ROCKVILLE, Md., March 16, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Excavator market is projected to grow at a compound annual rate (CAGR) of 3.2% through 2026.
The Fact.MR study finds that the demand for excavator will improve as the heavy construction equipment industry has been recovering from a major slump. Owing to the positive growth of the construction industry, especially in developing countries, excavator market is expected to witness steadily increasing growth in the future.
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Excavators are commonly used in a wide range of sectors including construction, mining, agriculture, and forestry. However, according to the Fact.MR report, the construction industry is expected to hold the largest volume share – approximately 72% -- by the end of 2019. Manufacturers in the excavator market are focusing on introducing performance features that will suit the requirements of end-users from the construction industry to capitalize on the increasing demand for excavators as a construction equipment.
Emerging Stakeholders and New Entrants will Hold a Sizeable Share in Excavator Market
According to the Fact.MR report, Caterpillar Inc., KUBOTA Corporation, and Doosan Bobcat Inc. are the Tier 1 manufacturers in the excavator market and they collectively account for around 30% revenue share.
Tier 2 and Tier 3 players, including CNH Industrial N.V., Deere & Co., and Sany Group Co. Ltd., continue to grow rapidly to intensify the competitive environment in the excavator market.
Due to the slowdown in the excavator market, a majority of manufacturers are focusing on introducing innovative performance features of excavators to boost sales.
Leading vendors are investing in technology and R&D to capture lucrative sales opportunities in developed countries.
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Key Segments Covered in the Excavator Industry Survey
By Product
- Crawler
- Wheeled
- Mini/Compact
- Others
By Application
- Construction
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Competitive Landscape
- Caterpillar Inc. – world’s leading player in the excavator market – recently announced that the incorporation of its latest Cat Connect Technology in the design of its three new Next Generation 20-ton size class excavators—the 320 GC, 320 and 323—has resulted in enhanced efficiency, productivity, and reduced operating cost of excavators.
- Volvo Construction Equipment and Services, Inc. announced that, with the use of cable-connected and dual-powered, 70-ton excavator prototype – EX1 in its ‘Electric Site’ research project, the company reduced carbon emissions by 98%, energy costs by 70%, and operational cost by 40%. The company carried out this experiment with its customer Skanska AB, a Swedish construction and development company.
- Hitachi Construction Machinery Co., Ltd., a Japanese manufacturer of construction equipment, recently launched new generation of mining excavators – the EX-7 series, with which the company aims to introduce Industrial Internet of Things to the mining industry. The series includes excavators with sizes ranging from100 tons to 800 tons. Connectivity, productivity, and safety features to suit its mining-specific applications are among the salient features of these excavators.
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Key players in the Excavator Market
- Caterpillar Inc.
- Deere & Co.
- Hitachi Ltd.
- KUBOTA Corporation
- CNH Industrial N.V.
- Volvo Construction Equipment and Services Inc.
- Doosan Bobcat Inc.
- Yanmar Co. Ltd.
- JCB Inc.
- Nagano Industry Co. Ltd.
Stringent Environmental Regulations Create Challenges for Excavator Manufacturers
Despite steady demand from construction industry, stringent environmental regulation and high quality standards for conventional excavators continue to create manufacturing challenges for market players.
Conventional excavators are subject to guidelines regulating the use and operation of heavy equipment. Manufacturers in the excavator market need to conform to these stringent regulatory requirement, which may add to the production cost, ultimately restricting manufacturers from maintaining competitive prices.
Key Questions Covered in the Excavator Market Outlook Report
- How are the developing countries contributing to the growth of the excavator market?
- What are the salient strategies adopted by Tier 1 players in the excavator market?
- Why is the demand for standard/full-size excavators highest across the globe?
- How can emerging players establish a stronger position in the excavator market in the upcoming years?
- What are the key takeaways from the detailed explanation of growth prospects of the excavator market during 2017-2026?
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