Pune, India, November 2019, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Crawler Excavator Market.
The Global Crawler Excavator Market is expected to witness sustainable growth during the forecast period owing to the growth of the construction industry and the improvement in the global economy. Moreover, rapid industrialization and urbanization in emerging economies, such as China, India, and Japan are expected to contribute significantly to the growth of the market. The Global Crawler Excavator Market size was valued at USD 32.0 Billion in 2018, which is expected to witness 4.6% CAGR during the forecast period.
Asia-Pacific is expected to witness the fastest growth in the global crawler excavator market during the forecast period: MRFR
Based on region, the crawler excavator market is segmented into North America, Asia-Pacific, Middle East & Africa, Europe, and South America.
Asia-Pacific accounted for the largest market share, followed by North America and Europe, which is expected to witness the highest growth rate during the forecast period. This can be attributed to the growth of the building & construction industry, mainly in emerging economies such as China and India. The rise in the number of construction projects in Asia-Pacific has further boosted the market growth.
Asia-Pacific is one of the key regions experiencing significant growth in the mining industry. Countries such as China, India, Australia, and Indonesia dominate the mining industry. These countries are also major producers of minerals and metals, such as gold, diamonds, base metals, coal, tungsten, tin, and platinum. In the last decade, Asia-Pacific has emerged as one of the highest consumers of metals, coal, and mineral, owing to the continuous growth in the economy of the region. The government of China has put in efforts to convert its medium to large state-owned enterprises into corporate organizations to make them globally competitive. As a result, government authorities have signed several joint ventures with foreign investors.
China is one of the leading countries in Asia-Pacific. The growing industrialization and increased population have fueled the demand for crawler excavators in the country. Moreover, in 2016, the country dominated the global mineral production with a 25% share. China is the leading consumer of commodities and mineral products, such as coal and iron ore.
Furthermore, North America has witnessed sustainable growth in the overall construction industry, owing to the sustained rising investments in real estate. Commercial buildings such as industrial complexes and offices are increasing as the business hubs are turning overpopulated, creating demand for new complexes. Hence, the growing mining and construction industries in North America are expected to drive the crawler excavator market in the region. Europe region held the third-largest market in the global crawler excavator market.
The Middle East & Africa is anticipated to be the fastest-growing region in the overall crawler excavator market. The potential for the mining industry in this region is immense. In Africa, infrastructure construction is critical for the continued growth of the mining industry. The rapid growth of the mining industry is driving the crawler excavator market in the region.
By type, the global market has been segmented as mini crawler excavators, small crawler excavators, medium crawler excavators, and large crawler excavators. By application, the global crawler excavators market is segmented into construction, mining, agriculture, forestry, and others. The construction segment is expected to witness the fastest growth rate in the global market during the forecast period.
Global Crawler Excavator Market, 2018–2025 (USD Million)
Source: MRFR Analysis
Scope of the Report
This study provides an overview of the global crawler excavator market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global crawler excavator market by type, application, and region.
The Prominent Players operating in the Global Crawler Excavator Market are Liebherr (Switzerland), J C Bamford Excavators (UK), AB Volvo (Sweden), Caterpillar (US), Hitachi Construction Machinery (Japan), Doosan Corporation (South Korea), CNH Industrial (UK), Deere & Company (US), and Komatsu (Japan).
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