The global tracked excavators market to grow at a CAGR of 3.03% during the period 2017-2021.
Global Tracked Excavators Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is Integration of IoT in construction equipment for remote monitoring. Technology plays a vital role in every industry. Technology has evolved with time and the need for connected devices has increased in recent years. This is where Internet of Things (IoT) comes into the picture. With the implementation of IoT, the performance of tracked excavators is expected to increase by integrating remote monitoring systems with Global Positioning Systems (GPS). This will help in monitoring the performance and efficiency of the machine.
According to the report, one of the major drivers for this market is Increased government spending on infrastructure. There are multiple government infrastructure projects, with significant investments, planned in various countries between 2017 and 2021. Infrastructure development is of prime importance in any country as it is directly proportional to the economic growth of a nation.
Further, the report states that one of the major factors hindering the growth of this market is Construction equipment rental market. Most construction equipment are very costly, especially tracked excavators which require high initial investments.