Crawler excavator companies manufacture heavy-duty construction equipment that is indispensable for earthmoving and excavation tasks. These versatile machines are equipped with tracks, allowing them to navigate challenging terrains and perform a wide range of functions, from digging foundations to demolishing structures.
The global crawler excavator market is a behemoth, fueled by the relentless growth in construction, mining, and infrastructure development. This lucrative arena is fiercely contested, with established giants and emerging players battling for market share. Let's delve into the competitive landscape, examining strategies, key factors influencing market share, industry news, and recent developments shaping the future of this crucial machinery.
Strategies Adopted by Major Players:
Factors Influencing Market Share:
List of Key Players in the Crawler Excavator Market:
Recent Developments:
September 2023:Â Caterpillar announces plans to invest USD 1 billion in expanding its excavator production capacity in China, anticipating surging demand in the region.
October 2023: Hyundai Construction Equipment unveils the HX9A series of medium-sized crawler excavators, featuring upgraded engines and hydraulic systems.
November 2023: John Deere expands its crawler excavator portfolio with the introduction of the 350G LC, a compact and versatile model targeting urban construction projects.
December 2023: Industry experts predict continued growth for the market in the coming years, driven by technological advancements and infrastructure development.
Crawler Excavator Market size was USD 32.0 Billion in 2018 and is expected to witness 4.6% CAGR during the forecast period.
The Global Crawler Excavator Market is expected to witness significant growth in the next few years due to the growing demand for government support for the construction and growth of the mining industry, mainly in the emerging economies such as China, Japan, and South Korea. Governments, across all regions, are promoting infrastructure development. The developing nations are particularly bringing various reforms and regulations to boost their infrastructure and real estate. Such reforms are expected to augment the growth of the crawler excavators market due to the growth of the construction sector. Moreover, with the growing population, the mining industry is expected to grow rapidly in the upcoming years due to an increase in demand for minerals, metals, and other materials. Thus, the impact of the growth of the mining industry is anticipated to enhance the demand for crawler excavators in the global market.
The high number of construction projects across the globe creates a high demand for skilled workers. Globally, the demand has outstripped supply, leading to the reduced availability of workers. The lack of skilled labor increases the contractor’s risk by increasing the likelihood of delay. Hence, the impact of lack of skilled labor on the demand crawler excavator industry is expected to shift from high to moderate during the forecast period. Furthermore, the growing demand for crawler excavator rental creates opportunities for the construction equipment manufacturers operating in the crawler excavators market.
Regional Analysis: Global Crawler Excavator Market
Based on region, the global crawler excavator market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific dominated the global market, followed by North America and Europe. This is attributed to the growth of the building & construction industry and the improvement in financial conditions in Asia-Pacific, which have led to a rise in the demand for crawler excavators. The region is also anticipated to witness the fastest growth rate during the forecast period owing to the increasing population in countries such as China, India, and Indonesia, which generate a demand for the construction of residential houses. This is anticipated to increase in the coming years. The growing industrialization across several emerging economies is expected to increase the presence of major companies in these countries, which is expected to boost industrial construction across the regions.
Segmentation: Global Crawler Excavator Market
The Global Crawler Excavator Industry has been segmented based on type and application. Based on type, the global market has been segmented as mini crawler excavators, small crawler excavators, medium crawler excavators, and large crawler excavators. Based on application, the global market is segmented as construction, mining, agriculture, forestry, and others.
The construction segment accounted for the largest market share of around 60% in 2018, which is expected to witness the fastest growth rate during the forecast period. The rapid growth of the real estate industry in developing countries such as India and China had witnessed a considerable increase in the construction of residential properties, which is further expected to stimulate the growth of the segment.
Key Players
The Key Players operating in the Global Crawler Excavator Market include Caterpillar (US), CNH Industrial (UK), Deere & Company (US), Komatsu (Japan), Liebherr (Switzerland), J C Bamford Excavators (UK), AB Volvo (Sweden), Hitachi Construction Machinery (Japan), and Doosan Corporation (South Korea).
Many global and regional players operating in the global crawler excavators Industry. These players are adopting strategies such as mergers & acquisitions, product development, partnerships, and expansion to improve their position in the global market. High competition, rapid changes in technology, and integrated solutions by industry participants are the key factors that impact market growth. Vendors compete based on cost, product quality, and reliability. It is vital for these players to offer cost-effective and superior products to succeed in the competitive market environment.
Intended Audience
Crawler Excavator Market Highlights:
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