Large Excavators Market Trends in Industry Statistics Hits Growth by 2032

Global large excavators market size was valued at $22 billion in 2022, and is projected to reach $29.3 billion by 2032, growing at a CAGR of 3% from 2023 to 2032.

Excavators with an operational weight of 45 tons and above are classified as large excavators, notable for their substantial size and capabilities. These heavy-duty machines find primary usage in expansive construction and mining sites.

The classification of large excavators is based on their operational weight, delineated into three categories: 45 to 65 tons, 65 to 100 tons, and over 100 tons. Notably, the 45 to 65 tons segment dominated the large excavators market in 2022, owing to its versatility for construction and mining applications within a weight range that accommodates a diverse array of uses. This segment's prominence is a significant driving force. However, the 65 to 100 tons segment is expected to experience the highest compound annual growth rate (CAGR) in the forecast period. This growth is attributed to the anticipated expansion of the smaller mining sector, driven by the increasing demand for metals and minerals, particularly for batteries.

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The market's expansion is primarily fueled by the upsurge in building and infrastructure construction, encompassing projects such as roads, bridges, and subsea power initiatives. Large excavators play a crucial role in swiftly preparing sites before construction begins. Additionally, these machines are extensively utilized for material handling applications in both construction and mining sites.

Furthermore, large excavators are instrumental in excavation activities, especially in mining sites with challenging terrains. However, stringent carbon emission regulations imposed by various governments act as a restraint on the growth of the large excavators market. Conversely, the integration of automation in large excavators presents a significant opportunity for key players in the market in the years to come.

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Top Players:
XCMG Construction Machinery Co., Ltd., Hitachi, Ltd, AB Volvo, Deere & Company, Caterpillar Inc., CNH Industrial N.V., Sanny Global, LIEBHERR-INTERNATIONAL AG, KOMATSU Ltd, HD Hyundai Infracore Co., Ltd.

Key Findings Of The Study

  • The report provides an extensive analysis of the current and emerging large excavators market trends and dynamics. 
  • Depending on the operating weight, the 45 to 65 ton segment dominated the large excavators market, in terms of revenue in 2022, and the 65 to 100 ton segment is projected to grow at a significant CAGR during the forecast period.
  • By business type, the new sales segment dominated the large excavators market share in terms of revenue generated in 2022.
  • By end user, the mining and quarrying segment registered the highest revenue in 2022, while the manufacturing segment is expected to grow with a higher CAGR during the forecast period.
  • Asia-pacific is projected to register the highest growth rate in the coming years.
  • The key players within the large excavators market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the large excavators industry.
  • The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
  • In-depth large excavators market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.

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