Large Excavators Market Expected to Reach $29.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Large Excavators Market," The large excavators market size was valued at $22 billion in 2022, and is estimated to reach $29.3 billion by 2032, growing at a CAGR of 3% from 2023 to 2032. Excavators with operating weight 45 tons and above are considered large excavators due to their sheer size and capabilities. These excavators are heavy duty and are primarily used in large construction sites and mining sites.

Large excavators are categorized based on their operating weight, which includes 45 to 65 Tons, 65 to 100 tons, and Above 100 tons. Among these, the 45 to 65 Tons segment dominated the large excavators market in 2022. Excavators in this segment are used for construction as well as mining applications and lie in a weight category which makes them a versatile machine for a wide range of applications. This is a major driver for this segment. However, the 65 to 100 tons segment is anticipated to grow with the highest CAGR during the forecast period, owing to the anticipated high growth of the smaller mining sector due to increasing demand for metals and minerals for batteries.

Furthermore, the market is also categorized based on the business type, which includes new sales and aftersales in the industry. Out of these two segments, the new sales segment accounted for a higher market share in terms of revenue generated in 2022. Large excavators are widely used in the construction and mining sector; therefore, their sales are higher. The Aftersales segment is anticipated to grow with a higher share, as the number of excavators will increase in the future and will require new components and services. In addition, the life expectancy of excavators is also increasing due to services such as preventive maintenance. Thus, the older the machine, the more after-sales services it is anticipated to require.

In addition, on the basis of end user, the large excavators market is categorized into construction and infrastructure, mining and quarrying, and others. Among these segments, the mining segment accounted for the highest market share in terms of revenue generated in 2022, and the construction and infrastructure segment is anticipated to dominate the large excavators market forecast by growing with a higher CAGR during the forecast period. A rise in global urbanization, and industrialization is a major factor driving the growth of the market.

The market expansion is mainly driven by the rise in building and infrastructure construction which includes roads, bridges, and hadal power projects. Large excavators are used for quick site preparation before the commencement of construction. In addition, for material handling applications in construction as well as in mining sites, large excavators are used significantly. Furthermore, large excavators are used for digging applications, especially in mining sites commonly having hard terrain. However, strict carbon emission regulations by the governments of their respective governments restrain the large excavators market growth. Contrarily, the introduction of automation in the large excavators is a major large excavators market opportunity for the key players in the coming years.

The key players in the market have adopted various development strategies to remain competitive. For example, in Mach 2023, Komatsu unveiled a construction initiative to build a new warehouse, spanning almost 50,000 square feet, at its service center campus in Elko, Nevada. The purpose of this warehouse expansion is to enhance local parts support for customers involved in mining and construction activities in the Nevada region. Furthermore, in June 2023, LIEBHERR-INTERNATIONAL AG launched R 9300, a 250-tonne mining excavator. This latest machine uses 15% less fuel and improves fuel efficiency by 25% over that of the R 9250, Liebherr Mining’s previous 250-ton class excavator. Such strategies have been instrumental in the rapid growth of the key players.

In 2022, Asia-Pacific dominated the large excavators market, in terms of revenue, followed by North America and Europe. Furthermore, the large excavators market in Asia-Pacific is anticipated to grow with a higher CAGR during the forecast period.

However, various businesses in the large excavators market are expected to witness a slow growth rate in the coming year, owing to the looming recession in major countries driven by the Ukraine-Russia war. The inflation has already led to higher prices of raw materials used in the construction sector, which has led to slow and delayed construction of new buildings, eventually leading to reduced demand for large excavators.

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.