Key Developments

• In May 2023, Hyundai Construction Equipment Co.
Ltd.
Europe launched the HX65A crawler excavator and the HW65A wheeled excavator to strengthen the company's presence in the compact machinery market.
The HW65A and HX65A featured TPowerful 48.
5kW with 248Nm of torque, Hyundai Stage V compliant diesel engine, increased swing speed and swing torque, and proportional joysticks with ram-lock on joystick.

• In March 2023, Hitachi Construction Machinery Co.
, Ltd.
launched the next-generation ZX130-7 and ZX160LC-7 excavators.
These products are full-sized excavators designed to effectively complete an extensive range of tasks on work sites.
They feature hydraulic system refinements and fatigue-fighting comfort enhancements for fuel savings and increased performance.

• In February 2023, Volvo Construction Equipment AB launched a 33-foot straight boom demolition excavator with the name EC300E.
The company also introduced an industry-first feature known as Lifting Mode for Multi Demolition Boom.
This feature enables a high-reach demolition excavator to function as a secure carrier for lifting machine components from a trailer to the ground, enhancing the versatility of these specialized machines.

• Caterpillar Inc.
, the worlds 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.
COVID-19 Impact:The COVID-19 pandemic threw a wrench into most industrial markets.
Many segments saw an immediate drop in demand as governments enforced lockdown measures.
GDP decreased sharply across the globe as well as for the region in the second quarter of 2020, and the industrial segment suffered an immediate drop in sales.
However, with the relaxation of restrictions and increased economic activity, GDP is recovering faster than expected.
Increasing industrialization in the region is expected to drive higher excavators market growth during the forecast period.
Major Companies Present In the MarketCaterpillar Private Limited, CNH Industrial, Doosan Infracore, Epiroc Construction Machinery Co.
Ltd, Hitachi Construction Machinery Co.
Ltd, J C Bamford Excavators Ltd, John Deere Ltd, Kobe Steel Ltd, Komatsu Ltd.
, Kubota Corporation, Liebherr Group, Metso Corporation, Sandvik Mining And Rock Technology, Sany Group, Terex Corporation, Volvo Construction Equipments, XCMG Ltd.
, Zoomlion Co.
LtdConsidered In the Report
• Geography: Global
• Historical year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecasted year: 2029By Machine Type•Mini Excavator•Crawler•Wheeled•OthersBy Application •Construction•Mining•Utility•AgricultureAspects Covered In the Report
• Market Size By Value for the historic time period (2018-2023)
• Market Size By Value for the forecast time period (2024-2029)
• Market Share by Application (Construction, Mining, utility & agriculture)
• Market Share by Machine Type (Mini Excavator, Crawler, Wheeled, Others)
• Market Share by Country (2018, 2023 & 2029F)The approach of the report:We keep an eye on evolving markets and try to evaluate the potential of the products and services.
If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business.
We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users.
Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise.
This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market.
After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc.
From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc.
Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs.
Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market.
We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs.
At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc.
Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs.
Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players.
The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.
Intended Audience:This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the construction machinery and excavator industry, government bodies, and other stakeholders to align their market-centric strategies.
In addition to marketing & presentations, it will also increase competitive knowledge about the industry.