Sales of excavators as construction machinery 5.5 times higher than sales as forestry and agricultural equipment: Fact.MR study

ROCKVILLE, Md., March 16, 2022 (GLOBE NEWSWIRE) — According to a recently released Fact.MR report, the global excavator market is expected to grow at a compound annual rate (CAGR) of 3.2% through 2026.

The Fact.MR study reveals that the shovel request will improve as the heavy construction equipment industry recovers from a major downturn. Due to the positive growth in the construction industry, especially in developing countries, the excavator market is expected to grow steadily in the future.

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Excavators are commonly used in a wide range of industries including construction, mining, agriculture and forestry. However, according to the Fact.MR report, the construction industry is expected to hold the largest volume share – around 72% – by the end of 2019. Excavator market manufacturers are focusing on introducing features end users in the construction industry to capitalize on the growing demand for excavators as construction equipment.

Emerging stakeholders and new entrants will hold a major share of the excavator market

According to the Fact.MR report, Caterpillar Inc., KUBOTA Corporation and Doosan Bobcat Inc. are the Tier 1 manufacturers in the excavator market and they collectively account for approximately 30% of revenue.

Tier 2 and Tier 3 players including CNH Industrial NV, Deere & Co., and Sany Group Co. Ltd. continue to grow rapidly to intensify the competitive environment in the excavator market.

Due to the downturn in the excavator market, a majority of manufacturers are focusing on introducing innovative performance features of excavators to boost sales.

Major vendors are investing in technology and R&D to seize lucrative sales opportunities in developed countries.

The story continues

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Key segments covered by the Excavators industry survey

By product

• Crawler

• Wheeled

• Mini/Compact

• Others

By request

By region

• North America

• Latin America

• Europe

• East Asia

• South Asia and Oceania

• Middle East and Africa

Competitive landscape

• Caterpillar Inc., the world leader in the hydraulic excavator market, recently announced that the integration of its latest Cat Connect technology into the design of its three new next-generation 20-ton hydraulic excavators, the 320 GC, 320 and 323, has resulted in improved efficiency, productivity and reduced excavator operating costs.

• Volvo Construction Equipment and Services, Inc. has announced that, through the use of a 70-ton prototype excavator connected by cable and dual power – EX1 in its research project “Electric Site”, the company has reduced carbon emissions by 98%, energy costs by 70% and operating costs by 40%. The company conducted this experiment with its client Skanska AB, a Swedish construction and development company.

• Hitachi Construction Machinery Co., Ltd., a Japanese manufacturer of construction equipment, recently launched a new generation of mining excavators – the EX-7 series, with which the company aims to introduce the Industrial Internet of Things into the mining industry. The series includes excavators in sizes ranging from 100 tons to 800 tons. Connectivity, productivity and safety features suitable for its specific mining applications are some of the key features of these excavators.

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Excavators Market Key Players

Strict environmental regulations create challenges for excavator manufacturers
Despite constant demand from the construction industry, strict environmental regulations and high quality standards for conventional excavators continue to create manufacturing challenges for market players.

Conventional excavators are subject to guidelines governing the use and operation of heavy equipment. Manufacturers in the excavator market have to comply with these stringent regulatory requirements, which can increase the cost of production, ultimately preventing manufacturers from maintaining competitive prices.

Key Questions Covered in the Excavators Market Outlook Report

• How are developing countries contributing to the growth of the excavator market?

• What are the key strategies adopted by Tier 1 players in the Excavators market?

• Why is the demand for standard/full size excavators the highest across the world?

• How can emerging players establish a stronger position in the Excavator Market in the coming years?

• What are the key takeaways from the detailed explanation of the Excavator market growth prospects during the period 2017-2026?

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