Mechanical Shovel And Excavator Market

The global market for mechanical shovels, excavators, and shovel loaders is on the rise, with an expected growth in both volume and value over the next eight years. The United States leads in consumption and production of these machines, with China and Russia also playing significant roles in the market. Import and export trends show fluctuations, but overall indicate a positive outlook for the industry.

Market Forecast

Driven by increasing demand for mechanical shovels, excavators and shovel loaders worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market volume to 3.1M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.5% for the period from 2022 to 2030, which is projected to bring the market value to $212.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Mechanical Shovels, Excavators And Shovel Loaders

Global mechanical shovel and excavator consumption rose sharply to 2.2M units in 2022, surging by 5% against the previous year's figure. In general, consumption recorded strong growth. As a result, consumption attained the peak volume of 2.6M units. From 2021 to 2022, the growth of the global consumption remained at a lower figure.

The global mechanical shovel and excavator market size expanded markedly to $128.1B in 2022, increasing by 9.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption enjoyed buoyant growth. As a result, consumption attained the peak level of $134.6B. From 2021 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The United States (1.1M units) remains the largest mechanical shovel and excavator consuming country worldwide, accounting for 50% of total volume. Moreover, mechanical shovel and excavator consumption in the United States exceeded the figures recorded by the second-largest consumer, China (116K units), tenfold. The third position in this ranking was taken by Russia (82K units), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States stood at +19.8%. In the other countries, the average annual rates were as follows: China (-0.7% per year) and Russia (+7.8% per year).

In value terms, the United States ($64.3B) led the market, alone. The second position in the ranking was held by China ($4.8B). It was followed by Germany.

In the United States, the mechanical shovel and excavator market expanded at an average annual rate of +17.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-4.3% per year) and Germany (+8.0% per year).

The countries with the highest levels of mechanical shovel and excavator per capita consumption in 2022 were the United States (3,311 units per million persons), the Netherlands (2,127 units per million persons) and Canada (936 units per million persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +19.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Mechanical Shovels, Excavators And Shovel Loaders

In 2022, production of mechanical shovels, excavators and shovel loaders decreased by -1.1% to 2.3M units, falling for the second year in a row after two years of growth. Over the period under review, production, however, continues to indicate strong growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 154%. Global production peaked at 4.7M units in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

In value terms, mechanical shovel and excavator production rose markedly to $118.7B in 2022 estimated in export price. In general, production, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2015 with an increase of 116%. Over the period under review, global production attained the peak level at $216.2B in 2017; however, from 2018 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of mechanical shovel and excavator production was the United States (1M units), comprising approx. 45% of total volume. Moreover, mechanical shovel and excavator production in the United States exceeded the figures recorded by the second-largest producer, China (366K units), threefold. The third position in this ranking was held by Japan (267K units), with a 12% share.

In the United States, mechanical shovel and excavator production expanded at an average annual rate of +18.2% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: China (+8.1% per year) and Japan (-1.6% per year).

Imports

World Imports of Mechanical Shovels, Excavators And Shovel Loaders

For the third consecutive year, the global market recorded growth in supplies from abroad of mechanical shovels, excavators and shovel loaders, which increased by 0.8% to 890K units in 2022. Overall, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.4% against 2016 indices. The pace of growth was the most pronounced in 2018 when imports increased by 24%. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, mechanical shovel and excavator imports soared to $53.2B in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +65.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 42% against the previous year. Global imports peaked in 2022 and are likely to continue growth in years to come.

Imports By Country

In 2022, the United States (151K units), followed by the UK (92K units), the Netherlands (49K units) and South Africa (40K units) represented the largest importers of mechanical shovels, excavators and shovel loaders, together constituting 37% of total imports. The following importers - Canada (38K units), Russia (37K units), Indonesia (35K units), Australia (32K units), Belgium (29K units), the Philippines (25K units), Germany (24K units), Thailand (21K units) and Italy (16K units) - together made up 29% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Africa (with a CAGR of +22.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($8.7B) constitutes the largest market for imported mechanical shovels, excavators and shovel loaders worldwide, comprising 16% of global imports. The second position in the ranking was taken by Canada ($3.3B), with a 6.2% share of global imports. It was followed by the Netherlands, with a 5.4% share.

In the United States, mechanical shovel and excavator imports increased at an average annual rate of +4.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+0.6% per year) and the Netherlands (+9.0% per year).

Imports By Type

In 2022, self-propelled full-rotation excavators and bulldozers (807K units) represented the key type of mechanical shovels, excavators and shovel loaders, creating 64% of total imports. It was distantly followed by wheeled loaders, crawler shovel loaders, front-end loaders (376K units) and self-propelled bulldozers and excavators (86K units), together generating a 36% share of total imports.

Self-propelled full-rotation excavators and bulldozers was also the fastest-growing in terms of imports, with a CAGR of +10.9% from 2012 to 2022. At the same time, self-propelled bulldozers and excavators (+6.7%) and wheeled loaders, crawler shovel loaders, front-end loaders (+3.0%) displayed positive paces of growth. From 2012 to 2022, the share of self-propelled full-rotation excavators and bulldozers increased by +17 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, self-propelled full-rotation excavators and bulldozers ($32.6B) constitutes the largest type of mechanical shovels, excavators and shovel loaders imported worldwide, comprising 62% of global imports. The second position in the ranking was held by wheeled loaders, crawler shovel loaders, front-end loaders ($15.2B), with a 29% share of global imports.

From 2012 to 2022, the average annual growth rate of the value of self-propelled full-rotation excavators and bulldozers imports stood at +2.8%. With regard to the other imported products, the following average annual rates of growth were recorded: wheeled loaders, crawler shovel loaders, front-end loaders (+1.2% per year) and self-propelled bulldozers and excavators (-0.9% per year).

Import Prices By Type

In 2022, the average mechanical shovel and excavator import price amounted to $59,831 per unit, rising by 15% against the previous year. In general, the import price, however, recorded a slight descent. The growth pace was the most rapid in 2021 an increase of 25% against the previous year. Global import price peaked at $71,356 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major imported products. In 2022, the product with the highest price was self-propelled bulldozers and excavators ($55,956 per unit), while the price for wheeled loaders, crawler shovel loaders, front-end loaders ($40,373 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by wheeled loader (-1.7%), while the other products experienced a decline in the import price figures.

Import Prices By Country

In 2022, the average mechanical shovel and excavator import price amounted to $59,831 per unit, growing by 15% against the previous year. Over the period under review, the import price, however, continues to indicate a slight descent. The growth pace was the most rapid in 2021 an increase of 25% against the previous year. Over the period under review, average import prices attained the peak figure at $71,356 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($106,185 per unit), while the Philippines ($17,488 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Mechanical Shovels, Excavators And Shovel Loaders

In 2022, the amount of mechanical shovels, excavators and shovel loaders exported worldwide declined to 987K units, reducing by -11.1% on the year before. In general, exports, however, enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 269% against the previous year. The global exports peaked at 4M units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, mechanical shovel and excavator exports rose remarkably to $50.8B in 2022. Overall, total exports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 42% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

The biggest shipments were from China (252K units), Japan (220K units) and the UK (156K units), together accounting for 64% of total export. South Korea (73K units) took a 7.4% share (based on physical terms) of total exports, which put it in second place, followed by the United States (7.4%). Germany (38K units), the Netherlands (28K units) and Belgium (24K units) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +16.0%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($11.4B), Japan ($10.9B) and the United States ($3.8B) appeared to be the countries with the highest levels of exports in 2022, together accounting for 51% of global exports.

In terms of the main exporting countries, China, with a CAGR of +12.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, self-propelled full-rotation excavators and bulldozers (822K units) represented the largest type of mechanical shovels, excavators and shovel loaders, achieving 68% of total exports. Wheeled loaders, crawler shovel loaders, front-end loaders (326K units) ranks second in terms of the total exports with a 27% share, followed by self-propelled bulldozers and excavators (4.5%).

Self-propelled full-rotation excavators and bulldozers was also the fastest-growing in terms of exports, with a CAGR of +5.8% from 2012 to 2022. At the same time, self-propelled bulldozers and excavators (+4.8%) and wheeled loaders, crawler shovel loaders, front-end loaders (+1.8%) displayed positive paces of growth. From 2012 to 2022, the share of self-propelled full-rotation excavators and bulldozers increased by +8 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, self-propelled full-rotation excavators and bulldozers ($34B) remains the largest type of mechanical shovels, excavators and shovel loaders supplied worldwide, comprising 67% of global exports. The second position in the ranking was held by wheeled loaders, crawler shovel loaders, front-end loaders ($13.4B), with a 26% share of global exports.

From 2012 to 2022, the average annual growth rate of the value of self-propelled full-rotation excavators and bulldozers exports stood at +2.7%. For the other products, the average annual rates were as follows: wheeled loaders, crawler shovel loaders, front-end loaders (+1.5% per year) and self-propelled bulldozers and excavators (-2.4% per year).

Export Prices By Type

The average mechanical shovel and excavator export price stood at $51,458 per unit in 2022, growing by 27% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 481% against the previous year. The global export price peaked at $59,496 per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was self-propelled bulldozers and excavators ($64,124 per unit), while the average price for exports of wheeled loaders, crawler shovel loaders, front-end loaders ($40,973 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by wheeled loader (-0.3%), while the other products experienced a decline in the export price figures.

Export Prices By Country

In 2022, the average mechanical shovel and excavator export price amounted to $51,458 per unit, jumping by 27% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 481% against the previous year. Over the period under review, the average export prices reached the peak figure at $59,496 per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($104,701 per unit), while the UK ($14,087 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.8%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform