NEW YORK, Feb. 11, 2022, The hydraulic excavator market potential difference will grow by USD 5.58 billion as per the latest market analysis report by Technavio.
The report also identifies the market will witness an accelerating growth momentum at a CAGR of 2.82% from 2020 to 2025, according to the latest report from Technavio. The report offers key highlights on the factors influencing the market growth positively and adversely during the forecast period.
The report on the hydraulic excavator market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. This study identifies the increasing requirement for large-scale project management as one of the prime reasons driving the hydraulic excavator market growth during the next few years. Organizations are focusing on cultivating and managing the resources necessary for efficient product outputs, which increases the requirements for efficient solutions for large-scale construction project management.
The main benefits of employing hydraulic excavators in large-scale project management are process management, projecting profitability, and automation. In addition, the growing construction of green buildings is another factor supporting the hydraulic excavator market growth. However, stringent emission regulations for construction machinery are hindering the hydraulic excavator market growth. Environment-governing bodies across the world have set strict emission norms for factories, vehicles, production facilities, waste management, machinery, and equipment. Subsequently, the rise in costs will also have an impact on the cost incurred by buyers. This will challenge the growth of the global hydraulic excavator market during the forecast period.
Technavio analyzes the market by Technology (Crawler excavators, Mini excavators, and Wheeled excavators), Application (Construction, Mining, and Utilities), and Geography (APAC, Europe, North America, South America, and MEA). The crawler excavators technology segment held the largest hydraulic excavator market share in 2020. The segment will continue to retain its market dominance during the forecast period, mainly due to its variety of uses. Companies across the globe are launching customized crawler excavator configurations, in turn, boosting the market’s growth during the forecast period.
The construction application segment was the highest revenue-contributing segment of the hydraulic excavator market in 2020. The construction of skyscrapers and the development of massive infrastructure projects are aided by these machines. The construction industry’s expansion will have a direct impact on the worldwide hydraulic excavator market. In terms of Geography, APAC was the largest revenue-generating regional segment of this market in 2020. APAC will generate growth across all the years of the forecast period between 2020 and 2025. The year-on-year growth during this period will vary between 2.93% and 3.65%. The expanding number of construction projects such as roads, dams, and airports is driving the growth of the hydraulic excavator market in APAC. Several major construction machinery manufacturers are expanding their presence in APAC due to the region’s growth possibilities.
Vendor Highlights
The hydraulic excavator market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. The manufacturers of hydraulic excavators are emphasizing producing equipment that is suitable for the customers’ local environmental conditions. The competition in the market is projected to intensify as many companies are investing in emerging economies in anticipation of future growth prospects. Increased investments in infrastructure development worldwide and the rise in tourism are driving the construction industry. This, in turn, is expected to trigger the demand for construction equipment, including hydraulic excavators.
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