Excavator Market is Expected to Post a CAGR of 4.7% Due to the Increase

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Pune, India, May 31, 2021 (GLOBE NEWSWIRE) – The world excavator market the size is expected to reach 63.14 billion USD by 2026 while exhibiting a 4.7% CAGR by 2026. This information is published by Fortune Business Insights ™ in its “Excavators Market, 2019-2026” report. The market was worth 44.12 billion USD in 2018. The growing number of development projects around the world has propelled the demand for construction equipment. The growing number of construction activities in the industrial, residential and commercial sectors is expected to increase demand for the product.

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Impact of COVID-19

Building critical infrastructure to stimulate demand during a pandemic

The initial phase of COVID-19 has witnessed a decline in the market, with most construction projects on hold for now. The later phase saw a gradual restart of the development industry. Public infrastructure such as bridges, railway stations, construction of subways, repair of railway lines, construction of public buildings, etc. took place avoiding daily human trafficking. This has boosted demand for these machines even during the pandemic. Several regions built hospitals and other emergency support facilities, which required high-tech excavators to facilitate construction. To continue development projects, the Confederation of the Association of Real Estate Developers of India even recently announced the free vaccination of more than 25 million construction workers at its sites.

Market segmentation

Based on the type, the market is segmented into mini / compact excavator, crawler excavator, wheel excavator and other excavators. On the basis of type, the mini / compact segment held 19.3% market share in 2018. The adoption of automation and update of excavators is expected to contribute to growth for the foreseeable future.

By end-user industry, the market is classified into construction, forestry and agriculture, mining and others. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

What does the report contain?

The report provides important information on price trend analysis, mergers and acquisitions, regulatory scenario of major economies, SWOT analysis and much more. The various market dynamics affecting demand have been discussed in detail along with information about the competitive landscape of the market. Details on the technological advancements of the product have also been gathered to facilitate well-informed decision-making by stakeholders. The report has also incorporated various market projections to assist the new market entrants with various business opportunities.

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Driving factor

Growing adoption of crawlers to increase growth

Strong demand for oil and gas, infrastructure, commercial space and others, coupled with population growth, is expected to drive demand for the product. Leading companies such as Terex Corporation are investing heavily in research and development that can drive the growth of the global hydraulic excavator market. The recent trend in the market to shift from traditional products to automated products has increased the productivity of crawlers. These machines are effective in terms of inconvenience or operational malfunctions as they automatically notify service centers and reduce costs. Tracked machines, with their safer and faster removal of debris, as well as their ability to operate even in muddy conditions, have grown in importance around the world.

Regional perspectives

Asia-Pacific will remain dominant; Increase in the number of infrastructure development projects to promote growth

Asia-Pacific is expected to dominate the hydraulic excavator market share due to the increase in development projects. The region was worth USD 17.32 billion in 2019 and is expected to show substantial growth for the foreseeable future. This is due to investment in research and development, as well as an increasing number of development projects in the region. Building public infrastructure in countries like China and India with large populations is expected to generate high profits.

North America is expected to experience tremendous growth with increasing demand for housing. The market value of this region is expected to increase significantly over the forecast period due to the incorporation of advanced technologies to manufacture excavators for construction activities.

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Competitive landscape

Investment in R&D by prominent players to intensify competition in the market

The competitive landscape of the market requires a significant contribution in terms of capital to be established. Market returns are high, making it a lucrative business for stakeholders. The rapidly changing technology, coupled with intensive research and development, is expected to attract high consumption. The ambitious development projects of large real estate companies such as the CBRE group are crucial factors driving the market.

Industry development:

  • May 2021: Liebherr recently unveiled its R 9600 hydraulic mining excavators. These machines are equipped with semi-automatic capabilities and assistance systems to facilitate efficient operation in the mining industry. They are furthermore equipped with special engines to reduce fuel costs.

List of the main market players:

  • AB Volvo
  • Caterpillar Inc.
  • Komatsu Ltd
  • Doosan Infracore Co. Ltd
  • Hitachi Construction Machinery Co. Ltd
  • C. Bamford Excavators Limited
  • Liebherr Group
  • CNH Industrial NV
  • Hyundai Heavy Industries Co. Ltd
  • Terex Corporation

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Main Table of Contents:

  • introduction
    • Scope of research
    • Market segmentation
    • Research methodology and hypotheses
  • summary
  • Market dynamics
    • Drivers, constraints and opportunities
  • Key ideas
    • Macro and micro economic factors
    • Main trends and technological developments
    • Price trend analysis
    • Analysis of the five forces of carriers
  • Global Hydraulic Excavator Market Analysis, Outlook and Forecast, 2015-2026
    • Main findings / summary
    • Market Size Estimates & Forecasts – By Type (USD Million)
      • Mini / compact excavator
      • Crawler excavator
      • Wheeled excavator
      • Other excavator
    • Market Size Estimates and Forecasts – By End Users (Millions of US Dollars and Millions of Units)
      • Construction
      • Forestry and agriculture
      • Mining
      • Other
    • Market Analysis, Outlook & Forecast – By Geography (USD Million)
      • North America
      • Europe
      • Asia Pacific
      • Middle East and Africa
      • Latin America
  • North America Excavator Market Analysis, Outlook and Forecast, 2015-2026
    • Main findings / summary
    • Market Size Estimates & Forecasts – By Type (USD Million)
      • Mini / compact excavator
      • Crawler excavator
      • Wheeled excavator
      • Other excavator
    • Market Size Estimates and Forecasts – By End Users (Millions of US Dollars and Millions of Units)
      • Construction
      • Forestry and agriculture
      • Mining
      • Other
    • Market Analysis, Outlook & Forecast – By Country (USD Million)
      • United States
      • Canada
      • Rest of North America
  • Europe Excavator Market Analysis, Outlook and Forecast, 2015-2026
    • Main findings / summary
    • Market Size Estimates & Forecasts – By Type (USD Million)
      • Mini / compact excavator
      • Crawler excavator
      • Wheeled excavator
      • Other excavator
    • Market Size Estimates and Forecasts – By End Users (Millions of US Dollars and Millions of Units)

TOC Continued…!

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