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Construction Machinery Market: Future Forecast Indicates Impressive Growth Rate by 2026 | Key Players are Caterpillar Inc., Deere & Co., Hitachi Ltd., etc.
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Key Developments in Excavator Market
Deere & Co. – a leading American manufacturer of construction equipment – recently entered a supplier partnership with Wacker Neuson – a German supplier and distributor of construction equipment. The company aims to provide compact excavators in Asian excavator markets, such as China, Oceania, and Southeast Asia with this partnership, and capitalize on lucrative opportunities emerging in the region.
Caterpillar Inc. – world’s leading player in the excavator market – recently announced that the incorporation of its latest Cat Connect Technology in the design of its three new Next Generation 20-ton size class excavators—the 320 GC, 320 and 323—has resulted in enhanced efficiency, productivity, and reduced operating cost of excavators.
Volvo Construction Equipment and Services, Inc. announced that, with the use of cable-connected and dual-powered, 70-ton excavator prototype – EX1 in its ‘Electric Site’ research project, the company reduced carbon emissions by 98%, energy costs by 70%, and operational cost by 40%. The company carried out this experiment with its customer Skanska AB, a Swedish construction and development company.
Hitachi Construction Machinery Co., Ltd., a Japanese manufacturer of construction equipment, recently launched new generation of mining excavators – the EX-7 series, with which the company aims to introduce Industrial Internet of Things to the mining industry. The series includes excavators with sizes ranging from100 tons to 800 tons. Connectivity, productivity, and safety features to suit its mining-specific applications are among the salient features of these excavators.
Bobcat, a division of the Doosan Group, recently introduced its new E85 excavator, which is the largest machine launched by the company, to expand its R-Series of compact excavators. It is an 8.5-ton excavator with enhanced performance, operator comfort, and uptime protection features, and with this launch the company is aiming to establish a stronger position in the North American market.
Kato Works Co., Ltd., a Japanese player in the excavator market, recently launched new conventional excavators and compact tail excavator, which are integrated with environment-friendly EU Stage4/EPA Tier4 compliant engines. The company has launched new models of excavators with enhanced performance characteristics and environment-friendly features to gain momentum in developed markets.
The FactMR report provides in-depth information about recent developments in the excavator market. The report features a comprehensive list of leading stakeholders as well as new entrants in the excavators market, which includes Caterpillar Inc., Deere & Co., Hitachi, Ltd., KUBOTA Corporation, CNH Industrial N.V., Volvo Construction Equipment and Services, Inc., Doosan Bobcat Inc., Yanmar Co., Ltd., JCB, Inc., Nagano Industry Co., Ltd., KOBELCO Construction Machinery Co., Ltd., Kato Works Co., Ltd., BEML Limited, Guangxi LiuGong Machinery Co., Ltd., Sany Group Co. Ltd., Terex Corporation, XCMG Construction Machinery Co., Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., CAPPELLOTTO S.P.A., Rivard Companies Inc., and The Charles Machine Works, Inc.
According to the FactMR report, Caterpillar Inc., KUBOTA Corporation, and Doosan Bobcat Inc. are the Tier 1 manufacturers in the excavator market and they collectively account for around 30% revenue share. Tier 2 and Tier 3 players, including CNH Industrial N.V., Deere & Co., and Sany Group Co. Ltd., continue to grow rapidly to intensify the competitive environment in the excavator market.
Due to the slowdown in the excavator market, a majority of manufacturers are focusing on introducing innovative performance features of excavators to boost sales. Leading vendors are investing in technology and R&D to capture lucrative sales opportunities in developed countries. Meanwhile emerging players in the excavator market are expanding their businesses in developed countries, where customers are more focused on enhanced efficiency than new designs of engines in excavators.
Research Methodology
A unique and robust market research methodology is followed by analysts at FactMR to reach the exclusive information on excavator market growth that is featured in this report. Analysts at FactMR follow a demand-side approach to estimate the future demand, sales, and supply of excavators across the globe. The forecasting methodology followed by FactMR analysts finds its base in primary research and secondary research methods. On interviewing market leaders, industry experts, researchers, governmental organizations, and stakeholders in the excavators market, analysts can reach certain qualitative and quantitative conclusions about growth of the excavator market.
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FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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