The new report by Expert Market Research titled, ‘Global Excavators Market Size, Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global excavators market, assessing the market based on its segments like products, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.9%
Increasing number of private and public infrastructure projects, growing economic development activity, and government focus on major projects are the factors expected to drive demand, especially in developing nations like India. The need for high productivity and fuel-efficient machines is expected to stimulate the market growth. The growing development of commercial construction, residential construction, mining, and sewage disposal is propelling the growth of the excavators market.
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These excavators offer assistance for performing picking and placing, excavating, landscaping, demolishing, materials handling, and constructing activities. Further, the rising advancements in technology have resulted in superior excavator’s equipment with high performance and power output capabilities, for providing effective alternative solutions for heavy construction equipment. Thus, impacting the growth of the excavators market on a global scenario positively.
Industry Definition and Major Segments
Excavators are big construction equipment that are frequently used for earthmoving jobs. Mining, forestry, construction, pipeline industries, and other businesses use excavators. These consist of a boom, bucket, arm, and cab on a spinning structure with wheels or tracks on an undercarriage. Excavators are employed in a variety of applications for digging, lifting, and transporting jobs.
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By product, the market is segmented into:
• Wheeled
• Crawler
• Mini/Compact
• Others
The major applications of the market are:
• Construction
• Mining
• Others
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Excavator manufacturers who offer innovative features and a variety of attachments are predicted to drive the global excavators market. OEMs are also making greater innovations in their telematics to gain favour with equipment owners trying to improve the uptime and safety of their machines. Furthermore, the increased development activity is expected to accelerate the market growth.
The thriving construction industry across the globe and the growing requirement for robust, effective, along with the rising mobile construction equipment over heavy construction equipment, are the major drivers propelling the growth of the excavators market. The increasing construction of infrastructure and roads is anticipated to upsurge rapidly in developing countries such as China and India, creating opportunities for the excavators market in the coming years.
Key Market Players
The major players in the market include Caterpillar Inc., Komatsu Ltd., Liebherr-International Deutschland GmbH, Volvo Group, and Hitachi Construction Machinery Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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