Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The crawler excavators' market is influenced by several factors that collectively shape its dynamics and growth path. One of the main drivers is the construction industry, as crawler excavators are instrumental in various construction projects. In addition, increased demand for infrastructure development, urbanization, and expansion of commercial and residential spaces drives the market significantly. Also, technological advancements play a significant role in shaping the crawler excavator market. They strive to incorporate technologies such as GPS technology, telematics, and automation, among others, in order to make them more efficient and precise during operation. This has led to customers demanding advanced machinery capability that will streamline their operations while reducing project timelines at large, leading to the adoption of smart and connected crawler excavators.
The economic landscape directly affects the crawler excavator market. Economic stability and growth are closely related to increased building activities, which then lead to higher demand for excavation equipment. Conversely, an economic downturn can slow down construction projects, thereby adversely affecting the market. Additionally, environmental regulations, along with sustainability considerations, have become critical issues within the crawler excavator market. To this end, companies have been investing in environmentally friendly types of diggers due to individuals mounting pressure on decreasing carbon footprints and minimizing environmental impacts around them. Such machines operate on an electric or hybrid basis, thus emitting fewer gases into the atmosphere and consuming less fuel because of stringent environment-friendly legislation.
Furthermore, global trade dynamics affect the crawler excavator market as well. Trade policies, tariffs, and geopolitical factors can increase or decrease manufacturing costs, thus influencing the prices of different regions' crawler excavators. Customer preferences combined with trends within industries contribute much towards shaping market landscapes. With businesses seeking ways through which they can improve upon effectiveness coupled with lowering operational costs, versatile/multipurpose crawler excavators have become important. Additionally, in the Crawler Excavator Market, it is also crucial to note that manufacturers offer after-sales support and services. Customers usually focus on things like the availability of parts, quality maintenance services, and responsiveness from the manufacturer's side. Thus, they develop strong competitive edges and maintain long-term relationships with their customers by offering comprehensive aftersales services.
Crawler Excavator Market Highlights:
Crawler Excavator Market Synopsis
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 manufacturers
- Traders/distributors/suppliers
- Raw materials suppliers
- Architects & engineers
- Regulatory bodies
- Research organizations
- Association and industry bodies
- End consumers
- Market research and consulting firms
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
