According to MRFR analysis, the global Excavators Market is expected to register a CAGR of 4.80% from 2022 to 2030 and hold a value of over USD 64.12 billion by 2030.
An excavator is a construction vehicle that is used for digging, grading, and demolition. It consists of a boom, bucket, and cab mounted on a rotating platform, which sits on top of an undercarriage with tracks or wheels. Excavators are commonly used in a variety of construction and mining applications, including digging foundations, grading land, and removing debris.
The pandemic has had some impact on the demand for excavators and the ability of companies to produce and sell them. The overall economic downturn caused by the pandemic may have reduced the demand for construction and mining equipment, which could potentially affect the demand for excavators. Additionally, supply chain disruptions and other pandemic-related challenges may have affected the ability of companies to produce and sell excavators.
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Regional Analysis
The APAC region is currently dominating the global excavator market, having been led by recent growth in infrastructure development and urbanization in developing nations, such as China. This booming construction market in the APAC region is expected to continue driving the market growth.
Market Segmentation
The Global Excavators market has been segmented into type, application, and end user.
Based on the type, the market has been segmented into Mini/Compact, Crawler/Wheeled.
Based on the application, the market has been segmented into Mining, Construction, and Utility.
Based on the end user, the market has been segmented into Contractors, Rental Providers, and Others.
Key Players
Some of the key market players are Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Volvo Construction Equipment, Xuzhou Construction Machinery Group, Terex Corporation, JCB Ltd., Sandvik AB, Hyundai Heavy Industries Co., Ltd.
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