increase the demand for advanced machines, resulting in a rise in the excavator market revenue. Also, the implementation of cameras, sensors, and machine monitoring systems will assist operators to do their job efficiently. Telematics is a new trend for excavators. It uses a large amount of data for predictive analysis to automate the functioning of excavators.

The visual guidance system allows operators to input parameters, such as depth and slope, offering operational efficiency. The excavation procedure is a contaminative process and creates harmful environmental conditions, resulting in the introduction of eco-friendly electric excavators. For instance, in January 2019, Caterpillar launched a new electric excavator with a 26-ton capacity and a 300 kWh battery pack. As excavators are cost-sensitive, their performance characteristics, efficiency, and flexibility have the biggest impact on the purchasing decisions of customers.

Leading manufacturers in the excavator market aim to deliver unique performance features to attract more customers, especially in saturated markets. The expanding construction industry around the world, as well as the growing demand for robust, effective, and mobile construction equipment over heavy construction equipment, is the primary drivers of the excavators market.

The increasing construction of infrastructure and roads is anticipated to increase rapidly in developing countries such as China and India, which is creating opportunities for the excavating market in the coming years. Also, the excavator market value trends propose that there has been a growing degree of collaboration between rental fleet owners and excavator producers and manufacturers that is also projected to drive the growth of the market as they deliver the excavators at a very low cost, which falls within the spending capacity of the market customers and international target audience. The increment in investments is also likely to push the market size towards expansion. The increasing demand for excavators among construction equipment operators for excavating, grading, and site preparation activities is the primary factor driving market growth. The demand for wheeled excavators is expected to rise over the forecast period as urban infrastructure, roads and highways, and the mining sector expand. Wheeled excavators are majorly used in urban areas, and projects such as smart cities and megacities are boosting their requirements.

On the other hand, an upswing in the number of large-scale projects in the mining, road and port construction, and oil and gas construction segments has led to a surge in demand for excavators on an international level. The emergence of the concept of excavator rentals is another foremost driving factor, as it allows operators and producers to utilize the equipment without heavy capital investments and make maximum usage of the equipment. Apart from efficiency-related features of excavators, operators' safety and environmental compatibility are being focused on by most manufacturers and vendors in the excavator market. By using next-generation technologies, excavator manufacturers are offering features that can guide the operator about slope and depth to grade and prevent excavator parts from moving out of set points defined by the operator. Recent Developments:

Caterpillar Inc. - the world's leading player in the excavator market - recently announced that the incorporation of its latest Cat Connect Technology in the design of its three new Next Generation 20-ton size class excavators - the 320 GC, 320, and 323 - has resulted in enhanced efficiency, productivity, and reduced operating costs. Volvo Construction Equipment and Services, Inc. announced that, with the use of its cable-connected and dual-powered 70-ton excavator prototype - EX1 in its' Electric Site' research project, the company reduced carbon emissions by 98%, energy costs by 70%, and operational costs by 40%. The company carried out this experiment with its customer, Skanska AB, a Swedish construction and development company. Hitachi Construction Machinery Co., Ltd., a Japanese manufacturer of construction equipment, recently launched a new generation of mining excavators - the EX-7 series, with which the company aims to introduce the Industrial Internet of Things to the mining industry. The series includes excavators with sizes ranging from 100 tonnes to 800 tons. Connectivity, productivity, and safety features to suit their mining-specific applications are among the salient features of these excavators. Major companies present in the market

Aspects Covered In the Report

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