Crawler Excavator Market: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2026)
LONDON, May 21, 2018 /PRNewswire/ -- Global demand for crawler excavator is expected to remain influenced by the growth of mining, excavation, and construction sectors. Over the years, usage of crawler excavators has increased to a significant extent in this sectors. This is primarily owing to their superior functionality and efficiency as compared to the conventional systems. Future Market Insights (FMI) projects that the global crawler excavator market will exhibit a CAGR of 2.7% during the assessment period (2017-2026). Crawler excavators are becoming increasingly popular in construction and mining sites. They allow faster and safer removal of debris. With the help of crawler excavator, digging procedures have become much simpler and easier. Moreover, the arrival of more technologically advanced crawler excavators is also driving their adoption across sectors. Some of the latest crawler excavators have a wider application range. Effective use of the equipment also greatly increase reliability and efficiency of construction activities.
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Increased automation coupled with rapid adoption of next-gen construction technology is expected to reflect favourably on the global crawler excavators market. Manufacturers are also considering concepts such as driverless and self-managed vehicles. At the same time, emphasis is also being placed on improving speed and payloads capacity to meet the fast-evolving industry requirements. However, the high level of investment cost involved in installation of crawler excavator continues to hamper its adoption in small scale construction or mining activities. Also, the additional cost of maintenance might not make it a viable option for many. Preference for crawler excavation remains low for short-term construction projects as its rental cost can add substantially to the overall cost.
The crawler excavators required periodical servicing for proper functioning, which is usually mandated by regulatory authorities. Most customers prefer to rent crawler excavators as purchasing them usually proves to be a costly affair and unfeasible.
APEJ Will Remain the Most Attractive Market for Crawler Excavator Over 2026
Asia Pacific excluding Japan (APEJ) is expected to spearhead the global crawler excavator market during the forecast period. Factors such as robust industrialization and urbanization in various APEJ countries have played an important role in creating market opportunities in the region. APEJ's market is projected to exhibit a CAGR of 3.2% between 2017 and 2026.
Short Trail a Leading Product Type
Short trail crawler excavators continue to gain popularity in various end-use industries. This is primarily owing to their cutting-edge features and high efficiency. Global sales of short trail crawler excavators currently accounts for more than 32% revenue share of the market. By the end of assessment period, nearly US$ 76 Mn worth short trail crawler excavators are estimated to be sold across the globe.
Medium (2.00-4.00) Bucket Capacity Crawler Excavators to Remain Sough-After
Preference for crawler excavator with medium (2.00-4.00) capacity is expected to remain high throughout the assessment period. By the end of 2026, close to US$ 93 Mn worth medium (2.00-4.00) capacity crawler excavators are expected to be sold globally. In term of revenue, global sales of medium (2.00-4.00) capacity crawler excavators currently represent for around 40% market share.
Crawler Excavators with Operating Weight of 22,650-30,200 Kg Will Remain Extremely Popular
Crawler excavators with operating weight of 22,650-30,200 Kg will continue to find application in sectors such as construction and mining. By 2026-end, nearly US$ 48.2 Mn worth crawler excavators with operating weight of 22,650-30,200 Kg is expected to be sold globally.
Competitive Landscape
Some of the leading players functioning in the global crawler excavator market include Caterpillar, Deere & Company, Hitachi Construction Machinery, Komatsu, Volvo Construction Equip., Doosan Bobcat, Inc, CNH Industries, Sany Group, Liebherr, and Hyundai Construction Company.
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