Global 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 2022
An excavator is a self-powered hydraulic, heavy construction machine which is used for discharge and excavation with the help of a boom, dipper, digging bucket and cab on a rotating platform, used in applications such as trench digging well sinking, and land leveling.
According to Market Research Future (MRFR), the global excavators market is estimated to show staggering growth over the forecast period, at a high CAGR rate. The growth of the global excavators market is primarily driven by the enormous investments in infrastructural and commercial industrial sectors such as mining, road and port constructions, and oil & gas construction sectors, which have subsequently increased the usage of excavators. Another factor driving the market growth during the forecast period is the stringent regulations relating to emission control which have encouraged market players to develop environment-friendly equipment. A growing number of collaborations between excavator manufacturers and rental fleet owners are also likely to drive the growth of the market since they provide excavators at a low cost and without heavy investment to operators and manufacturers. The emphasis of excavator manufacturers on the production of technologically advanced and cost-efficient products with improved control systems is making excavators easier to use for consumers, consequently driving the growth of the market over the forecast period. Alternatively, the market growth is restrained by factors such as the high maintenance costs, the need for technical support and increasing emission standards.
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The global excavators market is segmented on the basis of type, by end-user, by application, and by region.
Based on type, the market has been segmented into mini/compact excavators and crawler/wheeled excavators. Mini/compact excavators are widely used for their usage in the residential sector, and the demand for wheeled excavators is estimated to rise at a comparatively higher CAGR over the forecast period.
By end-user, the market is segmented into contractors, rental providers, and others. Based on application, the excavators market is segmented into mining, construction, and utility. The construction sector is estimated to witness a comparatively higher CAGR and market growth due to government initiatives worldwide for road projects, among others. Additionally, the growing industrialization globally is creating growth in construction projects, consequently, raising the demand for excavators.
By region, the global excavators market has been segmented into North America, Europe, Asia Pacific and rest of the world.
North America is the largest market for excavators due to the ever-increasing rise in construction projects, mining, and dredging, and growing residential and industrial sector. The region is estimated to show significant growth over the forecast period.
In the Europe region, the excavator market is observing a decline due to a decrease in construction expenditure and low investment in non-residential construction and infrastructure market. The market is favorable in countries like Germany, France, and the U.K.
The Asia Pacific is dominating the global excavator market, led by the growth in infrastructure development and a rise in urbanization in developing nations such as China and India. The flourishing construction market in the region is further expected to drive the growth of the market.
Additionally, the market is also estimated to register growth in Saudi Arabia and Turkey, primarily due to the lucrative oil & gas industry in these countries, where excavators are used for mining.
The key market players of global excavators market are Caterpillar Inc. (U.S.), Terex Corporation (U.S.), Sandvik AB (Sweden), JCB Ltd. (U.K.), Volvo Construction Equipment (Belgium), Hitachi Construction Machinery Co., Ltd. (Japan), Komatsu Ltd. (Japan), Xuzhou Construction Machinery Group (XCMG) (China), Hyundai Heavy Industries Co., Ltd. (South Korea) and others.
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