The mining sector has been witnessing a rise primarily due to the requirement for metal and minerals for battery manufacturing.
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WILMINGTON, DELAWARE, UNITED STATES, April 15, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, 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 weighing 45 tons and above are classified as large excavators, prized for their formidable size and capabilities. These heavy-duty machines are predominantly deployed in expansive construction and mining locales.
Large excavators are segmented based on their operating weight:
45 to 65 tons, 65 to 100 tons, and over 100 tons. Among these, the 45 to 65-ton category held sway in the market in 2022, owing to its versatility across construction and mining endeavors. This versatility fuels its prominence. However, the 65 to 100-ton segment is projected to exhibit the highest compound annual growth rate (CAGR) in the forecast period. This growth is fueled by the burgeoning demand in the smaller mining sector, driven by the increasing need for metals and minerals, particularly for battery production.
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Additionally, the market is stratified based on business type into new sales and aftersales. In 2022, new sales dominated the revenue share due to the widespread utilization of large excavators in construction and mining. Conversely, aftersales are poised to gain momentum as the excavator population expands, necessitating maintenance and component replacements. Moreover, advancements in preventive maintenance are elongating excavator lifespans, thereby amplifying the demand for aftersales services in tandem with aging machines.
The new sales segment to maintain its leadership status throughout the forecast period
By business type, the new sales segment held the highest market share in 2022, accounting for nearly three-fourths of the global large excavators market, and is estimated to maintain its leadership status throughout the forecast period. Large excavators are essential equipment for mining, and construction industry, and these industries make frequent use of these machines for digging, and earthmoving applications. Moreover, large excavators are frequently used for long term in these sectors, thus buying instead of leasing the equipment is typically more economical, especially for large mining companies. However, the aftersales segment is projected to manifest the highest CAGR of 3.4% from 2023 to 2032. Excavators are mechanical machines and are subjected to frequent maintenance, owing to damage from excessive force, pressure, weather conditions such as rain, snow, and others. Thus, companies offer various aftermarket services, and parts & components.
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The mining and quarrying segment to maintain its lead position during the forecast period
By end user, the mining and quarrying segment accounted for the largest share in 2022, contributing to nearly two-thirds of the global large excavators market revenue, and is projected to maintain its lead position during the forecast period. The mining industry employs various heavy equipment, including large excavators that play a pivotal role in digging, shovelling, and earthmoving applications. The flourishing mining sector is poised to drive an increased demand for large excavators integral to mining operations. However, the construction and infrastructure segment is expected to portray the largest CAGR of 3.4% from 2023 to 2032. The rising demand for both public and private infrastructure has surged due to the increasing global population and rapid urbanization. Consequently, countries like China, India, the United States, Vietnam, and others have made substantial investments in infrastructure development to meet the growing needs of their populations.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global large excavators market revenue, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 3.4% from 2023 to 2032. Asia-Pacific is largely a developing region with developing countries such as India, China, and Vietnam. These countries have been recognized as important markets, owing to rapid infrastructural growth. Other smaller yet developed countries such as Japan, South Korea, Malaysia, Australia, and others make a significant impact on the large excavators market in Asia-Pacific.
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Leading Market Players: –
AB Volvo
Liebherr-International AG
KOMATSU Ltd
Hitachi Ltd.
XCMG Construction Machinery Co., Ltd.
Deere & Company
CNH Industrial N.V.
Sanny Global
HD Hyundai Infracore Co., Ltd.
Caterpillar Inc.
Read More Related Reports:
Mini Excavators Market – https://www.alliedmarketresearch.com/mini-excavators-market
Mining Equipment Market – https://www.alliedmarketresearch.com/mining-equipment-market
David Correa
Allied Market Research
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