According to a research report titled “Excavator Market Share, Size, Trends, & Industry Analysis Report By Product Type; By Application; By Region, Segment Forecasts, 2020 - 2026” available with Market Study Report, global excavator market valuation is anticipated to reach USD 62.2 billion by the year 2026.
 

As per research findings, expanding construction industry is a major driving factor for worldwide excavator market growth. Furthermore, increasing versatility of excavators in terms of maneuverability, size, durability, and availability of different output ranges will add substantial traction to industry growth. Rapid industrialization, and advancements in infrastructure are bolstering the adoption of advanced machinery and equipment, hence multiplying market returns.
 

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Moreover, burgeoning real estate vertical, along with ever-expanding transport infrastructure are creating a huge demand for heavy building equipment, thereby augmenting worldwide excavator market remuneration.
 

For those unversed, excavators are equipment used in construction activities, with an assembly of tools ranging from boom, dippers, to bucket fixed on mobile platforms, based on application requirement. Excavators perform a plethora of tasks including landscaping, handling of construction materials, picking & placing, demolition, and excavation among others.
 

Despite the lucrative returns, lack of technicians and skilled operators in developing countries will hamper market growth. However, strict emission control laws implemented by authorities are inducing companies to develop enhanced environment-friendly equipment, creating profitable opportunities for industry players.
 

By product type, the industry is arrayed into crawler, mini, heavy, and wheeled. Moving on to the application scope, global excavator market is classified into waste management, construction, and mining.
 

Speaking of the regional outlook, Asia Pacific led the worldwide excavator market expansion in the past year, driven by China’s massive infrastructure development and urbanization. Humongous population base, and construction of roadways in developing countries like China and India are estimated to boost industry revenue during the forecast period. Other regions holding significant market share are North America, Europe, and Middle East & Africa.
 

Major industry players are Kubota Corporation, Doosan Bobcat Inc., Hitachi Ltd., Kato Works Co. Ltd., Komatsu Limited, CNH Industrial N.V., Kobelco Construction Machinery, Liebherr, John Deere, and Caterpillar Inc.