Excavators are generally of two types: wheeled excavators and crawler excavators. Most buyers purchase low-cost crawler excavators instead of high-cost wheeled excavators because the former equipment is more stable when performing excavation operations on rough or uneven terrains compared to wheeled excavators.
With the changing government requirements for green vehicles, excavator and loader manufacturers are switching their conventional vehicles to electric and hybrid to adapt to these changes. Most automakers are launching new electric excavator models.
One of the major factors driving the growth of the market is the growth of the construction industry, the increase in the construction of multi-family homes (increasing trend of nuclear families) due to the growth in population and urbanization, and the increasing investment in the construction of roads, highways, smart cities, metros, bridges, and expressways.
In addition, countries are investing heavily in infrastructure construction to address major issues such as traffic congestion, population growth, high manufacturing costs, and aging transportation infrastructure. Developed economies are investing in technologies such as earthquake-resistant buildings, hyperloop, etc. to improve their existing infrastructure. These factors are driving the growth of the market.
The European excavator and loader market size is expected to reach USD 20.38 billion by 2024, growing at a CAGR of 6.98%, and USD 28.55 billion by 2029.
Caterpillar Inc., Komatsu Corp., Liebherr Group, Volvo Construction Equipment, Deere & Company are the major companies operating in the European excavator and loader market.
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