Full-Rotation Excavator Market

The article provides an in-depth analysis of the full-rotation excavator market, predicting a decline in both consumption volume and value over the next eight years. Key statistics include global consumption trends, production insights, import and export analysis, and the significant role played by major consuming and producing countries such as Belgium, Malaysia, the United States, China, Japan, and more. The data reveals important growth rates, market values, per capita consumption levels, import and export prices, and trends from 2012 to 2022. Insights into market performance, trends, and future projections are discussed in detail.

Market Forecast

The full-rotation excavator market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -7.3% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 711K units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of -4.9% for the period from 2022 to 2030, which is projected to bring the market value to $45.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Self-Propelled Full-Rotation Excavators and Bulldozers

In 2022, approx. 1.3M units of self-propelled full-rotation excavators and bulldozers were consumed worldwide; surging by 7.2% compared with 2021. The total consumption volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 8.1% against the previous year. Global consumption peaked in 2022 and is likely to see steady growth in the near future.

The global full-rotation excavator market value surged to $68.4B in 2022, growing by 16% 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). Overall, consumption, however, continues to indicate a mild decline. As a result, consumption attained the peak level of $79.4B. From 2019 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

Belgium (578K units) constituted the country with the largest volume of full-rotation excavator consumption, accounting for 44% of total volume. Moreover, full-rotation excavator consumption in Belgium exceeded the figures recorded by the second-largest consumer, Malaysia (167K units), threefold. The third position in this ranking was taken by the United States (72K units), with a 5.5% share.

In Belgium, full-rotation excavator consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+35.5% per year) and the United States (+10.4% per year).

In value terms, Belgium ($30.5B) led the market, alone. The second position in the ranking was taken by Malaysia ($6B). It was followed by the United States.

In Belgium, the full-rotation excavator market plunged by an average annual rate of -2.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Malaysia (+32.4% per year) and the United States (+6.2% per year).

In 2022, the highest levels of full-rotation excavator per capita consumption was registered in Belgium (50 units per 1000 persons), followed by Malaysia (5 units per 1000 persons), the Czech Republic (3.1 units per 1000 persons) and the UK (0.9 units per 1000 persons), while the world average per capita consumption of full-rotation excavator was estimated at 0.2 units per 1000 persons.

In Belgium, full-rotation excavator per capita consumption shrank by an average annual rate of -1.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Malaysia (+33.7% per year) and the Czech Republic (-2.1% per year).

Production

World Production of Self-Propelled Full-Rotation Excavators and Bulldozers

In 2022, the amount of self-propelled full-rotation excavators and bulldozers produced worldwide declined to 1.3M units, dropping by -5.3% on 2021 figures. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 15%. As a result, production reached the peak volume of 1.6M units. From 2017 to 2022, global production growth failed to regain momentum.

In value terms, full-rotation excavator production stood at $75.2B in 2022 estimated in export price. Overall, production continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2014 when the production volume increased by 6.5%. Over the period under review, global production attained the peak level at $98.4B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

Belgium (647K units) remains the largest full-rotation excavator producing country worldwide, comprising approx. 49% of total volume. Moreover, full-rotation excavator production in Belgium exceeded the figures recorded by the second-largest producer, China (197K units), threefold. The third position in this ranking was taken by Japan (191K units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume in Belgium was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: China (+0.4% per year) and Japan (-0.2% per year).

Imports

World Imports of Self-Propelled Full-Rotation Excavators and Bulldozers

In 2022, the amount of self-propelled full-rotation excavators and bulldozers imported worldwide soared to 807K units, jumping by 41% compared with the previous year's figure. Overall, imports enjoyed buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, full-rotation excavator imports soared to $32.6B in 2022. Over the period under review, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +70.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 47%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, Malaysia (167K units), distantly followed by the United States (92K units), the UK (85K units), the Netherlands (61K units) and Belgium (41K units) represented the largest importers of self-propelled full-rotation excavators and bulldozers, together committing 55% of total imports. Indonesia (32K units), Germany (29K units), Italy (24K units), Australia (22K units), France (21K units), Russia (19K units), the Philippines (17K units) and Canada (16K units) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Malaysia (with a CAGR of +35.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($5.3B) constitutes the largest market for imported self-propelled full-rotation excavators and bulldozers worldwide, comprising 16% of global imports. The second position in the ranking was held by the Netherlands ($2.4B), with a 7.5% share of global imports. It was followed by Belgium, with a 6.4% share.

In the United States, full-rotation excavator imports increased at an average annual rate of +2.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Netherlands (+10.4% per year) and Belgium (+11.3% per year).

Import Prices By Country

The average full-rotation excavator import price stood at $40,378 per unit in 2022, dropping by -17.8% against the previous year. Over the period under review, the import price showed a deep reduction. The most prominent rate of growth was recorded in 2019 when the average import price increased by 11% against the previous year. Global import price peaked at $85,975 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 Canada ($104,923 per unit), while Malaysia ($2,285 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (-0.5%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Self-Propelled Full-Rotation Excavators and Bulldozers

In 2022, approx. 822K units of self-propelled full-rotation excavators and bulldozers were exported worldwide; increasing by 9.8% against the previous year's figure. Over the period under review, exports recorded a resilient expansion. The growth pace was the most rapid in 2021 with an increase of 84%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, full-rotation excavator exports soared to $34B in 2022. In general, total exports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +69.7% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 47% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

Japan (174K units) and China (166K units) represented roughly 41% of total exports in 2022. Belgium (110K units) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by the UK (13%), South Korea (7.7%) and the Netherlands (6.7%). Germany (23K units) and the United States (21K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +27.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest full-rotation excavator supplying countries worldwide were Japan ($8.9B), China ($8.4B) and South Korea ($3.2B), together accounting for 60% of global exports.

China, with a CAGR of +18.0%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average full-rotation excavator export price stood at $41,360 per unit in 2022, with an increase of 4.8% against the previous year. Overall, the export price, however, showed a noticeable setback. The pace of growth appeared the most rapid in 2017 when the average export price increased by 54% against the previous year. Over the period under review, the average export prices reached the peak figure at $65,321 per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 United States ($72,275 per unit), while the UK ($8,472 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.3%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform