The excavators market is projected to grow at a healthy CAGR between 2016- 2022, states the recent Market Research Future (MRFR) analysis. Excavators, simply put, are self-powered hydraulic machines that are used for excavation and discharge with the help of digging buckets at the end of the two-part articulated arm. They are heavy construction machines that are used in various applications like land levelling, trench digging, and well sinking. Crawler/wheeled and mini/compact are the different types of excavators that are used by rental providers and contractors and have wide applications in different industries such as utility, construction, and mining.
Excavators are highly popular earthmoving cars that feature movable tracks, rotating cab, arm, and a bucket. It performs multiple functions such as excavating mines, lifting away waste, to digging trenches, and more. Excavators are applied to multiple industrial and contractor needs such as demolitions, building construction, road construction, mining, and others. Some of its benefits include more efficient jobs, safer job, and easy recycling and salvaging of materials.
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Various factors are propelling the global excavators market share. According to the recent MRFR report, such factors include the huge investments in infrastructure projects commercial activities like mining, strict regulations related to emission control, development of eco-friendly equipment, the growing collaboration between excavator manufacturers and rental fleet owners, focus of excavator manufacturers to develop technologically advanced and efficient products with better control systems.
On the contrary, increased emission norms, the need for technical support, high maintenance cost, and the on-going COVID-19 impact are factors that may impact the global excavators market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global excavators market based on types, end-user, and application.
By types, the global excavators market is segmented into crawler/wheeled and mini/compact. Of these, the mini/compact types will lead the market over the forecast period.
By end user, the global excavators market is segmented into rental providers, contractors, and others.
By application, the global excavators market is segmented into utility, construction, and mining. Of these, the construction segment will have a major share in the market over the forecast period.
By region, the global excavators market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will have the lions share in the market over the forecast period. The rise in urbanization in China, growth in infrastructure development, booming construction market, and construction of roads are adding to the global excavators market growth in the region.
In North America, the global excavators market is predicted to have healthy growth over the forecast period for the growing demand for new housing units.
In Europe, the global excavators market is predicted to have steady growth over the forecast period for low investments in non-residential infrastructure and construction and a decrease in construction expenditure.
In the RoW, the global excavators market is predicted to have sound growth over the forecast period.
Key players profiled in the global excavators market report include Hyundai Heavy Industries Co., Ltd. (South Korea), Sandvik AB (Sweden), JCB Ltd. (U.K.), Terex Corporation (U.S.), Xuzhou Construction Machinery Group (XCMG) (China), Volvo Construction Equipment (Belgium), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), and Caterpillar Inc. (U.S.). Industry players have incorporated several strategies to stay at the forefront, such as mergers, acquisitions, extensive RD activities, joint ventures, collaborations, partnerships, strategic alliances, contracts, geographic expansions, and more.
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