According to Goldstein Research, “High investments by government and private sector infrastructure development and rapid urbanization are major factors for the growth of global excavator market.” The expected improvement follows a weak performance in 2016, when global revenue of excavators market fell more than 10% from total revenue in 2015. In coming years, growth is expected in European, North American and Indian excavator market.
The global excavator market is segmented based on product type and by power range. Power Range segment is further bifurcated into 0-300 BHP, 300-500 BHP and 500 & above BHP. High power excavators modern technology are witnessing faster growth compared to low end excavators. In terms of power, 0-300 BHP excavators have grown at a CAGR of 9% while 300-500 BHP excavators have registered growth of 23% CAGR during past decade.
Global excavator market accounted for the USD 38.7 billion in 2016 and is likely to reach USD 64.7 billion by the end of 2024. Further, the global excavator market is anticipated to expand at a CAGR of 6.7% over the forecast period i.e. 2016-2024 owing to rapid urbanization and rising construction activities in developing countries.
Asia Pacific excavator market in developing countries such as India, China and Indonesia will experience the fastest growth over the forecast period. China alone will account for the one third of all new global excavator product demand between 2016 and 2024. North America is projected to be the second fastest growing market. In Unites States, sales of construction equipments will be fuelled by a surge in residential construction activity. Mexico and Canada will also make considerable contributions to advances in regional excavator demand.
Telematics in Construction: Turnkey
Global excavator market is also witnessing digitization which is helping the construction industry to work efficiently. The excavator dealers who have access to data can schedule planned maintenance and can advice if one or more machines are delivering output poorer than average performance. The major concern for many owner are fuel consumption, CO2 emission and travel times between work areas which are well dealt with the introduction of telematics in these machines. For instance, Komatsu's Komtrax System, provides working record of operational information as well as daily and monthly machine record that enable the owner to monitor machine health and preventive maintenance. Also, JCB's LiveLink telematic fleet management system is now standard feature of all company's heavy and mid-range machines.
“Global Excavator Market Outlook 2024” contains detailed overview of the global excavator market in terms of market segmentation by product type and by power range.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global excavator Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Caterpillar Inc., Hitachi, Kobelco, Komatsu Ltd., Volvo, JCB, Hyundai etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global excavator market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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