Excavators Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to excavators market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Excavators Market News

in Excavators Market
  • Hyundai unveiled the HW155H, a 15-ton wheeled excavator test vehicle powered by hydrogen fuel cells, in February 2025. By employing low-pressure storage technology for hydrogen, it doubles the capacity of typical tanks and is able to operate continuously for eight hours with a ten-to-twenty-minute recharge interval.
  • Komatsu launched the PC05E-1 electric mini excavator in Japan during October 2024. This product, which was created jointly with Honda, is part of Komatsu's drive towards becoming carbon neutral through the provision of a clean alternative for small equipment.
  • Fortescue Metals Group and Liebherr signed a USD 2.8 billion deal in September 2024 to power two-thirds of the mining fleet using zero-emission battery technology. With approval commencing in 2025 and completion by 2026, these consist of buying 60 battery-powered dozers, 55 electric excavators, and 360 autonomous electric vehicles.
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Global Excavators Market size was valued at USD 75.85 Billion in 2023 and is poised to grow from USD 79.64 Billion in 2024 to USD 117.67 Billion by 2032, growing at a CAGR of 5.0% in the forecast period (2025-2032).

The global excavators market leaders include Caterpillar, Komatsu, Volvo Construction Equipment, and Hitachi Construction Machinery. The market is highly competitive. Companies achieve market penetration through mergers, acquisitions, and alliances. The companies are placing significant investments in research and development to develop electric and AI-powered excavators. Government policies and strategic alliances with infrastructure development companies also play a vital role in enhancing market presence. 'Hyundai', 'Komatsu', 'Fortescue Metals Group', 'Liebherr', 'Atlas Copco', 'Caterpillar Inc.', 'CNH Global NV', 'Doosan', 'Escorts Group', 'Hitachi Construction Machinery', 'Hyundai Heavy Industries Ltd', 'JC Bamford Excavators Ltd.', 'John Deere'

Demand for excavators is being fueled by an increasing number of infrastructure construction projects, such as bridges, highways, and intelligent cities. Governments worldwide are undertaking large-scale development projects in the form of buildings, and especially in emerging economies such as China and India. Residential and commercial structures demand are also increasing in unison with population growth of cities, fueling excavation activity in underground utilities, foundation excavations, and area clearing.

Emergence of Hybrid and Electric Excavators: Electric and hybrid excavators lead the way in increasing demand for clean construction equipment. Governments are compelling companies to invest in environmentally friendly equipment through tighter emissions restrictions. As a response to these changing demands, Komatsu and Volvo CE are introducing zero-emission excavators that provide lower fuel intake and noise reduction with more efficiency in performance.

Why Is Asia-Pacific Leading the Excavators Industry in 2024 and beyond?

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Global Excavators Market
Excavators Market

Report ID: SQMIG20C2121

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