Self-Propelled Excavating Machinery Market

The global market for self-propelled excavating machinery is expected to experience a slight increase in performance, with a forecasted CAGR of +2.1% in market volume and +3.8% in market value from 2022 to 2030. In 2022, the market saw a decline in consumption and value, but is projected to rebound in the coming years. China leads in both consumption and production of self-propelled excavating machinery, while countries like Spain show promising growth rates in market size. Import and export trends indicate fluctuations in global trade, with China and the United States being significant players in both exports and imports.

Market Forecast

Driven by rising demand for self-propelled excavating machinery worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 171K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $23.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Self-Propelled Earth Moving, Excavating Machinery

In 2022, the amount of self-propelled earth moving, excavating machinery consumed worldwide fell to 145K units, which is down by -6.8% compared with the previous year. Overall, consumption continues to indicate a perceptible downturn. Global consumption peaked at 271K units in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

The global self-propelled excavating machinery market value declined to $17.7B in 2022, shrinking by -9.1% 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). In general, consumption saw a abrupt downturn. Over the period under review, the global market hit record highs at $36.2B in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Consumption By Country

China (30K units) constituted the country with the largest volume of self-propelled excavating machinery consumption, accounting for 20% of total volume. Moreover, self-propelled excavating machinery consumption in China exceeded the figures recorded by the second-largest consumer, India (14K units), twofold. Spain (13K units) ranked third in terms of total consumption with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled -1.2%. In the other countries, the average annual rates were as follows: India (-0.5% per year) and Spain (+9.2% per year).

In value terms, China ($3.7B), India ($2.7B) and the United States ($2.1B) appeared to be the countries with the highest levels of market value in 2022, together comprising 48% of the global market. Brazil, Russia, Mexico, Japan, the UK, Bangladesh, Turkey, Pakistan, Germany and Spain lagged somewhat behind, together accounting for a further 23%.

In terms of the main consuming countries, Spain, with a CAGR of +8.4%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced mixed trends in the market figures.

In 2022, the highest levels of self-propelled excavating machinery per capita consumption was registered in Spain (272 units per million persons), followed by the UK (46 units per million persons), Japan (42 units per million persons) and Germany (42 units per million persons), while the world average per capita consumption of self-propelled excavating machinery was estimated at 18 units per million persons.

From 2012 to 2022, the average annual rate of growth in terms of the self-propelled excavating machinery per capita consumption in Spain amounted to +9.1%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the UK (-3.0% per year) and Japan (-7.0% per year).

Production

World Production of Self-Propelled Earth Moving, Excavating Machinery

Global self-propelled excavating machinery production fell slightly to 148K units in 2022, reducing by -4.2% against 2021. Over the period under review, production continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2013 when the production volume increased by 13% against the previous year. Global production peaked at 270K units in 2014; however, from 2015 to 2022, production remained at a lower figure.

In value terms, self-propelled excavating machinery production fell to $17.9B in 2022 estimated in export price. Overall, production showed a perceptible curtailment. The growth pace was the most rapid in 2021 with an increase of 18% against the previous year. Over the period under review, global production hit record highs at $36B in 2014; however, from 2015 to 2022, production failed to regain momentum.

Production By Country

China (36K units) constituted the country with the largest volume of self-propelled excavating machinery production, accounting for 24% of total volume. Moreover, self-propelled excavating machinery production in China exceeded the figures recorded by the second-largest producer, India (14K units), threefold. The third position in this ranking was held by Spain (13K units), with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume in China was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: India (-0.7% per year) and Spain (+9.1% per year).

Imports

World Imports of Self-Propelled Earth Moving, Excavating Machinery

After five years of growth, supplies from abroad of self-propelled earth moving, excavating machinery decreased by -7% to 8.3K units in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 13%. As a result, imports reached the peak of 9.3K units. From 2014 to 2022, the growth of global imports remained at a lower figure.

In value terms, self-propelled excavating machinery imports dropped to $1.1B in 2022. In general, imports continue to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 25% against the previous year. Over the period under review, global imports reached the maximum at $1.2B in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

In 2022, the United States (1.4K units), distantly followed by Somalia (712 units), France (664 units), Qatar (475 units) and Russia (391 units) represented the key importers of self-propelled earth moving, excavating machinery, together making up 44% of total imports. India (341 units), the Netherlands (339 units), Belgium (277 units), Canada (169 units), Indonesia (153 units), Spain (138 units), Thailand (127 units) and China (126 units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Somalia (with a CAGR of +64.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest self-propelled excavating machinery importing markets worldwide were France ($126M), the United States ($111M) and Russia ($70M), together comprising 28% of global imports. India, China, the Netherlands, Belgium, Canada, Spain, Indonesia, Thailand, Qatar and Somalia lagged somewhat behind, together accounting for a further 29%.

Somalia, with a CAGR of +26.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average self-propelled excavating machinery import price stood at $130,435 per unit in 2022, approximately equating the previous year. Over the period under review, the import price, however, recorded a slight decrease. The growth pace was the most rapid in 2017 an increase of 19% against the previous year. Global import price peaked at $148,840 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($468,930 per unit), while Somalia ($230 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Self-Propelled Earth Moving, Excavating Machinery

In 2022, global exports of self-propelled earth moving, excavating machinery soared to 11K units, surging by 45% against the year before. In general, exports recorded a notable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, self-propelled excavating machinery exports surged to $1B in 2022. Overall, exports, however, showed a perceptible curtailment. The pace of growth was the most pronounced in 2017 with an increase of 30%. The global exports peaked at $1.5B in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, China (6.6K units) was the largest exporter of self-propelled earth moving, excavating machinery, committing 59% of total exports. The United States (1,160 units) held the second position in the ranking, followed by the Netherlands (610 units). All these countries together took near 16% share of total exports. Germany (419 units), Italy (277 units) and France (271 units) held a little share of total exports.

Exports from China increased at an average annual rate of +6.4% from 2012 to 2022. At the same time, the Netherlands (+10.1%), France (+6.5%), Italy (+2.9%) and the United States (+1.5%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +10.1% from 2012-2022. By contrast, Germany (-2.5%) illustrated a downward trend over the same period. China (+18 p.p.) and the Netherlands (+2.8 p.p.) significantly strengthened its position in terms of the global exports, while Germany saw its share reduced by -2.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($347M) remains the largest self-propelled excavating machinery supplier worldwide, comprising 35% of global exports. The second position in the ranking was held by Germany ($145M), with a 14% share of global exports. It was followed by the United States, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at -4.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (-1.8% per year) and the United States (-6.2% per year).

Export Prices By Country

In 2022, the average self-propelled excavating machinery export price amounted to $89,917 per unit, declining by -18.2% against the previous year. In general, the export price continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2018 an increase of 6.9% against the previous year. The global export price peaked at $171,811 per unit in 2012; however, from 2013 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 Germany ($345,472 per unit), while China ($52,368 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform