The global market for mid-size excavators reached a value of USD 5.18 billion in 2023 and is projected to experience a compound annual growth rate (CAGR) of 4.7% during the forecast period. The increasing demand from the mining industry and the integration of advanced technologies in excavator manufacturing are the key drivers behind the growth of market revenue.
According to the U.S. Census Bureau, annual expenditure on private construction remained largely unchanged at USD 1,442.6 billion compared to the revised December estimate of USD 1,442.0 billion. In January, the seasonally adjusted annual rate of residential buildings was USD 847.4 billion, which was 0.6% lower than the updated December estimate of USD 852.1 billion. Non-residential building, on the other hand, saw a 0.9% increase with a seasonally adjusted annual pace of USD 595.2 billion in January, compared to the updated December estimate of USD 589.9 billion. These investments and funds contribute significantly to infrastructure development, thereby driving the revenue growth of the mid-size excavators market.
The adoption of smart mining or automated mining has witnessed significant growth. The rising demand for mining activities is driving the revenue growth of mid-size excavators. Companies are also investing in product development to create more efficient mining excavators by incorporating new and advanced technologies. For instance, on September 27, 2023, Sandvik Mining and Rock Solutions introduced the AutoMine Concept Underground Drill, a fully automated, twin-boom prototype drill rig. This cabinless electric drill is capable of planning and executing the entire drilling cycle, including tramming to the surface, preparing for drilling, executing the drilling pattern, and returning for charging in subsequent cycles, all without the need for human assistance.
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Some of the major companies included in the global market report are Doosan Corporation, Hitachi Construction Machinery Co. Ltd., Caterpillar, Atlas Copco, Komatsu Ltd., Deere Company, Hyundai Construction Equipment Co., Ltd., Sany Group, AB Volvo, Terex Corporation, and among others.
Advantages of the Mid-Size Excavators Market:
- Versatility: Mid-size excavators offer a balance between power and maneuverability, making them suitable for a wide range of applications. They can handle various tasks such as digging, lifting, grading, and trenching, making them versatile machines for construction, mining, and other industries.
- Efficiency: Mid-size excavators are designed to optimize efficiency in operations. They have the power and digging capabilities to tackle demanding tasks while being more compact and agile compared to larger excavators. This allows for increased productivity and reduced cycle times on job sites.
- Cost-effectiveness: Mid-size excavators strike a balance between performance and cost. They are generally more affordable to purchase or rent compared to larger excavators, making them a cost-effective choice for businesses with budget constraints. Additionally, their fuel consumption and maintenance costs are often lower compared to larger machines.
- Maneuverability: Mid-size excavators are known for their agility and maneuverability in confined spaces. They can navigate through narrow job sites and work efficiently in areas with limited access. This makes them ideal for urban construction projects or applications where space is a constraint.
- Transportability: Mid-size excavators are often designed to be easily transportable. They can be loaded onto trailers and transported to different job sites without requiring specialized equipment. This flexibility allows for increased mobility and utilization across various projects.
- Operator Comfort and Safety: Modern mid-size excavators are equipped with ergonomic features and advanced safety systems. These include comfortable cabins with adjustable seats, easy-to-use controls, and improved visibility. Safety features such as rearview cameras, proximity sensors, and stability control systems enhance operator safety during operations.
- Technology Integration: The mid-size excavators market has witnessed advancements in technology integration. Many models now come with features such as GPS systems, telematics, and remote monitoring capabilities. These technologies enable efficient fleet management, real-time monitoring of machine performance, and enhanced productivity.
Overall, the advantages of mid-size excavators lie in their versatility, efficiency, cost-effectiveness, maneuverability, transportability, operator comfort and safety, and integration of advanced technologies. These factors make them a popular choice for various industries and contribute to their growing market demand.
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Segments covered in the report:
Segments covered by Application Outlook, End-use Industry, Regional Outlook
Type Outlook (Revenue, USD Billion; 2019-2032)
- Track or Crawler
- Wheel
Engine Power Outlook (Revenue, USD Billion; 2019-2032)
- Less than 50 KW
- 50 KW to 100 KW
- Greater than 100 KW
Device Type Outlook (Revenue, USD Billion; 2019-2032)
- Electric
- ICE
End-use Outlook (Revenue, USD Billion; 2019-2032)
- Mining
- Construction
- Agriculture
- Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- S.
- Canada
- Mexico
Europe
- Germany
- K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
Latin America
- Brazil
- Rest of LATAM
Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Israel
- Rest of MEA
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