Global Excavator 2021 Industry Trend Analysis
The global excavator market is forecast to grow at a CAGR of over 6% during 2016-2021, predominantly on account of increasing investments in infrastructure sector.
Excavators are widely used in commercial and residential construction, mining sector, sewage disposal, etc., across the globe. Global sales of excavators witnessed a decline during 2011-2015 due to slump in crude oil prices post 2013, which significantly impacted the economies of oil dependent countries, and thereby, restricted growth of construction sector in these countries.
Moreover, several major developing countries such as Russia and China have been facing unfavorable geopolitical and economic conditions over the last few years, which has also been negatively impacting the global excavator market. However, anticipated recovery in the global construction sector and stabilization of crude oil prices is forecast to drive demand for excavators across the globe in the coming years.
In 2015, Asia-Pacific dominated the global excavator market due to high demand from China, Japan, India and North America. Over the next five years, the global excavator market is expected to witness increase in competition due to implementation of new emission norms, which is also expected to create new market opportunities.
Market Trends & Developments
- Growing Excavator Rental Market
- Electrification of Excavators
- Increasing Adoption of Technology in Excavators
- Rising Sales of Heavy Excavators
- Growing Sales of Used Excavators
- Crawler Excavators Continue to Dominate
- High Demand for Excavators from Asia-Pacific and Europe
- Europe to Emerge as the Fastest Growing Excavator Market
Source by web.