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The crawler excavators market size is forecast to increase by USD 9.52 billion at a CAGR of 4.06% between 2023 and 2028.
The crawler excavators industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market, comprising mini, compact, medium, large, and forestry and agriculture segments, is experiencing significant growth, particularly In the large crawler excavator category. Large crawler excavators, weighing above 30,000 kg, are in high demand for various industries such as mining, construction, waste management, and forestry. Notable projects contributing to this trend include the UK's first new coal mine in three decades at Whitehaven in Cumbria, set to operate until 2049, and the Dipka OC Project in Chhattisgarh, India, which involves resource extraction of minerals and metals. These industries require heavy equipment for excavation, lifting, loading, and material handling.
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The large crawler segment was valued at USD 13.88 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Mini excavators, a subset of the larger excavator category, have gained significant traction In the construction industry due to their compact size and maneuverability. These machines, also known as compact excavators, utilize advanced hydraulic systems for optimal performance and efficiency. OEMs (Original Equipment Manufacturers) have been instrumental in developing mini excavators with superior hydraulic systems, enhancing their digging capabilities and versatility. Wheel excavators, another type of excavator, have also adopted advanced hydraulic systems, offering increased power and agility. The integration of advanced hydraulic systems in both mini and wheel excavators has led to improved productivity and cost savings for construction projects.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing automation in construction industry is the key driver of the market.
Development of hybrid excavators is the upcoming market trend.
Increasing demand for wheeled excavators in Middle East countries is a key challenge affecting the industry growth.
The crawler excavators market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the crawler excavators market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, crawler excavators market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global crawler excavator market is witnessing significant growth due to the increasing demand from various industries such as mining projects, construction sector, industrial sites, waste management, and road construction projects. The market is driven by the automation of crawler excavators, which enhances productivity and efficiency in excavation, lifting, loading, and material handling activities. The mining operations and resource extraction sectors are major consumers of large and medium-sized crawler excavators for material handling and excavation in open-pit mining sites. Government investments in infrastructure development, urbanization, and sustainable construction machinery are also boosting market growth. The construction sector, including construction projects, residential houses, and real estate, is another significant end-user of crawler excavators.
In addition, compact and mini crawler excavators are popular in forestry, agriculture, and demolition projects. The crawler excavator industry is witnessing technological advancements, with FPT Industrial engines powering many crawler excavators due to their high performance and fuel efficiency. The rental market for crawler excavators is also growing due to the financial conditions of construction companies and the need for skilled workers in various industries. The market is expected to continue its growth trajectory due to the increasing demand for heavy equipment in various sectors and government support for infrastructure development.
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Market Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.06% |
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Market growth 2024-2028 |
USD 9.52 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.9 |
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Key countries |
China, US, Japan, India, and UK |
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Competitive landscape |
Leading Companies, market growth and forecasting, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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