The global excavators market will witness considerable growth in the coming years due to increasing investment by private as well as government organizations in infrastructure development. According to a report published by Fortune Business Insights, titled “Excavators Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 44.12 Bn in 2018. Fortune Business Insights has predicted that the market will reach US$ 63.14 Bn by 2026 thereby exhibiting a CAGR 4.66%.
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The rising demand for excavators across industrial, residential, and commercial sectors has created growth opportunities for the global market. Excavators are used widely in various sectors such as oil and gas, road construction, and mining. The rising demand for excavators, resulting from their applications across diverse domains will aid the growth of the global excavator market in the coming years.
Top Key Players Mentioned:
- AB Volvo
- Caterpillar Inc.
- Komatsu Ltd
- Doosan Infracore Co. Ltd
- Hitachi Construction Machinery Co. Ltd
- Bamford Excavators Limited
- Liebherr Group
- CNH Industrial N.V
- Hyundai Heavy Industries Co. Ltd
- Terex Corporation
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Hitachi’s Launch of Hybrid Excavator Will Aid Overall Expansion of Market
The global excavators market has benefited from increasing product launches. Demand for aesthetic improvements in government institutions has opened the doors for product innovations, mainly possible due to the high investment. In the wake of soaring demand for excavators around the world, several companies have introduced excavators based on new concepts. In 2017, Hitachi launched a new hydraulic excavator can be operated with minimum fuel consumption. The company stated that its latest product will enable a 12% reduction in fuel consumption from its previous model. Fortune Business Insights states that innovations focusing on environmental preservation will have an edge over their counterparts. The report includes product launches similar to Hitachi’s newest innovation and gauges the impact of these launches on the global excavators market.
Major Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Trends and Developments
- Price Trend Analysis
- Porters Five Forces Analysis
- Global Excavator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (US$ Mn)
- Mini/ Compact Excavator
- Crawler Excavator
- Wheeled Excavator
- Other Excavator
- Market Sizing Estimations and Forecasts – By End-users (US$ Mn and Million Units)
- Forestry & Agriculture
Volvo Successfully Overcomes ‘Heavy Battery’ Barrier in Excavators; Global Market to Benefit from Latest Upgrade
The global excavator has been blessed with several product innovations. Despite growing advancements, end users were not fully satisfied with the heavy battery that was accommodated in the excavator system. As it is impossible to eliminate the use of a battery, Volvo came up with a new concept wherein it turned the disadvantage of the heavy battery into an advantage. Volvo brought about several upgrades in the design of its latest excavator, thereby inculcating an optimum use of the heavy battery. Fortune Business Insights predicts that newest concepts introduced by leading companies such as Volvo will enable growth of the global excavators market.
Besides product innovations and launches, the report encompasses several other aspects that have a positive impact on the global market. A few of these aspects include company mergers, increasing investment, and technologically efficient devices. Additionally, the report focuses on the segmentation of the market based on factors such as product type, application, and regional demographics.
Some of the leading companies that are operating in the global excavators market are AB Volvo, Caterpillar Inc., Komatsu Ltd, Doosan Infracore Co. Ltd, Hitachi Construction Machinery Co. Ltd, J.C. Bamford Excavators Limited, Liebherr Group, CNH Industrial N.V, Hyundai Heavy Industries Co. Ltd, and Terex Corporation.