According to market research firms, the global excavator market is expected to grow 8% to $120 billion by 2022. The main factors driving this growth are:
Accelerating infrastructure construction and urbanization: Global infrastructure construction and urbanization are accelerating, which will drive demand for excavators.
Growth in Emerging Market Economies: Growth in emerging markets, especially China and India, will drive the global excavator market.
Technological innovation: Technological innovations such as excavator automation, electrification, and digitalization will bring new growth drivers to the market.
regional market
The Asia-Pacific region is the largest in the global excavator market and is expected to account for 40% of the worldwide market share in 2022. China is the fastest-growing country in the global excavator market and is expected to grow by 12% in 2022.
Product Category
Mini excavators are the fastest-growing product type in the global excavator market and are expected to grow by 10% in 2022. This shows that the demand for small excavators will continue to grow as urbanization accelerates.
competitive landscape
Several large manufacturers dominate the global excavator market, including Caterpillar, Komatsu, Volvo, and Hitachi Construction Machinery. However, with the rise of emerging market manufacturers, the competitive landscape is changing.
Challenges and Opportunities
The global excavator market faces rising raw material prices, tightening environmental regulations, and labor shortages. However, these challenges also present opportunities, such as new technologies that manufacturers can develop to reduce costs and improve environmental performance. Adopting digital technology can revolutionize the excavator industry and create new business opportunities.
The global excavator market is expected to grow during 2022 and the coming years. The market is driven by increasing infrastructure development and urbanization, economic growth in emerging markets, and technological innovation. We can succeed in the market by coping with challenges and seizing opportunities. Let us make progress together.
Post time: Jun-03-2023