Crawler Excavator Market Growth – Trends & Forecast 2023-2033

Crawler Excavator Market Outlook (2023 to 2033)

The global crawler excavator market is projected to have a sluggish-paced CAGR of 2.7% from 2023 to 2033. The valuation of the market is estimated to cross USD 50,307.3 million in 2023.

The market value of the crawler excavator market is anticipated to reach a high of USD 65,665.2 million by the year 2033. A historical CAGR of 2.5% has been recorded by the experts of Future Market Insights for the concerned market.

Attributes	Details
Crawler Excavator Market Share (2022)	USD 49,080.3 million
Crawler Excavator Market Share (2023)	USD 50,307.3 million
Crawler Excavator Market Share (2033)	USD 65,665.2 million
Crawler Excavator Market Share (2023 to 2033)	2.7%

The demand for crawler excavators is witnessing an unprecedented surge owing to the advancements made to the conventional designs, and the manufacturing of compact crawler excavators that have resulted in superior quality and high performance of the excavators.

It is anticipated by the expert analysts at FMI that the rapid expansion of mining projects across the globe is fuelling the need for using crawler excavators. Forestry and agricultural sectors are anticipated as major influences driving the crawler excavator market trends.

Furthermore, recent developments witnessed within the construction sector and the adoption of advanced machinery in the construction industry, coupled with rising automation are anticipated to be one of the major factors bolstering the growth of the crawler excavator market. Therefore, it is expected that the crawler excavator market is likely to witness slow, yet significant growth during the forecast period.

A Contrast with the Historical Market Dynamics

It is analyzed by the experts at FMI that the crawler excavator market witnessed a massive slowdown in the past years. However, there is an increasing inclination toward the improvement and development of economies, which is bringing back the shape of the crawler excavators forum. A market valuation of USD 47.79 billion was estimated during the base year.

The forum has witnessed a gradual progression in terms of revenue as major players in the industry are identified to recuperate their positions through production expansions, utilization of capacities, and selling the crawler excavators over multiple online portals.

Crawler excavators are witnessed to become extensively popular due to their maximized usage in the mining and construction sites, with facilities being provided by them like faster removal of debris, ease of digging procedures, and the advent of fast-evolving technology is fueling the expansion of the market.

Focus on Waste Management to Provide Huge Returns: Key Trend Identified

The rising need for managing waste in the manufacturing industries is likely to propel opportunities in the crawler excavator market. The immense construction activities observed in emerging countries like India and China are certain to boost the demand for these vehicles.

Furthermore, the gathering of waste from industrial sites, waste yards, and construction sites is raising the demand for automated heavy material handling systems like wheeled loaders, backhoe loaders, and others, thereby boosting the growth of the crawler excavator market.

In addition to that, governments in developing countries are implementing schemes for proper waste management, and this aspect is projected to significantly contribute to the growth of the crawler excavator market in the coming years.

Demand Drivers and Key Deterrents Recognized in the Crawler Excavator Market

It is identified that a number of elements are likely to stir the soup in the crawler excavator market and fuel the growth of the forum during the estimated study period. Besides the influential factors, the FMI analysts have also revealed some curbing elements that are likely to inhibit the growth of the market and slow down the pace of expansion in the coming years.

They are as follows:

DRIVERS:

Driving factors identified are:

• The mining industry is adopting smart technologies and integrating crawler excavators with systems that are making mining operations handier.
• Product innovations made by the crawler excavator manufacturers like self-managed vehicles or driverless vehicles, coupled with improved payloads and speed capacity is likely to fuel the adoption further.
• Increased automation and rapid adoption of next-gen construction equipment is expected to have a favorable reflection on the global crawler excavator market.
• The economies are getting more developed and the increase of large construction buildings and roads is surging the demand for crawler excavators.
• It is further anticipated that the government of developing countries is focusing on green building projects and increased steel production capacity, which will fuel the adoption of large crawler excavators in mining.

RESTRAINTS:

Some of the deterrents identified are:

• The high level of investment cost involved in the installation of crawler excavators continues to hamper its adoption in small-scale construction and mining activities.
• The additional cost of maintenance curbs its usage and makes it a non-viable option for many.
• The preference for crawler excavators remains low for short-term construction projects as their rental cost can add substantially to the overall cost.
• Mandates by regulatory authorities like periodical servicing for proper functioning are identified to be another crucial element that is deterring the expansion of the crawler excavator market in the long run.

Category-Wise Segment Dominating the Crawler Excavator Market

Short Trail Crawler Excavator – By Product Type

It is witnessed that short trail crawler excavators are continuing to gain popularity in the various end-use industries. The global short trail crawler excavator segment accounted for more than 32% of the volume share during the base year.

It is anticipated that by the end of the assessment year, the overall market sales are likely to reach nearly USD 76’000 units across the globe. The high adoption of short trail crawler excavators can be attributed to their cutting-edge features, cost-effectiveness, versatility, simple operation, reduced noise pollution, easy transportation, and high efficiency.

Medium Bucket Capacity (2.00-4.00) Crawler Excavator – By Bucket Type

It is projected that there is a high preference for crawler excavators with medium (2.00-4.00) capacity. This segment is expected to dominate the bucket crawler excavator type category and the demand is projected to remain high throughout the assessment period.

It is projected that close to USD 93’000 units of medium capacity crawler excavators are likely to be sold globally in the coming five years. At present, the global sales of medium-capacity crawler excavators are expected to be around 40% of total volume shares.

22,650-30,200 KG Crawler Excavator – By Operating Weight

It is analyzed by the experts at FMI that the crawler excavators operating with a weight of 22,650 Kg to 30,200 Kg are likely to continue finding higher applications in different sectors like construction, mining, and others. It is anticipated that in the coming five years, nearly USD 48.2’000 units of crawler excavators with the aforementioned operating weight are likely to get sold in the global market.

The exploration activities are doubling with the pace of time and there are nearly 400 mineral exploration projects coming up in recent years on various mineral commodities. This aspect is expected to fuel the demand for 22,650 Kg to 30,200 Kg crawler excavators and their implementation during the forecast period.

Regional Outlook

Growth Outlook of APEJ Crawler Excavator Market

It is anticipated that the Asia Pacific Excluding Japan was valued at USD 17.32 billion in the base year. The APEJ region is expected to spreadhead the global crawler excavator market during the forecast period. The APEJ market is projected to advance at a CAGR of 3.2% during the estimated period of study. The reasons that can be attributed to the rapid expansion of this region are as follows:

• Robust industrialization and urbanization in the Asia Pacific countries are playing an important role in creating lucrative market opportunities and unraveling growth prospects for the market players prevailing in this region.
• Increasing investment in infrastructure development and growing construction of roads in developing countries like India and China are fueling the market growth.

North America Accounts for Significant Growth Through 2032

The North American regions are expected to have a substantial rise in market share over the estimated period of study. The analysts at FMI have revealed that North America generated a revenue of USD 9.62 billion in the base year and is likely to witness significant growth owing to:

• The increasing demand for new housing units across the North American countries
• Increasing government initiatives and strategic allowances, which is further pushing the construction sector in this region, creating growth opportunities in the infrastructure sector for crawler excavators.

Start-Up Ecosystem

How are New Entrants Leaving Footprints in the Crawler Excavator Market?

The startups in the crawler excavator market are adding a new edge to the properties of excavators by curating innovations beyond the imagination. They are continually upgrading the crawler excavators with advanced technology and driverless systems for ease of operation and adding unique perks that are further triggering the expansion of the global crawler excavator market. The new entrants are:

• Highly commercializing their product to penetrate rapidly through the global crawler excavator market.
• They are highly committed to the market and growing consistently in terms of product portfolio, customer touchpoints, and manufacturing capabilities.
• The operators are continually monitoring fuel consumption through new ECO gauge functions, that display real-time energy-saving levels and controllability.

Top Start-Ups to Watch For:

Terex Corporate: Theis firm is gaining momentum and keeping its manufacturing processes in tandem with the growing need for crawler excavators in the construction and mining sector. They are a global manufacturer of lifting and material processing products and services delivering lifecycle solutions that maximize customer returns on investment.

HydroExcavators, LLC: This start-up company is using the process of hydro excavation, the environmentally protective process that injects highly pressurized water into a target area followed by soil and other objects with a customized, industrial-strength vacuum. This firm is widely extending its operation and leaving a footprint in the global crawler excavator market.

CASE: CASE expanded its product portfolio with the launch of the CX220C crawler excavator in India. The machine is equipped with a powerful and reliable FPT Industrial engine to ensure high productivity with low fuel consumption. It is suitable for stone quarries, road works, earthworks, and general construction.

Competitive Landscape

Major Players Revolutionizing the Market

Manufacturers are making operational advances in their excavator motors, hydraulic crawler excavators, structures, tracks, and cab construction to improve their telematics fuel efficiency and competitiveness. With several global players, the need for product differentiation has led to the up-gradation of technology such as remote access, autonomous machines, and more.

Recent Developments Observed by FMI:

• In July 2022, Volvo Construction Equipment introduced the EC550E crawler excavator in India. The machine, which has a Tier 3 engine, is ideal for the Indian market and allows users to take advantage of its industry-leading performance, productivity, and efficiency.
• In March 2022, CASE Construction Equipment introduced its new CASE E-Series Crawler Excavator line. The CASE E-Series line now comprises seven new models, ranging in weight from 13 to 30 tonnes, building on a 180-year history of earth-moving innovation, manufacturing expertise, and customer input. These models are CX130E, CX160E, CX180E, CX210E, CX240E, CX250E, and CX300E.
• Caterpillar Inc. announced the acquisition of select assets from San Francisco-based robot and autonomy technology company Marble Robot Inc. The company has also hired employees from Marble Robot Inc. The acquisition was a part of the company's strategy towards automation and a commitment to deliver next-generation Jobsite solutions.
• In September 2017, Komatsu launched a second excavator and a second semi-automated excavator.
• In February 2017, John Deere updated its two 75G and 85G excavators that are capable of working around congested job sites in an efficient fashion.

Key Players in the Global Market

• Tata Hitachi Construction Machinery (THCM)
• Bharat Earth Movers Limited (BEML)
• Komatsu
• JCB
• Doosan Excavator
• Caterpillar
• SANY
• Volvo Construction Equipment
• Kobelco Construction Equipment India
• Hyundai Construction Equipment

Scope of the Report

Report Attributes	Details
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	USD Billion for Value
Key Regions Covered	North America; Latin America; Europe; Asia Pacific; Middle East & Africa (MEA)
Key Countries Covered	United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others
Key Segments Covered	Product Type, Bucket Capacity, Operating Weight, End Use Vertical, Region
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
• 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Types
  • 5.1. Standard
  • 5.2. Hybrid
  • 5.3. Short Tail
  • 5.4. Super Long Front
• 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Bucket Capacity
  • 6.1. Small (0.30-2.00)
  • 6.2. Medium (2.00-4.00)
  • 6.3. Large (Above 4.00)
• 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Operating Weight
  • 7.1. 12,500-22,100 Kg
  • 7.2. 22,650-30,200 Kg
  • 7.3. 34,300-45,750 Kg
  • 7.4. 51,000-70,650 Kg
  • 7.5. 78,500-93,300 Kg
  • 7.6. Above 95,900 Kg
• 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use Vertical
  • 8.1. Construction
  • 8.2. Mining
  • 8.3. Forestry & Agriculture
  • 8.4. Others
• 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 9.1. North America
  • 9.2. Latin America
  • 9.3. Western Europe
  • 9.4. Eastern Europe
  • 9.5. South Asia and Pacific
  • 9.6. East Asia
  • 9.7. Middle East and Africa
• 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 17. Key Countries Market Analysis
• 18. Market Structure Analysis
• 19. Competition Analysis
  • 19.1. Tata Hitachi Construction Machinery (THCM)
  • 19.2. Bharat Earth Movers Limited (BEML)
  • 19.3. Komatsu
  • 19.4. JCB
  • 19.5. Doosan Excavator
  • 19.6. Caterpillar
  • 19.7. SANY
  • 19.8. Volvo Construction Equipment
  • 19.9. Kobelco Construction Equipment India
  • 19.10. Hyundai Construction Equipment
• 20. Assumptions & Acronyms Used
• 21. Research Methodology