According to IMARC Group’s latest report, titled “Excavator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global market reached a value of US$ 48.9 Billion in 2020. An excavator refers to a type of heavy construction equipment used for digging excavations and trenching purposes. It is also adopted for drilling holes, foundations, dredging rivers, demolitions, material handling, lifting heavy objects, etc. These operations utilize hydraulic force generated by a hydraulic motor with an electric, diesel, or petrol engine. In comparison to conventionally used machines, modern excavators facilitate safer movements and enhanced maneuverability. As a result, these are used globally in large-scale residential and commercial construction, development of roads and ports, mining projects, etc.
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The growing construction industry is one of the primary factors propelling the market growth for excavators. Moreover, the rising adoption of automated excavators for minimizing labor costs and remote tracking of operations is also augmenting the global market. Furthermore, ongoing product innovations, such as the integration of fuel cell-based electric motors for powering excavators, are positively influencing the market growth. Various other factors, including the emergence of equipment rental services and expanding infrastructural development projects undertaken by the government bodies across several nations, will further continue to drive the market over the forecasted period. Looking forward, IMARC Group expects the excavator market to grow at a CAGR of 4.3% during 2021-2026.
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