North America Excavator Market Outlook, 2029

In North America, the construction industry is the major contributor to the economy and is expected to grow more during the forecast period. The governments in the region are focusing more on boosting infrastructure in the transportation and power sectors. The need for prosperity has channeled the finances towards the manufacturing of construction equipment, which will lead it to grow in the future. The excavator market is expected to expand significantly as construction investments increase. Excavators are hydraulic equipment that consists of a house and an undercarriage with a bucket attached to its arm. An upswing in the number of large scale projects such as mining, road transportation, and port building and construction in the oil and gas sectors have led to a surge in demand for excavators. Excavator rental services are one of the major emerging trends that allow users to meet their requirements and get maximum utilization without heavy capital investments. For instance, Volvo Construction Equipment is boosting its compact excavator range in North America with two new short-swing models: the ECR50 and ECR58. The 5-ton ECR50 is a new entry for Volvo in North America, while the 6-ton ECR58 gains performance updates from the D-series model. The ECR50 and ECR58 are ideal for rental markets and owner-operators who need a short-swing compact excavator that can nimbly work across a range of applications, including utilities, landscaping, road construction, and more.

According to the research report "North America Excavators Market Outlook, 2029," published by Bonafide Research, the North America Excavators market was valued at more than USD 11.3 Billion in 2023. Even though the region is highly developed, the demand for large-scale earth-moving equipment shows a constant increase. It is the world's largest dozer and grader market in volume terms; more than other major emerging markets, where such equipment would be sold in large numbers for new-build infrastructure projects. The majority share comes from the US, which occupies more than 3/4th of the market. Following the US are Canada and Mexico, both expected to have an increase shortly. From the obtained data, the top preferred brands of excavators as reflected by email buying requests originating from the United States are: Caterpillar (32%), Komatsu (12%), Hitachi (10%), and Doosan (9%). Both excavators have a fuel-saving ECO mode, auto-idle and auto-engine shutdown as standard features. ECO mode can cut fuel consumption by up to 10%.Auto-engine shut down reduces idling, thereby lowering maintenance costs, which leads to potentially higher resale value and lower total cost of ownership. On the other hand, Hitachi Construction Machinery Americas Inc. announced recently that the first medium-sized Hitachi ZX200-6 utility hydraulic excavator, built for the North American market, has shipped from Hitachi Construction Machinery Tsuchiura Works (Tsuchiura, Ibaraki Prefecture, Japan). The Hitachi ZX200-6 excavator is the first of many Hitachi-built and branded machines soon to be available throughout North America.

The excavator market is segmented into machine type, each serving distinct applications and industries. Mini excavators, typically fewer than 6 tons, have gained significant popularity in North America, with sales skyrocketing from around 4,000 units annually in the 1990s to over 65,000 units in 2021-2023. This surge is largely attributed to the booming residential construction market during the pandemic, with mini excavators dominating the 2-6 ton range and increasingly displacing traditional backhoe loaders due to their compact size, versatility, and cost-effectiveness. Crawler excavators, which feature tracked undercarriages, are the most common type and are available in various sizes, with the 6-12 ton class experiencing rapid growth. On the other hand, wheeled excavators are becoming more popular in North America, particularly for urban projects, as their wheels are gentler on finished roads compared to tracked machines. Additionally, there are specialized excavators such as dragline excavators, used for large-scale mining and construction; suction excavators, which utilize high-pressure water jets for careful soil removal around utilities; skid steer excavators, known for their maneuverability in tight spaces; long reach excavators, designed for heavy-duty digging and demolition with extended arms; and backhoe loaders, which have seen a decline in sales, dropping to less than 10,000 units per year.

The excavator market serves a diverse range of applications, including construction, mining, utility work, and agriculture, each experiencing significant developments. In construction, excavators are indispensable for tasks such as digging foundations, trenching, and site preparation. Their versatility allows them to handle various projects, from residential buildings to large-scale infrastructure developments. The ongoing growth in the construction industry, driven by urbanization and government investments in infrastructure, has led to an increased demand for excavators. Innovations in excavator technology, such as improved fuel efficiency and advanced hydraulic systems, have further enhanced their performance, making them more efficient for construction tasks. The demand for excavators in mining has been bolstered by the increase in major projects related to road and port construction, as well as the extraction of minerals and resources. Technological advancements, such as the development of specialized excavators for specific mining tasks, have improved operational efficiency and safety in mining operations. As mining activities expand in regions like China and India, the need for robust and efficient excavators continues to grow. For utility applications, excavators are utilized in the installation and maintenance of essential services such as gas pipelines, electrical transmission networks, and water systems. The increasing focus on upgrading utility infrastructure, particularly in densely populated areas, has driven the demand for excavators that can operate effectively in confined spaces. For utility applications, excavators are utilized in the installation and maintenance of essential services such as gas pipelines, electrical transmission networks, and water systems. The increasing focus on upgrading utility infrastructure, particularly in densely populated areas, has driven the demand for excavators that can operate effectively in confined spaces.

COVID-19 Impact:
The COVID-19 pandemic threw a wrench into most industrial markets. Many segments saw an immediate drop in demand as governments enforced lockdown measures. GDP decreased sharply across the globe as well as for the region in the second quarter of 2020, and the industrial segment suffered an immediate drop in sales. However, with the relaxation of restrictions and increased economic activity, GDP is recovering faster than expected. Increasing industrialization in the region is expected to drive higher excavator’s market growth during the forecast period.
Major Companies Present In the Market
Caterpillar Private Limited, CNH Industrial, Doosan Infracore, Epiroc Construction Machinery Co. Ltd, Hitachi Construction Machinery Co. Ltd, J C Bamford Excavators Ltd, John Deere Ltd, Kobe Steel Ltd, Komatsu Ltd., Kubota Corporation, Liebherr Group, Metso Corporation, Sandvik Mining And Rock Technology, Sany Group, Terex Corporation, Volvo Construction Equipments, XCMG Ltd. , Zoomlion Co. Ltd



Considered In the Report
• Geography: North America
• Historical year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecasted year: 2029

Countries covered:
• United States
• Canada
• Mexico
• Rest of North America

Aspects Covered In the Report
• Market Size By Value for the historic time period (2018-2023)
• Market Size By Value for the forecast time period (2024-2029)
• Market Share by Application (Construction, Mining, utility & agriculture)
• Market Share by Machine Type (Mini Excavator, Crawler, Wheeled, Others)
• Market Share by Country (2018, 2023 & 2029F)

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the construction machinery and excavator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.