The global excavator market grew at a CAGR of around 5% during 2014-2019. An excavator refers to a kind of heavy construction equipment that is used for digging excavations and trenching purposes. It is also used for digging holes, foundations, demolitions, dredging rivers, material handling and lifting heavy objects. It uses hydraulic motors powered by an electric, diesel or petrol engine to generate hydraulic force and control the mechanical arm of the machine. The machine consists of a rear/back actor, sipper, undercarriage, digging bucket and a cabin on a rotating platform. In comparison to the traditionally used machines, modern excavators are designed to keep the counterweights inside the track width during swinging, thereby keeping the movement safe and enhancing the maneuverability.

Significant growth in the construction industry is one of the key factors creating a positive outlook for the market. Excavators are mostly used in large-scale residential and commercial construction, development of roads and ports and mining projects across the globe. Furthermore, the widespread adoption of automated excavators is also driving the market growth. These excavators aid in minimizing labor costs and facilitate remote tracking of operations.

Additionally, various product innovations, such as the utilization of fuel cell-based electric motors to power excavators, are acting as other growth-inducing factors. In comparison to a diesel engine, fuel cells are lighter and more efficient, thereby increasing the cabin space for the operator and improving the overall productivity of the machine. Other factors, including the advent of equipment rental services, along with extensive infrastructural development undertaken by the governments of various nations, are expected to drive the market further. Looking forward, the publisher expects the global excavator market to continue its moderate growth during the next five years.

Read more: Global Excavator Market (2020 to 2025)