A recently compiled report of Fact.MR, titled "Global Excavator Market: Forecast, Trend Analysis & Competition Tracking Global Review 2017 to 2026," provides a comprehensive analysis on development of the excavator market worldwide. Size of the excavator market has been
evaluated for the historical period (2012-2017) and forecast period (2018-2027), and has been delivered in terms of value (US$ million) and volume (units). The report also offers a detailed analysis and forecast on key segments and the competitive landscape of the excavator market.
An excavator is a type of heavy equipment used in the construction industry to excavate the soil or for on a construction site. Excavators are also used in other industrial sectors such as agriculture & forestry, and mining. A common design of excavators consists of a bucket, a boom, cab or house, and a dipper, and the whole machine usually works on hydraulic forces.
Based on length of boom, size of bucket, and operational speed, excavators can be divided into different types such as mini or compact, medium, standard, and heavy excavators. Other types of excavators that are commonly used in various industrial applications are crawler excavators, long reach excavators, dragline excavators, and suction excavators.
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Fact.MR recently published a comprehensive study on excavator market, which opines that the excavator market will witness modest 3.2% volume y-o-y in 2019 over 2018. 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.
Sizable investments towards infrastructure developments pertaining residential and commercial construction besides road and port infrastructure have kindled adoption of excavators in recent years. The trend is more likely to dominate across emerging economies on the back of surged public and private investments for infrastructure sophistication. Besides urbanization induced infrastructure development, other potential end-use applications across mining and agricultural belts are likely to further keep the growth pace lucrative in excavator market in subsequent times. To suit varying construction requirements, emergence of novel formats such as compact and hydraulic excavators are anticipated to further expedite user convenience thereby allowing excavator market to register massive return on investments.
The vendor landscape of excavators market is characterized by highly uneven global presence with several international players exposed to stern competition on the back of aspiring players seeking seamless penetration. Technological sophistication continues to remain at the core of market players to diversify their offerings. Additionally, significant expenditure towards geographical expansion also remains a potential inorganic growth strategy embraced by key players eying lucrative prospects in excavator market. Massive investments towards offering eco-friendly alternatives with superlative fuel efficiency and fuel emission have emerged as new growth prospects, aimed at offering improved end-user convenience. To ensure uninterrupted growth technological sophistication such as automated excavators and electric excavators are poised to further expand growth scope.
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In the realm of electric excavators several milestones have been recently inked. Companies such as Hyundai Construction Equipment and Volvo Construction have pioneered launch of novel electric powered, li-ion technology based excavators with zero emissions and affordable pricing brackets. These novel developments are likely to induce massive growth in excavator market in the coming years.
Key Developments in Excavator Market
Deere & Co. – a leading American manufacturer of construction equipment – recently entered a supplier partnership with Wacker Neuson – a German supplier and distributor of construction equipment. The company aims to provide compact excavators in Asian excavator markets, such as China, Oceania, and Southeast Asia with this partnership, and capitalize on lucrative opportunities emerging in the region.
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.
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