Global Hydraulic Excavator Market 2017-2021
About Hydraulic Excavator
Hydraulic excavators are heavy construction equipment that have a boom, dipper, and a bucket attached to a rotating platform, which sits on top of an undercarriage either with tracks or wheels. The excavation process is performed with the help of hydraulic pumps and cylinders. Excavators are used in many construction and mining sites. They are also being increasingly adopted in industries like railways for maintenance services.
Technavio’s analysts forecast the global hydraulic excavator market to grow at a CAGR of 1.43% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global hydraulic excavator market for 2017-2021. To calculate the market size, the report considers the revenue generated from new hydraulic excavator sales worldwide during 2016.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hydraulic Excavator Market 2017-2021
Technavio recognizes the following companies as the key players in the global hydraulic excavator market: Caterpillar, Hitachi Construction Machinery, Komatsu, Volvo Construction Equipment, and Xuzhou Construction Machinery Group (XCMG).
Other Prominent Vendors in the market are: Terex Construction, Liebherr, John Deere, SANY, Doosan Infracore, Zoomlion, JCB, Kobelco Construction Machinery, Metso, CNH Industrial, Hyundai Heavy Industries, Wirtgen Group, Atlas, LiuGong, Wacker Neuson, Manitou, Kubota, Sumitomo Heavy Industries, Palfinger, Sandvik Construction, Lonking, Fayat Group, Shantui, Hiab, Ammann, Astec Industries, Kato Works, Takeuchi, XGMA, Furukawa, Skyjack, BEML, IHI, Gradall, Yanmar, Rhino, New Holland, Mustang, LBX, Uralvagonzavod, and ST Kinetics.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is machine control and telematics. Since the commencement of the earthmoving industry, manufacturers have been striving to make the process quicker and more fuel effective. At present, numerous players are taking up new approaches to enhance the effectiveness of systems to reduce maintenance and fuel utilization. Currently, Caterpillar has several fleets of autonomous haul trucks operating in mining operations around the world, for example, at a facility in Australia. With an end goal to help all operators to perform the best, many manufacturers are including machine guidance and control innovation as options in their most recent models.”
According to the report, one driver in the market is increased adoption of excavators in other industries. The crawler excavator has primarily been the machine of choice as an all-purpose vehicle in the construction and mining industries as it can be easily modified for other applications with attachments. Innovative progressions owing to modernization and digitization have revamped the requirement for excavators from traditional applications such as mining and construction to advanced applications like military and railways. Railways worldwide are adopting excavators for various rail maintenance activities, as these machines are versatile and can move on and off the rail tracks. Also, with various attachment options like hydraulic brush cutters, undercutter bars, tie tampers, and tie inserters that can be fitted onto a single machine, multiple operations can be performed effectively. These advantages are pushing the demand for excavators in this segment. Vendors like MECALAC have begun manufacturing excavators specifically for application in railways.
Further, the report states that one challenge in the market is stringent environmental laws and regulations. The global hydraulic excavator market is experiencing a noteworthy change as the new emission legislations worldwide are proving to be crucial factors of growth. These stringent regulations are compelling manufacturers to make considerable investments toward new technological advances. In addition, at present, the market is encountering low sales volumes. The slowdown in machine sales in the recent years has occurred when manufacturers are adopting new low-emission products. This has added to the burden of meeting stringent emission norms in Europe and North America as the Tier 4 Final/Stage IV prerequisites are made compulsory in these regions. Though complex and expensive, these advances have cut emissions from machines, but have brought about expanded costs.
Caterpillar, Hitachi Construction Machinery, Komatsu, Volvo Construction Equipment, Xuzhou Construction Machinery Group (XCMG), Terex Construction, Liebherr, John Deere, SANY, Doosan Infracore, Zoomlion, JCB, Kobelco Construction Machinery, Metso, CNH Industrial, Hyundai Heavy Industries, Wirtgen Group, Atlas, LiuGong, Wacker Neuson, Manitou, Kubota, Sumitomo Heavy Industries, Palfinger, Sandvik Construction, Lonking, Fayat Group, Shantui, Hiab, Ammann, Astec Industries, Kato Works, Takeuchi, XGMA, Furukawa, Skyjack, BEML, IHI, Gradall, Yanmar, Rhino, New Holland, Mustang, LBX, Uralvagonzavod, and ST Kinetics.
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