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Europe Excavator and Loaders Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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  • 90 Pages
  • April 2023
  • Region: Europe
  • Mordor Intelligence
  • ID: 5119716
UP TO OFF until Sep 30th 2023
Currently, European excavator and loaders market was valued at USD 16.64 billion, and it is expected to register a CAGR of 6.98% over the next five years.

Manufacturing shutdowns, lockdowns, and trade restrictions during the COVID-19 pandemic negatively affected the European construction equipment industry. Furthermore, the fall in construction activity and lack of labor significantly impacted the market. As construction companies have resumed operations to complete their works in countries with a limited number of COVID-19 cases, the market is likely to recover during the forecast market. Furthermore, the manufacturers are implementing contingency plans to mitigate future business uncertainties to retain continuity with clients in the critical sectors of the automobile industry. For instance

Key Highlights

  • In 2021 construction industry in France registered a growth of 10.5% over 2020 largely due to the recovery from the COVID-19 pandemic.
  • In September 2021, JCB announced that its machine sales dropped to 74590 units in 2020 from 92216 units in 2019 due to the COVID-19 pandemic. The company still remained profitable in 2020 due to various cost-cutting measures and its focus on alternative powertrain construction equipment.

Over the next five years the market is anticipated to register robust growth due to big spending on infrastructure projects by the EU countries and the introduction of electric and hydrogen powered excavators. For instance

Key Highlights

  • In June 2022, EU announced to invest EUR 5.4 billion (USD 5.56 billion) to create a sustainable, safe, and efficient transport infrastructure.
  • In July 2022, Hitachi Construction Machinery Europe N.V. launched Hitachi ZX55U-6EB its first 5 ton battery powered electric excavator in Europe.

However, the demand for rental and used construction machinery is also a concerning factor for the market studied. This is because several customers for new equipment have also been considering the option to either rent or purchase used machinery as several options are available. The end customer and major OEMs have also stepped into the used and rental equipment market, looking at the rising demand.

Germany and the United Kingdom are anticipated to witness optimistic growth during the forecast period due to government initiatives and the rising adoption of environmentally sustainable products in the market.

Thus the aforementioned factors are projected to induce significant growth in the European excavator and wheel loader market.

Europe Excavator & Loaders Market Trends

Technological Advancements and Product Innovations to Drive the Market

Digitalization and technological advancements have become indispensable parts of the construction industry. Various market participants have already adopted many advancements, and others follow the trend. For instance,
  • In September 2022, Volvo CE launched a new online configuration tool that lets potential customers configure and price the electric excavators before ordering according to their own requirements.
  • In May 2022 Case Construction Equipment, a subsidiary of CNH Global and a part of Stellantis N.V. launched Case D Series Mini excavator. The product has been developed after the acquisition of Sampierana, an Italian excavator manufacturer in 2021.

With the evolving demand by the government to move toward greener vehicles, excavators and loaders manufacturers are turning their conventional vehicles to electric and hybrid to adopt the changes. Most automakers are introducing new electric excavators and loaders models. For instance,
  • In October 2022, Komatsu launched its first fully electric 20 class ton excavator PC210E at Bauma 2022 held in Munich, Germany.
  • In October 2022, Liebherr Group launched LH 26 M Industry E its first electric wheel loader. at Buama 2022 held in Munich, Germany.

Companies have been focusing on developing new models of excavators and loaders with enhanced performance characteristics and eco-friendly features to gain momentum in the market studied. This is expected to attract customers during the forecast period.

Germany Anticipated to Hold Significant Market Share

Germany is expected to witness the fastest growth and is likely to hold a significant market share during the forecast period. The country is an early adopter of the latest technology, and the construction companies in the country are investing heavily in procuring the latest equipment to reduce carbon footprints. For instance,
  • In October 2022, Doosan Bobcat launched its new 2-ton battery electric excavator E10e at Bauma 2022, in Munich, Germany.
  • In June 2022, Liebherr Group launched the latest variants of L 526, L 538, and L 546 wheel loaders in Germany having bucket capacities between 2.2 and 3 cubic meters. The newer models have 20% more power than the outgoing models.

Factors influencing the growth in the market are increasing public infrastructure spending and extremely low-interest rates. In 2021 Germany spent EUR 23.67 Billion (USD 24.38 billion) to upgrade and expand its transport infrastructure. According to VDMA (German Construction Equipment Manufacturers Association) this led to rise of 18% to EUR 12.4 Billion (USD12.77 Billion) in equipment sales in Germany compared to 2020. This also created a healthy demand for excavators and wheel loadres in the country. Companies are launching new products and are entering collaborations to strengthen their positions in the market. For instance,
  • In October 2022, Hitachi Construction Machinery Europe N.V. launched its new wheeled excavator ZX135W-7 featuring a Stage V- compliant 4-cylinder engine from Deutz and 360-degree swing radius, 2.2m arm length at Bauma 2022 in Munich, Germany.
  • In September 2022, Topcon and Vodafone collaborated to develop a solution which will enable IoT equipped construction equipment to be tracked better than GPS or GNSS. Both the companies are running trials of the solution called Vodafone GNSS Corrections on machines in Germany, Spain and the United Kingdom.

With the aforementioned trends and developments, the market is expected to have optimistic growth during the forecast period.

Europe Excavator & Loaders Market Competitor Analysis

The European excavator and loaders market is moderately consolidated due to the presence of global and some local players holding significant shares in the market. Some of the prominent companies in the market are Caterpillar Inc., Liebherr-International, Komatsu Ltd, JCB and Volvo. These companies are focusing on product innovations to gain a competitive edge in the market over other players. For instance,
  • In October 2022 Caterpillar unveiled four new electric machines 301.9 mini excavators, 320 medium excavator, 950 GC medium wheel loader and 906 compact wheel loader at Bauma 2022 in Munich, Germany.
  • In September 2022, Volvo CE launched a new version of its electric loader L25. The new version features an upgraded hydraulic pump, relocation of the main control valve from the cab to the front end to reduce noise levels, and a programmable heater for the operators to adjust cab temperatures while working in cold climatic conditions.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Challenges
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 By Machinery Type
5.1.1 Excavator
5.1.2 Loader
5.2 By Drive Type
5.2.1 Hydraulic
5.2.2 Electric
5.2.3 Hybrid
5.3 By Country
5.3.1 Germany
5.3.2 United Kingdom
5.3.3 Italy
5.3.4 France
5.3.5 Rest of Europe
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Caterpillar Inc.
6.2.2 CNH Industrial NV
6.2.3 Kobelco Construction Machinery Co. Ltd
6.2.4 Deere & Company
6.2.5 Liebherr-International Deutschland GmbH
6.2.6 Hitachi Construction Machinery Co. Ltd
6.2.7 Komatsu Ltd
6.2.8 Manitou BF, SA
6.2.9 Doosan Infracore Co. Ltd
6.2.10 Yanmar Construction Equipment Co. Ltd
6.2.11 Volvo Construction Equipment

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Caterpillar Inc.
  • CNH Industrial NV
  • Kobelco Construction Machinery Co. Ltd
  • Deere & Company
  • Liebherr-International Deutschland GmbH
  • Hitachi Construction Machinery Co. Ltd
  • Komatsu Ltd
  • Manitou BF, SA
  • Doosan Infracore Co. Ltd
  • Yanmar Construction Equipment Co. Ltd
  • Volvo Construction Equipment