December 13, 2021 08:00 ET | Source: Market Research Future Market Research Future
New York, December 13, 2021 (GLOBE NEWSWIRE) - Excavator market overview: According to a comprehensive research report by Market Research Future (MRFR), "Excavator market information report by type (small/compact, crawler/wheeled) ), by end users (contractors, leasing providers, others), by application (mining, construction and utilities) and by region-forecast to 2030", during the forecast period (2022-2030), the market is expected to Approximately 5.57% compound annual growth rate growth.
The list of companies introduced in the global excavator market research report is –
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The excavator market has witnessed strategic initiatives such as cooperation, expansion, mergers and acquisitions, and product launches. Manufacturers are also seen as making strategic investments in R&D activities and promoting their expansion plans.
For example, recently, on November 9, 2021, Akasol, a leading German battery manufacturer, announced that it had signed a framework agreement with KTEG GmbH (Germany), a world-leading engineering vehicle manufacturer, to supply AKASystem OEM Chinese battery systems. Akasol will provide batteries for KTEG excavators and help KTEG equip more than 100 KTEG ZE85 small excavators.
In another example, on November 26, 2021, Caterpillar introduced its new technology as an aftermarket option for owners of Caterpillar's next-generation 6 to 10 ton mini hydraulic excavator. The owner can now equip the excavator with Cat Grade with Advanced 2D or Cat Grade with 3D. The automatic device can perform simple single joystick control of the stick and bucket to maintain the slope and avoid overcutting and undercutting.
Intelligent power control that provides more fuel savings is a trend
As the COVID 19 crisis subsides, the global excavator market is gradually accelerating. The increased use of automatic and zero-emission construction equipment and the huge advantages provided by excavators confirm the size of the market. The increased use of technologically advanced excavators has driven market growth. In addition, the rapid growth of the global economy will further herald a recovery in construction activities later in 2021.
Browse in-depth market research reports on the excavator industry (188 pages)
The construction industry is slowly recovering momentum, which is expected to give the excavator market significant traction in the next few years. In addition, increased smart city projects and large-scale construction projects have accelerated market revenue. Strong growth in construction business and excavator sales increased market share. The increasing adoption of innovative and technologically advanced excavators and population in urban areas has created strong market demand. The global development of mining industry and huge R&D investment of excavator manufacturers affect the market value.
The innovation of excavators has always been beneficial to the construction industry, reducing labor and time. The comfort and controllability of the new excavator are outstanding in terms of ergonomics and spaciousness, which will raise the comfort and operating convenience of the operator to a new level. High quality provides more standard functions than other excavators, ensuring super controllability and high precision in all applications.
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Strict regulations related to emission control have led to the development of environmentally friendly equipment. The market can see the increasing cooperation between rental fleet owners and excavator manufacturers.
In addition, favorable government policies and initiatives for product and infrastructure development projects in emerging regions are expected to bring many untapped opportunities for market participants. In addition, updated government tasks and policies in developing regions will provide important growth opportunities.
The COVID-19 crisis has severely hit the excavator industry. The blockade has affected production and sales and disrupted the manufacturing industry. Supply chain disruptions and the cessation of imports and exports of key raw materials and components required for production have affected market growth.
In addition, economic uncertainty has affected the demand for construction equipment, changed consumer purchase patterns, and stopped large-scale construction activities. With the restart of various construction activities, the demand for excavators is also picking up.
The market is divided into types, end users, applications, and regions. The type segmentation market is subdivided into small/compact type, crawler type/wheel type, etc. End users are subdivided into contractors, rental providers, and other market segments. Application areas are divided into construction, mining and public utilities. By region, the market is subdivided into the Americas, Asia Pacific, Middle East and Africa, Europe and the rest of the world.
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The Asia-Pacific region dominates the global excavator market, with sufficient raw materials and cost-competitive labor. In addition, the booming construction industry has boosted the market size in the region. Increasing infrastructure development activities and large-scale construction projects, such as dam and canal construction, have boosted market share in the region. With recent technological developments, India, China, South Korea and Japan have contributed exponentially to the growth of the regional market.
Market segments covered by the research:
Excavator market information report by type (small/compact, crawler/wheeled), end user (contractor, rental provider, other) by application (mining, construction and utilities) and by region-forecast to 2030 year
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