Intelligent Excavator Market Size, Share, Growth, and Industry Analysis by Type (Track Type, Wheeled), By Application (Construction, Transportation, Mining, Others) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Intelligent Excavator Market Report Overview

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The global intelligent excavator market size is USD 341.9 million in 2022 and is projected to touch USD 1817.42 million by 2031, exhibiting a CAGR of 20.4% during the forecast period.

Excavators are pieces of heavy construction equipment that consist of a boom, arm, bucket, and cab on a rotating superstructure on a track or wheeled undercarriage. These machines are mostly used for excavating as well as for lifting and carrying activities in a variety of applications. An intelligent excavator is an excavator that has intelligent machine control, allowing operators to work more safely and accurately on the job site. The unique control feature allows the user to concentrate on moving material effectively without having to worry about digging too deep or harming the target surface. An intelligent excavator enhances productivity, precision, and safety on the job site, from rough digging to finishing grading.

Key manufacturers are introducing new excavators that use modern electrical technology and sophisticated tools to achieve intelligent performance. Intelligent excavators' widespread use in material handling and infrastructure construction applications will fuel industry demand. The increased extraction of minerals for usage in a variety of sectors is driving up demand for these excavators. Commercial and residential infrastructure projects under smart city programs would need the use of heavy machines for a variety of purposes, including the destruction of old structures, resulting in increased equipment demand and the rise of the intelligent excavator market.

COVID-19 Impact: Lockdown Hampered the Market Expansion

The global COVID-19 pandemic has been unprecedented and staggering, with intelligent excavator experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic had a tremendous impact on the water, energy, environmental, and food industries. Despite the difficult circumstances, drip irrigation organizations throughout the world continued to operate. On the contrary, service delivery has been hampered by a lack of people, a limited budget, and supply chain concerns. As a result, the global impact of the COVID-19 outbreak on the drip irrigation industry remained unknown. At the regional and national levels, the COVID-19 pandemic had a substantial impact on these markets. The market was delayed by the general unfavorable conditions created by the outbreak, such as lockdown and the loss of major industries.

LATEST TRENDS

"Integration of Artificial Intelligence Speeds Up the Market Demand"

Intelligent excavators that employ artificial intelligence and respond to operator voice instructions can assist in increasing efficiency, worker safety, and costs in a variety of hazardous and difficult conditions. These excavators with a human-machine interface system that combines AI, intelligent control, and other technologies to interact and accomplish tasks automatically. Without the need for experienced operators or surveyors, the excavator uses a 3D model of the digging site to evaluate the target region and eliminate any surrounding debris. As a result, the intelligent excavator market is rapidly expanding.

Intelligent Excavator Market Segmentation

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• By Type

Based on Type; the market is divided into Track Type, Wheeled. Track Type is the leading part of the platform segment.

• By Application

Based on Application; the market is divided into Construction, Transportation, Mining, and Others. Construction is the leading part of the application segment.

DRIVING FACTORS

"Increasing Demand from Agricultural Fields Speeds Up the Market Demand"

The intelligent excavator market is expanding in agriculture applications internationally as a result of its use in vital farming and farm maintenance activities. These machines are used for clearing land, building roads, managing water, and excavating and loading jobs. The small models assist farmers in digging and laying down water and sewage supply lines, resulting in a better irrigation environment. Farmers use excavators to dig and load sand and gravel to reduce work and enhance production. The needs of these industries fuel the emergence of intelligent excavators.

"Technological Advancement Speed Up the Market Demand"

Manufacturers are integrating digital support tools for effective control and maximum performance as automation and technological breakthroughs increase. Some of the most modern versions include real-time technology: the display in the cabin displays to the operator the exact location of the blade and the depth of the excavation in progress in real time. According to manufacturer testing, these new solutions can cut excavator travel on site by up to 6%, resulting in a significant reduction in working hours. Operators no longer need to be concerned about excavating too far or injuring the surface. The control system watches every movement of the blade and stops it when it reaches the desired area or depth, increasing efficiency, precision, and safety for the operator.

RESTRAINING FACTORS

"High Costs Slow Down the Market's Growth."

The high initial investment and maintenance expenses connected with the equipment are impeding the intelligent excavator market growth. These excavators are high-maintenance machines that must be inspected and maintained on a regular basis. These machines are prone to untimely system failures caused by inappropriate operations and usage exceeding the specified capacity, necessitating repair. Manufacturers and rental firms provide professional training sessions to personnel in order to reduce the breakdown of machines.

Intelligent Excavator Market Regional Insights

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"North America to lead the market owing to the Expansion of Construction and Manufacturing Industry."

Because of the expansion of the building and manufacturing industries in the United States, as well as the necessity for high-capacity load machines, the North American intelligent excavator market share is predicted to grow at an exponential rate through 2028. The high consumer spending capability on large and expensive machines, along with the strong presence of major manufacturers, drives product demand in the United States. Companies in the United States are collaborating and entering into long-term contracts with government bodies and private sector customers to provide particular and customized machines.

KEY INDUSTRY PLAYERS

"Key Participants to Accelerate Market Growth"

The data for this market was obtained from a variety of sources. Trade magazines, data from professional organizations, academic studies, and government publications are all examples. In addition to these primary sources, manufacturers, distributors, sellers, retailers, micro-experts, and other market participants give information in addition to these. The study covers information on market participants as well as their geographical activity. Companies are concentrating their efforts on expanding their market position through methods such as mergers and acquisitions, collaborations, and the development of new goods.

List of Market Players Profiled

• Komatsu (Japan)
• CASE (U.S.)
• Caterpillar (U.S.)
• Volvo (Sweden)
• Doosan (South Korea)
• Hyundai (South Korea)
• Sunward (China)
• XCMG Construction Machinery (China)

REPORT COVERAGE

             The report examines the current status of the market as well as raw materials, technology, and machinery, as well as supply and demand, production capacity, and industry chain analysis. This study assesses the market prospects and dangers connected with the creation of specific categories. It also studies the influence of important market drivers and barriers to industry development. The effectiveness of huge firms is assessed throughout time, and their impact on market dynamics is investigated.