The excavator remanufactured components market size was valued at US$ 1,882.22 million in 2022 and is projected to reach US$ 2,739.25 million by 2030; it is expected to register a CAGR of 4.80% from 2022 to 2030.

The report includes growth prospects in light of current excavator remanufactured components market trends and driving factors influencing the market growth.

Rising Adoption of Hybrid Excavators With Surge in the Construction and Mining Industry is Driving the Excavators Remanufactured Components Market Growth

The mining sector is beginning to profit from a new generation of low-emission "driverless" mine vehicles that are changing the industry's image and moving it toward decarbonization. Construction is a major industry for the US economy. Increasing construction projects with significant investment by the government authorities around the globe is driving the excavator remanufactured components market size. In the US, there were over 919,000 construction companies as of 2023 and sector employs more than 8.0 million people. The construction sector generates more than US$ 2.1 trillion revenue per year in the US economy. Construction is the largest customers for construction, manufacturing, mining and a variety of services. Further, key players in the market are expanding with launch of remanufacturing program in order to save the overall cost of original equipment manufacturing. For instance, in November, 2023, Komatsu ltd. launched remanufacturing scheme for the electrical components for its hybrid hydraulic excavators. The company launched remanufacturing components such as capacitors and inverters compatible with hybrid hydraulic excavators.

Such, increase in the remanufacturing programs by the OEMs of the excavators is driving the excavator remanufactured components market growth. Further, several countries government authorities are offering tax benefits in order to promote the remanufacturing of the mining and construction heavy equipment. For instance, in 2023, the mining and construction industries in Canada have begun to benefit from a new federal tax credit for shifting to zero-emission heavy-duty trucks. The 30% refundable tax credit is available for both hydrogen and electric heavy-duty equipment utilized in these industries and charging and refueling infrastructure. Further, many mining truck manufacturing companies are taking initiatives to develop electric vehicles. In 2022, Caterpillar claimed that it had successfully displayed its first battery-powered vehicle prototype at the company's Tuscon, Arizona.

Increased demand for hybrid excavators will directly boost the demand for the excavator's components, such as engine, battery packs, motors, and transmissions, which is expected to create lucrative opportunities for the excavators remanufactured components market growth during the forecast period.

The US mining industry has demonstrated resilience in the face of challenges, adapting to changing circumstances and economic downturns. Despite the impact of the pandemic, the industry has continued to play a crucial role in providing essential raw materials for manufacturing. The products extracted through mining serve as the building blocks for various industries and are integral to the production of countless goods and materials. According to American Mine Services, as of 2019, there were ~13,000 active mines in the US, contributing significantly to the country's economy.

The value of these active mines was estimated to be US$ 61 billion, indicating the importance of the mining sector in terms of revenue generation and employment opportunities. By continuously adapting to changing market conditions, technological advancements, and environmental considerations, the US mining industry has solidified its position as a crucial pillar of the country's economy. Owing to the well-established mining industry of the US, the industry is creating constant growth opportunities for excavators remanufactured components market share of the US.

Atlas Copco, AB Volvo, Epiroc AB, Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Komatsu Ltd., Swanson Industries, SRC Holding Corporation, Liebherr Group, J C Bamford Excavators Ltd., and are among the key excavators remanufactured components market players.

The overall excavators remanufactured components market size has been derived using both primary and secondary sources. Excavator remanufactured components market analysis To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the excavators remanufactured components market. The process also serves the purpose of obtaining an overview and forecast of the excavators remanufactured components market size with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the excavators remanufactured components market.