Published on : Apr 10, 2017
Albany, New York, April 10, 2017: The report conducts an in-depth analysis of the construction equipment market in regions such as North America, India, Europe, and China. The key trends, challenges, and growth drivers of the market have been studied. The report also analyzes the top four market players, wherein their business strategies, product portfolios, and market shares have been discussed.
Also called “diggers”, excavators are heavy machines used in the construction industry, comprising a dipper, boom, and bucket, apart from a cab known as “house” on a rotating platform. As the functions and movements of excavators are conducted via hydraulic cylinders consisting of hydraulic fluid, and hydraulic motors, these excavators are also termed hydraulic excavators.
These machines can be used in a variety of applications. Some of the uses of these machines are forestry work, mining, material handling, digging of foundations, trenches, and holes, general landscaping or grading, river dredging, snow removal, driving piles in combination with a pile driver, and drilling shafts for footings. The widespread use of hydraulic excavators in the construction industry is one of the primary growth drivers of the market. Moreover, the development of advanced construction machinery by manufacturers has also been aiding the growth of the market.
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Numerous excavators in various sizes are available in the global market. By power, 501 and above HP, 301-500 HP, and 0-300 HP can be the major segments of the market. Whereas, on the basis of type, crawler, mini (compact), wheeled, and heavy excavators can be the key segments of the global market for excavators.
By geography, India, China, North America, and Europe are the key segments of the market discussed in the report. The upgrading of infrastructure across several countries of North America and Europe might create growth opportunities for the expansion of the excavator market in these regions. Asia Pacific offers vast potential for growth, driven by the rapid progress of the construction sector. As several government policies focus on the construction of new roads, hospitals, and other government-owned buildings, the need for excavators is likely to augment. Large-scale construction activities in China and India, their immense population base, the growing demand for better public infrastructure, and increasing government funds have been fuelling the market in these countries.
A number of companies are concentrating on the expansion of their customer base. For instance, Smith Power Equipment (SPE), a prominent agricultural and industrial equipment supplier, extended its product offering to cater to the needs of the South African market in April 2017. Volvo Construction Equipment, Caterpillar Inc., Kobelco Construction Equipment, Komatsu Ltd., Terex Corporation, Mitsubishi Heavy Industries, Hydrema, Yanmar, Bucyrus International, Poclain, and Wacker Neuson are some of the leading companies operating in the global market for excavators.
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