New York, Dec. 13, 2021 (GLOBE NEWSWIRE) -- Excavators Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Excavators Market Information Report By Types ( Mini/Compact, Crawler/Wheeled), By End User (Contractors, Rental Providers, Others), By Application (Mining, Construction And Utility) And By Region - Forecast to 2030”, the market is poised to grow approximately at 5.57% CAGR during the forecast period (2022-2030).
List of the companies profiled in the global Excavators Market research report are –
- Caterpillar Inc. (US)
- Hitachi Construction Machinery Co., Ltd. (Japan)
- Volvo Construction Equipment (Belgium)
- JCB Ltd. (UK)
- Sandvik AB (Sweden)
- Corporation (US)
- Komatsu Ltd. (Japan)
- Xuzhou Construction Machinery Group (XCMG - China)
- Terex and Hyundai Heavy Industries Co., Ltd. (South Korea)
- Among others.
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Competitive Analysis
The excavators market witnesses strategic initiatives, such as collaborations, expansions, mergers & acquisitions, and product launches. Manufacturers are also seen making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Nov 09, 2021, Akasol, a leading battery maker in Germany, announced a framework agreement with KTEG GmbH (Germany), a leading global construction vehicle maker, to supply the AKASystem OEM PRC battery system. Akasol would provide batteries for KTEG excavators to help KTEG to equip over one hundred small excavators of the type KTEG ZE85.
In another instance, on Nov.26, 2021, Caterpillar unveiled its new technologies as an aftermarket option to Cat next-generation mini hydraulic excavators owners in the 6- to 10-ton class range. Owners can now equip the excavators with Cat Grade with Advanced 2D or Cat Grade with 3D. Automatics deliver simple, single-joystick control over the stick and bucket to maintain grade and avoid overcutting and undercutting.
Smart Power Controls Providing Increased Fuel Saving are Trending
The global excavators market is gearing up gradually as COVID 19 crises fed away into the past. Rising uses of autonomous and zero-emission construction equipment and vast advantages that excavators offer, substantiate the market size. Rising uses of technologically advanced excavators drive market growth. Besides, rapid economic growth worldwide would further bode well for a recovery in construction activities later in 2021.
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Report Scope:
| Report Attribute/Metric | Details |
| Market Size | 2030: Significant Value |
| CAGR | 5.57% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Types, End User, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Caterpillar Inc. (U.S.), Hitachi Construction Machinery Co., Ltd. (Japan), Komatsu Ltd. (Japan), Volvo Construction Equipment (Belgium), Xuzhou Construction Machinery Group (XCMG) (China), Terex Corporation (U.S.), JCB Ltd. (U.K.), Sandvik AB (Sweden), Hyundai Heavy Industries Co., Ltd. (South Korea) and others. |
| Key Market Opportunities | Growth in infrastructure development and rise in urbanization in developing nations |
| Key Market Drivers | · Huge investments in infrastructure projects and commercial activities such as mining · Stringent regulations relating to emission control have led to the development of environment friendly equipment · Rising collaboration between rental fleet owners and excavator manufacturers · Efficient and technologically advanced products with better control systems is making the use of excavators easier |
The construction industry is regaining its momentum slowly, which is projected to allow the excavators market to garner significant traction during the next few years.Moreover, increased smart city projects and mega construction projects accelerate market revenues. Stronger growth in construction businesses and excavators sales increases the market share. The increasing adoption of innovative & technologically advanced excavators and population in urban areas create strong market demand. Growing mining industries worldwide and huge R&D investments made by excavator manufacturers influence the market value.
Innovations in excavators have been favoring the construction industry, reducing labor and time. Increased comfort and controllability of new excavators excel in terms of ergonomics and spaciousness, taking operator comfort and operation convenience to new levels. The high quality offers more features as standard than other excavators, ensuring super controllability and high precision in all applications.
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Stringent regulations relating to emission control have led to the development of environmentally friendly equipment. Rising collaboration between rental fleet owners and excavator manufacturers can be seen in the market.
Additionally, favorable government policies and initiatives for product and infrastructure development projects in emerging regions are expected to present many untapped opportunities to the market players. Furthermore, updated government mandates and policies in developing regions would offer significant growth opportunities.
COVID 19 Impacts
The COVID-19 crisis severely hit the excavators industry. Lockdown mandates impacted production and sales, disrupting manufacturing. Broken supply chain and halted import-exports of key raw materials and components required for production affected the market growth.
Moreover, economic uncertainties affected the demand for construction equipment, changing consumer purchasing patterns and halting mega construction activities. As various construction activities restart, the demand for excavators is too picking up.
Segmentation
The market is segmented into types, end-users, applications, and regions. The type segment is sub-segmented into mini/compact, crawler/wheeled, and others. The end-user segment is sub-segmented into contractors, rental providers, and others. The application segment is bifurcated into construction, mining, and utility. By regions, the market is sub-segmented into the Americas, Asia-Pacific, Middle East & Africa, Europe, and the rest of the world.
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Regional Segmentation
APAC dominates the global excavators market, heading with the ample availability of raw materials and cost-competitive workforces. Besides, the spurring rise in the construction industry boosts the market size in this region. Rising infrastructure development activities and mega construction projects, such as dams & canals construction, drive the region’s market shares. With their recent technological developments, India, China, South Korea, and Japan contribute to the regional market growth exponentially.
Segmentation of Market covered in the research:
Excavators Market Information Report By Types ( Mini/Compact, Crawler/Wheeled), By End User (Contractors, Rental Providers, Others), By Application (Mining, Construction And Utility) And By Region - Forecast to 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
