Rapid infrastructural development and technological advancement are leading to the incorporation of advanced machinery and equipment in order to optimize the building process in construction industry. excavators are hydraulic machines that are used to excavate and discharge the surface. Market Research Future (MRFR) has published a report stating that the global excavators market is marked to expand at a moderate growth rate till the year 2030.
The global Excavators Market Size has been segmented on the basis of types, application, and end-user. Based on type, the excavators market has been segmented into mini/compact and crawler/wheeled. Among these, the crawler/wheeled segment is forecasted to expand at the fastest growth rate during the assessment period owing to the high demand for these type of excavators as the work more efficiently due to their mobility and stability induced by heavyweight. Based on application, the excavators market has been segmented into mining, construction and utility. The construction segment commands for the major share in the global excavators market owing to the increased utilization of excavators at construction sites as result of rapid infrastructural development. Based on end-users, the global excavators market has been segmented into contractors, rental providers and others.
The leading player profiled by MRFR that are operating in the global excavators market are Caterpillar Inc. (the U.S.), Hitachi Construction Machinery Co., Ltd. (Japan), Komatsu Ltd. (Japan), Volvo Construction Equipment (Belgium), Xuzhou Construction Machinery Group (XCMG) (China), Terex Corporation (the U.S.), JCB Ltd. (the U.K.), Sandvik AB (Sweden), Hyundai Heavy Industries Co., Ltd. (South Korea) and others.
Market Drivers and Restraints:
Extensive utilization of excavators in mining and construction industries for fastening the excavation and leveling processes has led to increased productivity on construction and mining sites. Increased construction activities as a result of rapid rise in population and requirement of infrastructures all over the world are majorly fueling the growth of the global excavators market. Increased mining activities and oil and gas exploration are inducing high demand for heavy-duty excavators, which in turn is leading to the expansion of the global excavators market. Emphasis on developing technologically advanced and efficient excavators by the construction equipment manufacturers are also propelling the growth of the global excavators market during the assessment period.
Geographically, the global excavators market has been segmented into four major regions such as North America, Asia Pacific and the rest of the world. Among these regions, the Asia Pacific region is projecting dominance over the global excavators market owing to the increased utilization of excavators as a result of rapid infrastructural development and urbanization in the emerging economies of this region. Booming construction market and increased production of excavators that are equipped with advanced features in order to fasten the excavation process are majorly propelling the growth of the global excavators market in the North America region. Decrease in construction expenditure is negatively impacting the growth of the global excavators market in the Europe region.
In November 2018, Caterpillar Inc., the world's largest manufacturer of construction and mining equipment and other locomotives, has launched its next-generation series of excavators, 330 and 330 GC. These brands of excavators are specially designed for high productivity and are available at comparatively low cost.
In November 2018, the Liebherr Group, one of the leading large equipment manufacturers based in Switzerland, has announced that it will be launching its B-version of its excavators, R9100 and R 9150, in January 2019.
In November 2018, Engcon, a leading manufacturer of tilt-rotators and other excavator parts, has introduced a new product, CB29 Cable Bucket for larger excavators.