Excavator Market Assessment and Key Insights Analyzed till 2026

Published: Mon Sep 23 2019

Key Developments in Excavator Market

  • Deere & Co. – a leading American manufacturer of construction equipment – recently entered a supplier partnership with Wacker Neuson – a German supplier and distributor of construction equipment. The company aims to provide compact excavators in Asian excavator markets, such as China, Oceania, and Southeast Asia with this partnership, and capitalize on lucrative opportunities emerging in the region.

  • Caterpillar Inc. – 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 cost of excavators.

  • Volvo Construction Equipment and Services, Inc. announced that, with the use of 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 cost 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 new generation of mining excavators – the EX-7 series, with which the company aims to introduce Industrial Internet of Things to the mining industry. The series includes excavators with sizes ranging from100 tons to 800 tons. Connectivity, productivity, and safety features to suit its mining-specific applications are among the salient features of these excavators.

  • Bobcat, a division of the Doosan Group, recently introduced its new E85 excavator, which is the largest machine launched by the company, to expand its R-Series of compact excavators. It is an 8.5-ton excavator with enhanced performance, operator comfort, and uptime protection features, and with this launch the company is aiming to establish a stronger position in the North American market.

  • Kato Works Co., Ltd., a Japanese player in the excavator market, recently launched new conventional excavators and compact tail excavator, which are integrated with environment-friendly EU Stage4/EPA Tier4 compliant engines. The company has launched new models of excavators with enhanced performance characteristics and environment-friendly features to gain momentum in developed markets.

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The Fact.MR report provides in-depth information about recent developments in the excavator market. The report features a comprehensive list of leading stakeholders as well as new entrants in the excavators market, which includes Caterpillar Inc., Deere & Co., Hitachi, Ltd., KUBOTA Corporation, CNH Industrial N.V., Volvo Construction Equipment and Services, Inc., Doosan Bobcat Inc., Yanmar Co., Ltd., JCB, Inc., Nagano Industry Co., Ltd., KOBELCO Construction Machinery Co., Ltd., Kato Works Co., Ltd., BEML Limited, Guangxi LiuGong Machinery Co., Ltd., Sany Group Co. Ltd., Terex Corporation, XCMG Construction Machinery Co., Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., CAPPELLOTTO S.P.A., Rivard Companies Inc., and The Charles Machine Works, Inc.

Emerging Stakeholders and New Entrants will Hold a Sizeable Share in Excavator Market

According to the Fact.MR report, Caterpillar Inc., KUBOTA Corporation, and Doosan Bobcat Inc. are the Tier 1 manufacturers in the excavator market and they collectively account for around 30% revenue share. Tier 2 and Tier 3 players, including CNH Industrial N.V., Deere & Co., and Sany Group Co. Ltd., continue to grow rapidly to intensify the competitive environment in the excavator market.

Due to the slowdown in the excavator market, a majority of manufacturers are focusing on introducing innovative performance features of excavators to boost sales. Leading vendors are investing in technology and R&D to capture lucrative sales opportunities in developed countries. Meanwhile emerging players in the excavator market are expanding their businesses in developed countries, where customers are more focused on enhanced efficiency than new designs of engines in excavators.

Leading Excavator Market Players to Increase Investments in Electric Excavators

Since stringent regulations continue to create multiple challenges for manufacturers and customers are willing to reduce environmental footprint of the equipment they use, a majority of excavator manufacturers are launching electric excavators to meet the regulatory and customers’ changing requirements.

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Some of the examples include

  • Volvo Construction Equipment and Services, Inc. recently launched a fully electric prototype of compact excavators, which delivers 10x better efficiency than conventional excavators, zero emissions, and 10x reduced cost of ownership, and 10x lower noise levels.

  • Another company to launch a 100% electric excavator prototype is Hyundai Construction Equipment (HCE), which collaborated with Cummins Inc. to utilize its latest technologies including Li-ion technology in the manufacturing of electrically powered mini excavators.

  • C. Bamford Excavators Limited recently announced that it has developed 100% electric, 1.9-ton, 19C-1 E-Tec mini excavator, which consists of consisting of three lithium-ion battery packs and an electric motor. The company revealed its plans to start selling electric compact excavators by 2018.

  • Another leading player in the excavator market – Hitachi Construction Machinery Co., Ltd., recently announced that it has adopted strategies to multiply its production of electric construction machinery in the European Union by entering a strategic agreement with KTEG Kiesel Technologie Entwicklung GmbH, a German technology company.

Stringent Emission Regulations and Safety Standards Push Manufacturers to Innovate

A majority of excavators used in various industrial sectors use diesel as fuel. In order to limit the air pollution caused due to heavy equipment with ignition engines, such as excavators, various governing bodies have incorporated stringent emission regulations, which all the players in the excavator market need to conform to.

The U.S. Environmental Protection Agency (EPA) has developed Tier 4 emission standards, certification requirements, and other compliance provisions for manufacturers in excavator market. In addition, non-road mobile machinery emission regulations developed by the European Commission and the Regulation (EU) 2016/1628 require manufacturers to modify their manufacturing strategies, which may add to the total manufacturing costs. Imposition of stringent laws and quality standards continues to influence the product and business strategy of excavator manufacturers.

Focus on Improving Performance Features: A Key Trend in the Excavator Market

As excavators are cost-sensitive, their performance characteristics, efficiency, and flexibility make the biggest impact on purchasing decisions of customers. Leading manufacturers in the excavator market aim to deliver unique performance features to attract more customers, especially in saturated markets.

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 preventing excavator parts from moving out of set points defined by the operator. Thereby, reducing maintenance and operational costs, along with improving operator’s comfort and safety are likely to be the priority for player in the excavator market in the upcoming years.

Renting Over Buying – End-User Preference for Short-Term Rental Continues

The high cost of excavators makes them out of reach many small- or medium-scale end-users. Thereby, a majority of end-users are more inclined towards renting excavators, which not only mitigates the expenses associated with buying a new equipment, but also reduces repair and maintenance costs.

Leading manufacturers in the excavator market are entering the rental business to reap the long-term benefits of renting excavators to an increasing number of end-users. Most customers from a vast range of end-user industries prefer renting excavators on the basis of projects in order to limit their expenses on equipment renting and labor charges. Further, manufacturers in the excavator market are introducing innovative rental schemes to make short-term renting more convenient for customers, and capitalize on the latest trends in the excavator market in the upcoming years.

Market Structure

To provide detailed information about development of the excavator market, the market is divided into five segments in the Fact.MR report. Readers can find in-depth analysis of each segment of the excavator market, which can ultimately help market players to modify or alter their business strategies for the coming future.

Based on the product types, the excavator market is segmented into compact excavators, crawler excavators, dragline excavators, long reach excavators, and suction excavators. According to the mechanism type, the excavator market is segmented in to electric excavators, hybrid excavators, and hydraulic excavators.

Depending on the size class of excavators, the excavator market is divided into four categories – mini or compact (<13,227 lbs.), medium (13,227 – 22,046 lbs.), standard/full-size (22,046 – 198,416 lbs.), and heavy excavator (>198,416 lbs.). Based on the end-user industry, the excavator market is segmented into construction, mining, and forestry & agriculture.

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According to the geographical markets for excavators, the global excavator market is segmented into six regions – North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East & Africa (MEA).

Research Methodology

A unique and robust market research methodology is followed by analysts at Fact.MR to reach the exclusive information on excavator market growth that is featured in this report. Analysts at Fact.MR follow a demand-side approach to estimate the future demand, sales, and supply of excavators across the globe.

The forecasting methodology followed by Fact.MR analysts finds its base in primary research and secondary research methods. On interviewing market leaders, industry experts, researchers, governmental organizations, and stakeholders in the excavators market, analysts can reach certain qualitative and quantitative conclusions about growth of the excavator market.

On following a combination of primary and secondary research methods, analysts can ensure the maximum accuracy and reliability of the data and information included in the Fact.MR report on excavator market.

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