The global crawler excavator market is expected to display higher growth rate in the upcoming period. Rapid surge in the market is credited to the growing investment by government authorities and private bodies for public & commercial infrastructure, particularly in the developing economies across the globe. Additionally, shifting trend towards rental services of heavy-duty machinery has led to high-end demand for construction machinery in the last few years. Globally, crawler excavator market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for industry participants to invest in research and development of crawler excavators.
Increasing demand from residential sector for construction machinery or equipment due to rapid urbanization, majorly in developing economies such as India and China is expected to trigger market growth over the forecast period. Additionally, rapid urbanization has led to requirement for residential buildings such as schools, colleges, clinics, roads, and commercial spaces. Massive funding from local government to cater these demands for these public infrastructures is predicted to drive market expansion in the upcoming years.
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Moreover, improvements in the existing infrastructures is one of the key drivers for robust market growth. Introduction of off-highway machineries, which are manufactured with the help of high strength materials are propelling market growth as well. High strength materials are capable of withstanding harsh environmental condition while performing heavy-duty tasks.
However, higher intimal cost of crawler excavator and lack financial capacity to own these heavy-duty equipment by independent and small-scale builders or contractors are anticipated to negatively affect market performance. In addition, numerous construction projects need construction equipment on temporary basis. Many companies prefer to reuse existing machineries due to their longer life span along with additional improvements to improve their profit margin, thus limiting market progress to large extent.
The crawler excavator market is broadly categorized into two major segments based on the application type such as construction industry and mining sector. Construction industry segment is growing rapidly in the market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in building & construction industry, surge in number of research & development activities and existence of well-established manufacturing infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.
Asia-Pacific region is estimated to hold a major share in the crawler excavator industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising commercial infrastructural activities, increasing governmental funding for public infrastructure, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the crawler excavator market are Caterpillar, Inc., Deere and Co., The Volvo Group, Komatsu Corp., and CNH Industrial N.V.
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Report contents include
• Analysis of the crawler excavator market including revenues, future growth, market outlook
• Historical data and forecast
• Regional analysis including growth estimates
• Analyzes the end user markets including growth estimates.
• Profiles on crawler excavator including products, sales/revenues, and market position
• Market structure, market drivers and restraints.
• North America
• Asia Pacific
• Middle East and Africa
• South America
• request free sample to get a complete list of companies
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/heavy-machinery
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