Pune, India, May 31, 2021 (GLOBE NEWSWIRE) -- The global excavators market size is expected to reach USD 63.14 billion by 2026 while exhibiting a CAGR of 4.7% by 2026. This information is published by Fortune Business Insights™ in its report "Excavators Market, 2019-2026". The market stood at USD 44.12 billion in 2018. The growing number of development projects across the globe has propelled the demand for the construction equipment. The rising number of construction activities across the industrial, residential, and commercial sector is expected to surge the demand for the product.
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COVID-19 Impact
Construction of Essential Infrastructure to Boost Demand Amid Pandemic
The early phase of COVID-19 witnessed a decline in the market as most of the construction projects were halted for the time being. The later phase experienced a gradual restart of the development industry. Public infrastructures such as bridges, railway stations, building metros, repairing railway lines, construction of public buildings, and others took place avoiding the daily human traffic. This has boosted the demand for these machines even during the pandemic. Several regions constructed hospitals and other supporting facilities in urgency which required hi-tech diggers to facilitate the construction. To continue development projects, the Confederation of Real Estate Developers' Association of India even announced free vaccination to over 25 million construction workers at its sites recently.
Market Segmentation
Based on type, the market is segmented into mini/compact excavator, crawler excavator, wheeled excavator, and other excavators. On the basis of type, the mini/compact segment held 19.3% of the market share in 2018. Adoption of automation and updating of excavators is expected to aid growth in the foreseeable future.
By the end-user industry, the market is classified into construction, forestry & agriculture, mining, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
What Does the Report Contain?
The report provides important insights into the price trend analysis, mergers & acquisitions, regulatory scenario of major economies, SWOT analysis, and much more. The various market dynamics affecting the demand have been discussed in detail along with insights on the competitive landscape of the market. Details on the technological advancement of the product have also been enlisted to facilitate well-informed decision making by the stakeholders. The report has also incorporated various market projections to help the new entrants of the market with diverse business opportunities.
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Driving Factor
Increasing Adoption of Crawlers to Augment Growth
The high demand for oil and gas, infrastructure, commercial spaces, and others associated with the growing population is expected to drive the demand for the product. Prominent companies such as Terex Corporation are heavily investing in research and development that is likely to favor the global excavators market growth. The recent trend of the market shifting from traditional to automated products has increased the productivity of the crawlers. These machines are efficient in terms of operational drawbacks or malfunction as they automatically inform service centers and reduce costs. The crawler machines with their safer and faster removal of debris, along with the ability to function even in muddy conditions have gained prominence worldwide.
Regional Insights
Asia Pacific to Remain Dominant; Increasing Number of Infrastructure Development Projects to Aid Growth
Asia Pacific is expected to lead the excavators market share due to the rising development projects. The region stood at USD 17.32 billion in 2019 and is expected to showcase substantial growth during the foreseeable future. This is due to the investment in research and development, along with an increasing number of development projects in the region. The construction of public infrastructure in countries like China and India with their high population is expected to generate high profits.
North America is expected to witness considerable growth with the rising demand for housing units. The market value of this region is projected to grow considerably during the forecast period owing to the incorporation of advanced technology to manufacture diggers for construction activities.
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Competitive Landscape
Investment in R&D by Eminent Players to Intensify Market Competition
The competitive landscape of the market requires heavy input in terms of capital to establish. The returns of the market are high which makes it a lucrative business for the stakeholders. The rapidly changing technology, coupled with intensive research and development is anticipated to attract high consumption. Ambitious development projects by prominent real estate companies such as CBRE Group are crucial factors that drive the market.
Industry Development:
- May 2021: Liebherr recently unveiled their R 9600 hydraulic mining excavators. These machines are equipped with semi-automatic capability and assistance systems to facilitate efficient functioning in the mining industry. They are further equipped with special engines to save on fuel costs.
List of Key Players Profiled in the Market:
- AB Volvo
- Caterpillar Inc.
- Komatsu Ltd
- Doosan Infracore Co. Ltd
- Hitachi Construction Machinery Co. Ltd
- C. Bamford Excavators Limited
- Liebherr Group
- CNH Industrial N.V
- Hyundai Heavy Industries Co. Ltd
- Terex Corporation
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Trends and Developments
- Price Trend Analysis
- Porters Five Forces Analysis
- Global Excavator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (US$ Mn)
- Mini/ Compact Excavator
- Crawler Excavator
- Wheeled Excavator
- Other Excavator
- Market Sizing Estimations and Forecasts – By End-users (US$ Mn and Million Units)
- Construction
- Forestry & Agriculture
- Mining
- Others
- Market Analysis, Insights and Forecast – By Geography (US$ Mn)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- North America Excavator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (US$ Mn)
- Mini/ Compact Excavator
- Crawler Excavator
- Wheeled Excavator
- Other Excavator
- Market Sizing Estimations and Forecasts – By End-users (US$ Mn and Million Units)
- Construction
- Forestry & Agriculture
- Mining
- Others
- Market Analysis, Insights and Forecast – By Country (US$ Mn)
- United States
- Canada
- Rest of North America
- Europe Excavator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (US$ Mn)
- Mini/ Compact Excavator
- Crawler Excavator
- Wheeled Excavator
- Other Excavator
- Market Sizing Estimations and Forecasts – By End-users (US$ Mn and Million Units)
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