Excavators, also known as hydraulic excavators, are heavy construction equipment that play an important role in the global construction equipment market. Excavator is one of the major segments of the construction equipment industry. It is widely used in applications such as commercial construction, residential construction, mining, and sewage disposal. An excavator comprises a backhoe called rear actor or back actor, dipper or a stick, digging bucket, and cab on a rotating platform known as a house. The backhoe draws towards itself the bucket attached. The dipper or dipper stick carries the bucket. The digging bucket digs the soils from the ground, while the cab on the rotating platform dumps the soil at the required place. Excavator is used to excavate soil of different forms.
Various types of excavators are available in the market. They are also available in different power ranges. In terms of power range, the excavators market can be segmented into 0-300 HP, 301-500 HP, and 501 & above HP. In terms of type, the excavator market can be divided into mini, heavy, wheeled, and crawler. Mini excavator is also known as compact excavator. It is smaller in size, and thus called mini excavator. It weighs from 0.7 to 8.5 tons. Mini excavator consists of a backfill blade and a boom swing. Heavy excavators are the usual hydraulic excavators with backhoe, dipper, digging bucket, and cab. Crawler excavator is a crawling digger designed to dig or move large objects. It runs or moves on a crawler chassis. Wheeled excavators are excavator with wheels. The crawler excavator segment dominated the global excavators market in 2015. It was followed by the mini excavator segment. This was due to the increasing demand for technologically advanced and fuel-efficient excavators.
The excavator market can also be segmented on the basis of end-user. Excavators are employed in end-user markets such as infrastructure, mining, and waste management. The product is used to place armors and large rocks, move construction materials and other construction waste in the infrastructure market. Excavators are used to dig the ground for extraction of ores in the mining industry. In waste management, excavators are employed to carry large heaps of waste from one place to another for disposal. The excavators market expanded significantly from 2014 to 2015 due to the increase in investments in construction and mining sectors and rise in awareness about waste management.
Asia Pacific dominates the global excavator market, led by the growth in infrastructure development and rise in urbanization in China. Increase in population in countries such as China and India is expected to boost the construction market. Construction of roads and infrastructure is anticipated to increase rapidly in developing countries such as China and India. This is estimated to propel the excavators market. North America is also a favorable market for excavators. Outlook for the excavator market in Europe also appears positive, as excavators are used on a large scale in developed countries such as Germany, France, and the U.K. The excavator market in Saudi Arabia and Turkey is also growing rapidly. This is projected to augment the excavator market in Middle East & Africa. The region is a leading market for oil & gas. This offers immense opportunities to the excavator market in Middle East & Africa. Excavators are employed in the mining of oil. Thus, demand for excavators in Middle East & Africa is increasing. Competition is likely to intensify in the global excavator market in the next few years owing to implementation of new emission norms. This is also estimated to create new market opportunities.
Key players operating in the excavator market include Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Kobelco Construction Equipment, and Volvo Construction Equipment. Increasing investments in the residential construction segment followed by transport infrastructure development is projected to augment the prospects for growth in this market. This will be resulting in steady market growth rate and boosting the sales of excavator manufacturers.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.