Excavator Attachments Market Size, Share & Trends Analysis Report By Type (Bucket, Hammer, Grapple, Thumb, Rake/harvester/head/auger/others), By Industry (Demolition, Recycling, Forestry, Excavation), By Sales Channel (Direct Sales, Distributors) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global excavator attachments market size was valued at USD 5,42,853 million in 2021 and is anticipated to generate USD 8,60,361.9 million by 2030. The market is projected to grow at a CAGR of 5.25% during the forecast period (2022–2030).

In the construction sector, an excavator is a piece of heavy machinery used for excavating and destruction. Forestry, demolition, recycling, and excavation are just a few applications. Excavator attachments are the digging and excavation tools that are attached to excavators. We have included many attachment tools that are utilized in excavators in this research. The global excavator attachments market share is segmented based on type, industry, sales channel, and region.

Market Dynamics

Excavator attachments market drivers

• Growing mining industry to skyrocket demand for excavator attachments

Excavators are generally used for digging and excavation in the mining industry. Excavator attachments, such as a hydraulic breaker, drum cutters, and buckets, are utilized in locations where the rock is soft or brittle for cost-effective rock extraction procedures.

The mining sector is predicted to expand during the projection period due to rising demand in infrastructure construction, electricity generation, and the cement industry. Foreign Direct Investment (FDI) in Indian metallurgical industries was USD 13,401 million from April to March 2020, according to the Indian Brand Equity Foundation (IBEF). The mining, diamond and gold ornaments, and coal production industries, on the other hand, received USD 2,731 million, USD 1,177 million, and USD 27 million in FDI, respectively.

China produced 3,693 million metric tons of coal in 2019, according to NMA data, with India coming in second with 769 million metric tons. Excavator attachment sales are predicted to rise as a result of increased investment in the mining industry over the forecast period.

• Rising construction/ demolishing sector heaves demand for global market

In the future years, the growing development and construction sector is likely to provide a profitable growth opportunity for the excavator attachments market growth. Despite the global economy's constant rise, excavator attachments remained a valuable piece of construction equipment. These add-ons are necessary for loading, unloading, trenching, and breaking. The move from manual labor to mechanized is driving the construction sector's expansion, particularly in developing economies. The construction sector is growing at a quicker rate in China, the United States, and India.

The need for excavator attachments is boosted by large-scale demolition operations of residential and commercial complexes in the United States and India and the reconstruction of ancient buildings. Living conditions have risen worldwide as a result of fast population growth and increased per capita income. The population transition from rural to urban areas is causing a rise in demand for buildings, causing economies to struggle. To fulfill this ever-increasing demand, operators use construction machines such as excavator attachments to speed up the construction process.

Restraints: volatile economies can hamper the excavator attachments market growth

The global economy is in shambles due to different economic shifts among the world's major trading partners. Since they were the leading participants in global commerce, the trade war between the United States and China impacted all economies. The trade war between the world's two largest economies has resulted in higher import tariffs on items worth billions of dollars.

In 2018, the United States placed tariffs on more than USD 360 billion in Chinese goods, while China imposed additional taxes on more than USD 110 billion in US goods. The considerable increase in raw material prices forced domestic businesses to rethink their sourcing strategies.

In February, Brexit took place one of the world's largest economic partners, the United Kingdom, left the European Union (EU). Regional businesses and trading partners are bracing for a potential catastrophe due to the split and are making plans for their future operations. It implies that the British economy will experience a significant downturn before gaining traction. All of the aforementioned causes have gradually lowered manufacturing capacity in most industries.

However, the recent global outbreak of the pandemic coronavirus has slowed economic activity much further. These have lowered total production capacity and are projected to hamper global excavator attachment demand.

Opportunities: lucrative opportunities for the excavator attachments market as the construction activities flourish

The residential building construction has been spurred by the ever-growing population and greater migration to emerging markets. Government expenditure to ensure a good standard of life for the citizens has had a significant role in the rise in residential building construction. For instance, Beijing launched 300 construction projects in 2018, including 100 infrastructural projects, 100 projects to improve people's livelihoods, and 100 industrial projects.

According to the United Nations World Migration Report 2020, there were around 272 million international migrants in the world in 2019, accounting for 3.5 percent of the global population (UN). To accommodate the growing number of migrants in metropolitan areas, residential building construction is on the rise, resulting in a greater need for construction equipment such as excavators and their attachments.

Favorable government policies, rising consumer disposable income, and a desire for enhanced living standards are also encouraging commercial construction. Construction of commercial spaces such as malls, hypermarkets, supermarkets, office buildings, and multiplexes is increasing in emerging nations, resulting in increased demand for excavator attachments. In the developed economies, there has been an increase in the renovation of existing old infrastructures in recent years, which is likely to provide significant chances for market expansion.

Regional Analysis

Significant growth in asia-pacific and europe

Based on regions the market is divided into five regions- North America, South America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific and Europe dominated the global market of excavator attachments.

Asia-Pacific led the global excavator attachments market share and is anticipated to register a  CAGR of 6.55%, estimated to generate USD 5,01,264.2 million in revenue by 2030. During the projection period, the government's increased investment in infrastructure, particularly in the developing countries of the regional market, is predicted to significantly drive excavator attachment sales. Regional growth is projected to be boosted by the increased initiatives in nations like India to change procedures and laws around infrastructure investment.

Heavy machinery equipment producers, such as excavators and backhoes, are expected to benefit from the development of economies around the world. As a result, sales are increasing exponentially as several first-time customers and small operators purchase this machinery. As a result of the increased demand for excavators, there is a greater demand for excavator attachments, boosting the market growth.

Europe holds the second-largest share in the global market of excavator attachments and is projected to grow at a CAGR of 3.43%, generating a revenue of USD 1,36,151.9 million by 2030.

During the projected period, the global excavator attachments market share is expected to see substantial expansion in Europe. The expansion in huge construction projects across economies such as Germany, France, and Italy can be ascribed to this growth. Port extensions, undersea tunnels, and railway tunnels are among the projects that require heavy machinery such as excavators.

Manufacturers in the construction equipment industry are moving from conventional to electric and hybrid vehicles as a result of increased digitization and technological improvements, as well as government emphasis on greener cars, contributing to market growth over the anticipated years.

Segmental Analysis

On the basis of type, the market has been segmented into a bucket, hammer, grapple, thumb, and rake/harvester/head/auger/others. Hammer holds the most significant global excavator attachments market share and is expected to grow at a CAGR of 6.5%, generating a revenue of USD 3953.80 million by 2030.

The breaker, or hammer, is a powerful percussive instrument that is fitted into an excavator to smash concrete structures. These hydraulic hammers are used when a jackhammer is ineffective, or blasting is dangerous due to environmental concerns. The demand for the product has been driven by growth in infrastructure development, including roads, bridges, and tunnels, residential and non-residential buildings, and mining, as well as severe government rules addressing blasting safety and environmental effects.

The global market of excavator attachments has been divided into four categories based on industry: demolition, recycling, forestry, and excavation. Demolition has the largest global excavator attachments market share, with a CAGR of 5.89% estimated to generate USD 3407.45 million in revenue by 2030.

Demolition is breaking down a structure while preserving valuable pieces for reuse. Every structure has a finite lifespan, and its continued existence can be harmful to its residents and neighboring structures. This worry has resulted in a need for excavators equipped with demolition equipment/attachments, such as excavator hammers and buckets, to demolish aged structures in a variety of industries.

By sales channel, the global market of excavator attachments is divided into direct sales and distributors. The distributor's segment dominated the global excavator attachments market share, at a CAGR of 5.55%, estimated to generate USD 5200.80 million in revenue by 2030.

The major market players believe that informed salespeople who can deliver product value and unique solutions drive the sale of differentiated and innovative products. As a result, these are primarily focusing on developing and increasing their sales capabilities by working with various distributors to enhance and improve their sales and distribution channels in the local and global markets.

Impact of covid-19

Due to the growing end-use industries, the excavator attachments market is booming. Construction, small demolitions, transportation of building materials, powering building equipment, digging holes/excavation, landscaping, asphalt breaking, and paving roads are examples of applications. These have achieved importance in the construction business. These are also frequently employed in industries such as mining and agriculture due to the variety in their operations and compact size.

During the forecast period, the rapid expansion in building and construction activities around the world is expected to enhance sales of excavator attachments in the global market. Furthermore, rising industrialization, an ever-increasing population, and increased demand for agricultural commodities are some of the main drivers driving the market forward. However, in the year 2020, the breakout of the pandemic and diminishing demand from the end-user sectors of the market stifled the excavator attachments market growth.

The COVID-19 outbreak, which began in China last year, significantly impacted the building industry. Currently, the industry is battling substantial roadblocks, which has resulted in a significant drop in revenue earned by these industries. This is due to the government's lockdown in attempts to avert the disaster, resulting in severe disruption in construction projects by halting them. This scenario has exacerbated a bleak prognosis since sales of various construction equipment and machinery have plummeted as a result of sluggish infrastructure expenditures and tight financial conditions.

Furthermore, the disruption in the supply chain is causing concern among builders and operators, who are struggling to meet the demand for raw materials for ongoing construction projects.

Market Recovery Challenges and Timeline

It will take time for the excavator attachment market to recover from the pandemic's economic blow. The shortage of manpower for maintaining manufacturing activity is the biggest concern for excavator attachment providers. Furthermore, decreasing demand for heavy machinery equipment and attachments is caused by the lack of capital expenditures, differentiated demand patterns, and depletion of existing assets.

The larger economies drive the global rebound in the excavator attachments market growth, with prices reversing as shortages emerge. Furthermore, robotics and improved excavator attachments will be in high demand since enterprises will be able to maintain uninterrupted operations during pandemics. Excavator attachment demand will increase as the economy improves, necessitating fresh investment and project restarts.

Recent Developments

• April 2022- Sandvik has long been a world-leading supplier of innovative metal cutting tools and tooling solutions. Sandvik Machining Solutions specializes in machining solutions, while Sandvik Manufacturing Solutions focuses on the beginning and end of the value chain – design, planning, and verification. The metal-cutting business was divided into two business area segments in 2021 to further grow its digital offering. The goal is to provide an agnostic, end-to-end digital product that automates the machining process.
• April 2022- Doosan sold assets such as excavator producer Doosan Infracore Co. and battery foil subsidiary Doosan Solus, as well as its headquarters in Seoul, as part of restructuring from 2020 to this February. Doosan Enerbility Co., a heavy-industry and nuclear-energy entity, and Doosan Bobcat Inc., a construction-equipment manufacturer, are still owned by the company.
• April 2022- Etteplan, a Finnish engineering business, says it is working with Epiroc to help adapt its Minetruck MT42 Battery into an electric trolley system in order to provide fossil-free underground heavy transportation without interruptions.
• 2021- Doosan Infracore won orders for more than 220 construction machines from emerging countries
• June 2020- Caterpillar Inc. stated that it has purchased certain assets and employed workers from Marble Robot, Inc., a robot and autonomy technology solutions firm based in San Francisco, California. The purchase is in line with the company's automation and autonomy strategy, demonstrating its commitment to the next generation of worksite solutions. The company hopes to use the new team's extensive knowledge to deliver scalable solutions to address the evolving needs of the construction, quarry, industrial, and waste industries, building on its leadership in autonomous mining.
• 2020- Geith launched GT Quick Coupler for 2 - 27 ton excavators.
• 2020- Craig Manufacturing started its Craig Portal to encourage online orders.