Urban population tends to increase by 60% by 2050 and USD 3.3 trillion annual global infrastructure investments is required to pace up with the expected growth. Rapid urbanization in developing countries and rising construction activities are some of the major factors driving the growth of global excavator market.
According to Goldstein Research, “Huge investments by government bodies and private sector for infrastructure development and rapid urbanization are major factors for the growth of excavator market all across the globe.” 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. Excavator market segmentation has been carried out on the basis of product type and 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 size reached 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. 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
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- By Product Type
- Crawler Excavators
- Suction Excavators
- Dragline Excavators
- By Power range
- 0-300 BHP
- 300-500 BHP
- 500 & Above
- By Geography
- North America (US, Canada)
- Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
- Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
- Rest of the World
“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, excavator market 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 trends 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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Browse full market report@ Global Excavator Market 2024: Outlook, Insights, Forecast, Trends, Demand Analysis