Rapid urbanization and increasing construction spending are major factors expected to catapult the global excavators market growth. Excavators are self-powered hydraulic machines used to discharge and excavate with the help of a digging bucket on the end of a two-part articulated arm. They are multipurpose heavy construction machines, which are used in applications such as trench digging, well sinking and land leveling. Further, these equipment help in improving efficiency and productivity, thereby reducing operating cost. Emergence of large-scale projects in the railways, oil & gas and construction sectors, particularly in the developing economies has led to the global excavators market growth.
High investments in infrastructure projects and commercial activities such as mining have led to a surge in demand, and are expected to drive the global excavators market. In addition, stringent regulations pertaining to emission control across several regions have led to the development of environmental friendly equipment, which is further expected to impel excavators market demand over the forecast period. Rising collaboration among rental fleet owners and excavator manufacturers provide avenues for market growth. Presently, excavator manufacturers emphasize on developing efficient and technologically advanced products with better control systems. High maintenance costs, need for continuous technical support, increased emission norms and defective equipment pose a challenge to the global excavators market. In the EU, manufacturers have to comply with relevant EU legislation to meet all safety and environmental requirements that include engine exhaust & noise emission along with lifting safety standards.
There are two types of excavators, mini/compact and crawler or wheeled. Wheeled excavators use wheels for movement, while crawlers use the crawler chassis. Tasks such as quarrying, mining, and road-building are better performed by crawler excavators. Mini wheeled excavators are mostly used in industrial applications to unearth and move material in highway construction and maintenance projects. Further, hoe and dragline are excavator types used primarily in construction-related activities. In addition, manufacturers provide suction excavators, long arm excavators, and power shovels.
In Europe, similar to that in the U.S. the excavator market is witnessing a decline owing to decrease in construction expenditure and low-investment in the non-residential construction and infrastructure market. However, high infrastructure growth supported by the government in developing economies such as India and China has led to an increased demand for excavators in the regional marketplace. International events in countries such as Russia, Japan, and Brazil have resulted in increased construction activities, which have further driven the regional excavator market growth.
The key participants in the excavators market include BEML Ltd., Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., JCB (Shanghai) Construction Machinery, Komatsu Ltd., Liebherr International AG, Sany Heavy Industry Co. Ltd., Terex Corp., and Volvo Construction Equipment Company. Building a strong sales and distribution network is expected to be a core business strategy adopted by several key market participants.
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