The presented market report on the global Excavator market published by Fact.MR is a comprehensive analysis of the leading parameters that are likely to determine the growth of the Excavator market in the forthcoming decade. Further, the study dives in deep to investigate the micro and macro-economic factors that are projected to influence the global scenario of the Excavator market during the forecast period (2019-2029).
The market study reveals that the Excavator market is expected to grow at a CAGR of ~XX% and reach a value of ~USXX by the end of 2029. The report examines the current trends, growth opportunities, restraints, and market drivers that are projected to influence the overall dynamics of the Excavator market in the assessment period. The market study predicts the course of the global Excavator market post the COVID-19 pandemic and offers resourceful insights to market players pertaining to their business continuity strategies and more.
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Excavator Market Segmentation
The report bifurcates the Excavator market into multiple segments to provide a clear picture of the Excavator market at a granular level. The key segments covered in the report include region, product type, application, and more.
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Leading Excavator Market Players to Increase Investments in Electric Excavators
Since stringent regulations continue to create multiple challenges for manufacturers and customers are willing to reduce environmental footprint of the equipment they use, a majority of excavator manufacturers are launching electric excavators to meet the regulatory and customers’ changing requirements.
Some of the examples include
- Volvo Construction Equipment and Services, Inc. recently launched a fully electric prototype of compact excavators, which delivers 10x better efficiency than conventional excavators, zero emissions, and 10x reduced cost of ownership, and 10x lower noise levels.
- Another company to launch a 100% electric excavator prototype is Hyundai Construction Equipment (HCE), which collaborated with Cummins Inc. to utilize its latest technologies including Li-ion technology in the manufacturing of electrically powered mini excavators.
- C. Bamford Excavators Limited recently announced that it has developed 100% electric, 1.9-ton, 19C-1 E-Tec mini excavator, which consists of consisting of three lithium-ion battery packs and an electric motor. The company revealed its plans to start selling electric compact excavators by 2018.
- Another leading player in the excavator market – Hitachi Construction Machinery Co., Ltd., recently announced that it has adopted strategies to multiply its production of electric construction machinery in the European Union by entering a strategic agreement with KTEG Kiesel Technologie Entwicklung GmbH, a German technology company.
Stringent Emission Regulations and Safety Standards Push Manufacturers to Innovate
A majority of excavators used in various industrial sectors use diesel as fuel. In order to limit the air pollution caused due to heavy equipment with ignition engines, such as excavators, various governing bodies have incorporated stringent emission regulations, which all the players in the excavator market need to conform to.
The U.S. Environmental Protection Agency (EPA) has developed Tier 4 emission standards, certification requirements, and other compliance provisions for manufacturers in excavator market. In addition, non-road mobile machinery emission regulations developed by the European Commission and the Regulation (EU) 2016/1628 require manufacturers to modify their manufacturing strategies, which may add to the total manufacturing costs. Imposition of stringent laws and quality standards continues to influence the product and business strategy of excavator manufacturers.
Focus on Improving Performance Features: A Key Trend in the Excavator Market
As excavators are cost-sensitive, their performance characteristics, efficiency, and flexibility make the biggest impact on purchasing decisions of customers. Leading manufacturers in the excavator market aim to deliver unique performance features to attract more customers, especially in saturated markets.
Apart from efficiency-related features of excavators, operators’ safety and environmental compatibility are being focused on by most manufacturers and vendors in the excavator market. By using next-generation technologies, excavator manufacturers are offering features that can guide the operator about slope and depth to grade and preventing excavator parts from moving out of set points defined by the operator. Thereby, reducing maintenance and operational costs, along with improving operator’s comfort and safety are likely to be the priority for player in the excavator market in the upcoming years.
Renting Over Buying – End-User Preference for Short-Term Rental Continues
The high cost of excavators makes them out of reach many small- or medium-scale end-users. Thereby, a majority of end-users are more inclined towards renting excavators, which not only mitigates the expenses associated with buying a new equipment, but also reduces repair and maintenance costs.
Leading manufacturers in the excavator market are entering the rental business to reap the long-term benefits of renting excavators to an increasing number of end-users. Most customers from a vast range of end-user industries prefer renting excavators on the basis of projects in order to limit their expenses on equipment renting and labor charges. Further, manufacturers in the excavator market are introducing innovative rental schemes to make short-term renting more convenient for customers, and capitalize on the latest trends in the excavator market in the upcoming years.
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An excavator is a type of heavy equipment used in the construction industry to excavate the soil or for on a construction site. Excavators are also used in other industrial sectors such as agriculture & forestry, and mining. A common design of excavators consists of a bucket, a boom, cab or house, and a dipper, and the whole machine usually works on hydraulic forces.
Based on length of boom, size of bucket, and operational speed, excavators can be divided into different types such as mini or compact, medium, standard, and heavy excavators. Other types of excavators that are commonly used in various industrial applications are crawler excavators, long reach excavators, dragline excavators, and suction excavators.
About the Report
The Fact.MR report on excavator market is a holistic analysis of all-encompassing market dynamics, which elucidates information about growth of the excavator market during the period 2017-2026. The information featured in the excavator market is obtained by conductive a thorough research on macro and microeconomic factors that are instrumental in shaping the excavators market throughout the forecast period.
The report also includes minute details about the competitive environment in the excavator market during the assessment period. By providing comprehensive analysis on strategic developments of leading players in the excavator market, the report can help new entrants to develop appropriate business strategies to gain a competitive edge in the excavator market in the foreseeable future.
To provide detailed information about development of the excavator market, the market is divided into five segments in the Fact.MR report. Readers can find in-depth analysis of each segment of the excavator market, which can ultimately help market players to modify or alter their business strategies for the coming future.
Based on the product types, the excavator market is segmented into compact excavators, crawler excavators, dragline excavators, long reach excavators, and suction excavators. According to the mechanism type, the excavator market is segmented in to electric excavators, hybrid excavators, and hydraulic excavators.
Depending on the size class of excavators, the excavator market is divided into four categories – mini or compact (<13,227 lbs.), medium (13,227 – 22,046 lbs.), standard/full-size (22,046 – 198,416 lbs.), and heavy excavator (>198,416 lbs.). Based on the end-user industry, the excavator market is segmented into construction, mining, and forestry & agriculture.
According to the geographical markets for excavators, the global excavator market is segmented into six regions – North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East & Africa (MEA).
Additional Questions Answered
The report provides detailed information about y-o-y growth of the excavator market in terms of market value (US$ million) and market volume (units). Apart from that, the report also helps readers to understand lucrative opportunities in the excavator market in order to gain momentum in the upcoming years.
The report also answers important questions about the development of the excavator market, which can help market players to plan their critical business decisions appropriately in the foreseeable future.
Some of the questions about the excavator market answered in the Fact.MR report include
- What were the growth parameters of the excavator market during the period 2012-2016?
- How are the developing countries contributing to the growth of the excavator market?
- What are the salient strategies adopted by Tier 1 players in the excavator market?
- Why is the demand for standard/full-size excavators highest across the globe?
- How can emerging players establish a stronger position in the excavator market in the upcoming years?
- What are the key takeaways from the detailed explanation of growth prospects of the excavator market during 2017-2026?
A unique and robust market research methodology is followed by analysts at Fact.MR to reach the exclusive information on excavator market growth that is featured in this report. Analysts at Fact.MR follow a demand-side approach to estimate the future demand, sales, and supply of excavators across the globe.
The forecasting methodology followed by Fact.MR analysts finds its base in primary research and secondary research methods. On interviewing market leaders, industry experts, researchers, governmental organizations, and stakeholders in the excavators market, analysts can reach certain qualitative and quantitative conclusions about growth of the excavator market.
On following a combination of primary and secondary research methods, analysts can ensure the maximum accuracy and reliability of the data and information included in the Fact.MR report on excavator market.
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The growth projection of each of these segments and sub-segments is accurately tracked in the report along with east-to-understand graphs and tables. Further, the market share, size, value, and Y-o-Y growth of the Excavator market segments are included in the report.
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Essential Takeaways from the Excavator Market Report
- Comparison of prominent players operating in the Excavator market
- Recent developments and key strategies adopted by market players to combat the COVID-19 pandemic
- Study of the micro and macro-economic growth indicators
- Impact of COVID-19 pandemic on the value chain of the Excavator market
- Growth opportunities for emerging market players in various regional markets
- Current trends influencing the scenario of the Excavator market
Important queries related to the Excavator market addressed in the report:
- Who are the most prominent players in the Excavator market?
- What are the factors that are likely to hinder the growth of the Excavator market during the forecast period?
- Why is the concentration of tier-1 companies high in region 1?
- How is the soaring prices of raw materials impacting the demand for Excavator ?
- Why are market players eyeing opportunities in region 2 and region 3?
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