NEW YORK, July 18, 2016 /PRNewswire/ --
Anticipated Stabilization in Crude Oil Prices Coupled With Revival in Construction and Mining Sectors to Buoy Growth in Global Excavator Market Over the Next Five Years
According to TechSci Research report, "Global Excavator Market By Type (Mini vs. Heavy and Crawler vs. Wheeled), By Region, Competition Forecast & Opportunities, 2011 - 2021'', growth in the market is anticipated on account of increasing urbanization, stabilization of crude oil prices and anticipated recovery of the infrastructure sector, globally. Over the last five years, prevalence of unfavorable micro- and macro-economic factors such as inflation, exchange rate fluctuations, interest rates and liquidity conditions in major developing as well as developed economies also impacted the global excavators market.
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"Global Excavator Market"
Key reasons for decline in sales of excavators across the globe during 2011-2015 were falling crude oil prices and slowdown in construction and mining sectors across the globe during the same period. Global crude oil prices declined from over US$104 per barrel in 2011 to US$50 per barrel in 2015, thereby impacting revenues of all major oil dependent economies such as Saudi Arabia, Qatar, UAE, Bahrain, as well as North Africa. Decline in crude oil prices translated into widening of fiscal deficits and contraction of construction budgets of these countries, resulting in slowdown of the construction sector, which impacted demand for excavators across these countries.
Though Asia-Pacific dominated the global excavator market, excavator sales in the region were impacted by slowdown in the Chinese economy. Nevertheless, the country's construction market is poised to recover over the next five years. In May 2016, National Development & Reform Commission along with Ministry of Transport (MoT) of China, announced plans to invest US$ 723 billion into the country's infrastructure sector over the period of next three years. Recovery of the construction sector in China is expected to boost demand for excavators in the coming years.
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"Demand for new excavators by construction companies and EPC contractors declined dramatically during 2014-2015, due to slowdown in the global economy. Unfavorable economic scenario and slowdown in construction and infrastructure sectors compelled a number of contractors across the globe to procure excavators on rent to reduce overhead costs. Moreover, several excavator rental companies have been offering discounts to attract more and more customers. Growing preference of construction and mining companies towards renting excavators rather than purchasing them has augmented growth in excavator rental business.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Excavator Market By Type (Mini vs. Heavy and Crawler vs. Wheeled), By Region, Competition Forecast & Opportunities, 2011 - 2021" has evaluated the future growth potential of excavator market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in the global excavator market.
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