U.S. Excavator Market Size To Reach $13.86 Billion By 2030

U.S. Excavator Market Growth & Trends

The U.S. excavator market size is anticipated to reach USD 13.86 billion by 2030, expanding at a CAGR of 3.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand for excavators is likely to rise due to several factors, such as urbanization, residential and commercial construction, and government investment in infrastructure projects.

Technological innovations in excavators, such as improved fuel efficiency, automation, and enhanced operational capabilities, have made these machines more appealing to a broader range of industries. The ongoing urbanization trend has increased demand for buildings, which drives the need for construction equipment. The widespread use of excavators across these sectors underscores their importance to the U.S. economy and infrastructure.

Increasing emphasis on environmentally friendly construction practices, driving the demand for electric and hybrid excavators. These models are expected to gain a larger market share as companies seek to reduce their carbon footprint in the coming years. Moreover, with a massive development in the infrastructure and construction industry, excavators are characterized by a wide range of applications across various sectors. Excavators are known for their versatility and efficiency in construction and infrastructure, mining, landscaping and agriculture, forestry, disaster relief and cleanup, and utility work.

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U.S. Excavator Market Report Highlights

• Based on vehicle weight, the more than 46 metric tons segment accounted for the largest revenue share of 38.3% in 2023 and is expected to continue to rise over the forecast period. It is attributed to its ability to operate in large-scale construction sites and heavy-duty infrastructure projects

• Based on engine capacity, the up to 250 HP segment dominated the market in 2023 and is expected to grow at a significant CAGR over the forecast period. This is attributed to the increasing number of residential and commercial construction projects

• Based on type, the crawler excavators segment accounted for the maximum revenue share in 2023. The ability to move and perform tasks with high precision makes crawler excavators of significant use

• Based on drive type, the ICE segment accounted for the largest revenue share in 2023. Growing demand for heavy-duty excavators in mining and heavy construction projects is driving the market growth of this segment

• In December 2022, Caterpillar Inc. launched a powerful excavator that offers more power, stability, and efficiency for earthmoving operations. The 347 HP excavator comprises Smart, Power, and Eco features. These features allow users to adjust engine power according to digging conditions, maximum power use, and fuel-saving

U.S. Excavator Market Segmentation

Grand View Research has segmented the U.S. excavator market based on component, organization size, deployment type, and industry vertical:

Vehicle Weight Outlook (Revenue, USD Million, 2018 - 2030)

• <10

• 11 to 45

• 46>

Engine Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Up to 250 HP

• 250-500 HP

• More than 500 HP

Type Outlook (Revenue, USD Million, 2018 - 2030)

• Wheel

• Crawler

Drive Type Outlook (Units, USD Million, 2018 - 2030)

• Electric

• ICE

List of Key Players in the U.S. Excavator Market

• AB Volvo

• Caterpillar Inc.

• CNH Industrial America LLC

• Deere & Company

• Doosan Bobcat

• Hyundai Construction Equipment: America, Inc.

• J C Bamford Excavators Ltd.

• Kobelco Construction Machinery U.S.A Inc.

• Komatsu Ltd.

• Mitsubishi Heavy Industries Ltd.

• Sany America

• Terex Corporation