London, 27 October 2015: Technavio, the independent tech-focused global research firm, has published a report on the global excavator market 2015-2019, which is expected to grow at a CAGR of 10.52% during the forecast period of 2015-2019.
“Demand for fuel-efficient excavators is gaining huge prominence across the globe. As a result of increased awareness of carbon emissions and their environmental impact, many construction contractors are demanding fuel-efficient equipment,” says Faisal Ghaus, Vice President of Technavio.
“Therefore, many of the leading equipment manufacturers, such as Volvo and Hitachi, are now developing fuel-efficient technology. For instance, in 2014, Hitachi Construction Equipment developed the hybrid hydraulic excavator ZH200-5B in Japan, which reduces fuel consumption by way of storing the energy in a capacitor.”
Increased investment in the construction sector was the major factor driving demand for excavators. Countries such as India, China, Indonesia, Turkey, Qatar, UAE, Poland, and Romania, where the construction sector looks promising, will propel demand for excavators.
Key Market Drivers
- Increased focus on public transport infrastructure
- Increased investment in power and energy infrastructure
- Government initiatives toward infrastructure development
Key Market Trends
- Growing demand for fuel-efficient excavators
- Growth of rental business sector
- Development of intelligent machine control systems in excavators
Key Market Vendors
- Caterpillar
- Deere & Company
- Hitachi Construction Machinery
- Komatsu
- Volvo Construction Equipment
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Excavator Market 2015-2019, please send an e-mail to media@TechNavio.com.
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