Excavators Market Synopsis
The global excavators market is anticipated to garner a healthy CAGR during the forecast period (2017-2022), Market Research Future (MRFR) unveils in a detailed report. Excavators can be defined as self-powered hydraulic machines, which are extensively used for excavation and discharge. These machines come with a backhoe, also called back actor or rear actor, digging bucket, dipper or a stick, and cab on a rotating platform referred to as a house. The machines are equipped with a digging bucket at the end of a two-part articulated arm. Excavators find applications in trench digging, well sinking, and land leveling.
The top players operating in the global excavators market include Hitachi Construction Machinery Co., Ltd. (Japan), Caterpillar Inc. (U.S.), Volvo Construction Equipment (Belgium), Komatsu Ltd. (Japan), Terex Corporation (U.S.), Xuzhou Construction Machinery Group (XCMG) (China), Sandvik AB (Sweden), JCB Ltd. (U.K.), Hyundai Heavy Industries Co., Ltd. (South Korea), and others.
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Market Potential and Pitfalls
The excavators market has witnessed a tectonic surge over the past few years due to the huge investments made in commercial activities and infrastructure projects. Mining activities have resulted in an increased use of excavators across the globe. Strict mandates associated with emission control has resulted in the development of environment-friendly excavators, which is triggering the demand from the excavators market during the assessment period. Collaborations between excavator manufacturers and rental fleet owners will propel the growth as they offer excavators at low cost. Excavator rentals enable manufacturers and operators to use equipment without heavy capital investment. The growth has been further cushioned by the increased number of large-scale projects in road and port construction, mining, construction, and oil & gas sectors.
On the contrary, the need for technical support and high maintenance cost of the excavators are estimated to slow down the growth of the market in the foreseeable future.
June 2019: Kobelco Construction Machinery has recently introduced two latest SR series excavators, SK85CS-7 and SK75SR-7 in North America. These machines provide full-size benefits with exceptional features and short rear swing capacities. These machines are equipped with a dynamic digging force of 6,382 kg, along with a 37 percent increase in digging speed.
Global Excavators Market: Segmental Analysis
The excavators market is segmented on the basis of types, application, and end user.
By type, the excavator market is segmented into mini/compact excavator and crawler/wheeled excavator. Among these, the demand for wheeled excavator is predicted to be higher than the other types. Stability due to the weight of undercarriage and easy mobility of these excavators help them to work efficiently.
By application, the excavator market is segmented into utility, mining, and construction. Among these, the construction segment will gain prominence during the appraisal period. The increasing road projects, along with the initiatives taken by governments, will stir up the demand for excavators. With industrialization and urbanization expanding at a rapid pace, construction activities are likely to grow. This is further creating opportunities for the excavators market in the construction application.
By end user, the market is segmented into rental providers, contractors, and others. Among these, contractors occupy the major share globally.
Geographically, the excavators market spans across the Asia Pacific, North America, Europe, and Rest of the World (RoW).
Considering the global scenario, the Asia Pacific region is dominating the excavator market globally and is likely to hold the lion’s share. The growth in infrastructure development, coupled with the booming urbanization, especially in developing countries like China is likely to support the growth of the regional market. The construction industry in this region is expanding at a rapid pace, which is further promoting the growth of the market. The construction of roads is estimated to augment at a rapid pace in the developing economies like India and China, thus propelling the growth of the regional market. Europe appears to be a positive region as excavators are extensively used in the developed economies like the UK, France, and Germany.
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