- The key vendors in the global electric shovel market 2015-2019 are Caterpillar Inc., Hitachi Construction Machinery, Komatsu Ltd. And P&H Mining Equipment
London, 06 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global electric shovel market 2015-2019. The presence of financing options to acquire equipment is one of the major trends impacting the market. It gives small and medium enterprises an opportunity to venture into the market with minimal risks and diminished financial constraints. The global electric shovel market is expected to grow at a CAGR of 2.10% during the period of 2014-2019.
Increasing economic activities coupled with urbanization and industrialization in emerging economies such as China, India, and other ASEAN countries, among others, are creating an unprecedented demand for mineral-based commodities because of their wide applications in construction and manufacturing industries.
“To ensure sustainable and environmentally friendly operations, the focus of the mining industry is shifting toward the use of technologically advanced equipment that is energy- and fuel-efficient,” says Faisal Ghaus, Vice President of Technavio Research.
“With growing awareness of the hazards and impact of mining activities on the environment among vendors and consumers, manufacturers are focusing more on producing energy-efficient mining equipment.”
To define the market conditions 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.
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