The market for remanufactured excavator components was valued at approximately US$ 1,882.22 million in 2022 and is anticipated to grow to US$ 2,739.25 million by 2030, reflecting a compound annual growth rate (CAGR) of 4.80% from 2022 to 2030.

This report outlines the growth potential of the excavator remanufactured components market, taking into account the prevailing trends and the factors propelling market expansion.

The increasing adoption of hybrid excavators, coupled with a boom in the construction and mining sectors, is significantly contributing to the growth of the excavator remanufactured components market.

The mining industry is experiencing a transformation with the introduction of low-emission, autonomous vehicles that are reshaping its image and steering it towards decarbonization. The construction sector plays a vital role in the US economy, with a surge in construction projects fueled by substantial investments from government entities worldwide. As of 2023, the US had over 919,000 construction firms employing more than 8 million individuals, generating upwards of US$ 2.1 trillion in annual revenue. This sector is a primary consumer of excavators, manufacturing, mining, and various services.

Moreover, leading companies in the market are enhancing their offerings by launching remanufacturing programs aimed at reducing the overall costs associated with original equipment manufacturing. For example, in November 2023, Komatsu Ltd. introduced a remanufacturing initiative for electrical components tailored for its hybrid hydraulic excavators, including capacitors and inverters designed for these machines.

The rise in remanufacturing initiatives by original equipment manufacturers (OEMs) is a key driver of growth in the excavator remanufactured components market. Additionally, various governments are providing tax incentives to encourage the remanufacturing of heavy equipment used in mining and construction. In 2023, for instance, the Canadian government introduced a federal tax credit aimed at promoting the transition to zero-emission heavy-duty trucks, offering a 30% refundable tax credit for both hydrogen and electric heavy-duty machinery, as well as the necessary charging and refueling infrastructure. Furthermore, numerous mining truck manufacturers are actively working on developing electric vehicles. Caterpillar, for instance, showcased its first battery-powered vehicle prototype in Tucson, Arizona, in 2022.

The growing demand for hybrid excavators is expected to directly increase the need for various components, including engines, battery packs, motors, and transmissions, thereby creating significant opportunities for the growth of the excavator remanufactured components market during the forecast period.

The US mining sector has shown remarkable resilience, adapting to various challenges and economic fluctuations. Despite the disruptions caused by the pandemic, the industry has remained essential in supplying raw materials for manufacturing. The minerals extracted through mining are fundamental to numerous industries and are crucial for the production of a wide array of goods. According to American Mine Services, there were approximately 13,000 active mines in the US as of 2019, which play a significant role in the national economy.

The estimated value of these active mines was around US$ 61 billion, underscoring the mining sector's importance in generating revenue and providing employment. By continuously evolving in response to market dynamics, technological innovations, and environmental factors, the US mining industry has established itself as a vital component of the national economy. This robust mining sector is consistently creating growth opportunities for the excavator remanufactured components market in the US.

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

The overall size of the excavator remanufactured components market has been determined through a combination of primary and secondary research methods. The analysis began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This process also aimed to provide an overview and forecast of the market size across various segments. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research included vice presidents, 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 excavator remanufactured components market.