Market Research Future (MRFR), in its “Crawler Excavator Market” report, states that the global market of crawler excavator is expected to thrive at a 4.6% CAGR and surpass a valuation of USD 32.0 Billion by 2023. The growing support by governments for construction and mining activities is expected to surge the global crawler excavator market. As the urban population base is expanding and industrial space growing, the need for construction is rising. Hence, an increase in the adoption of crawler excavators is observed that is likely to boost the expansion of the global market of crawler excavators. The rapidly growing real estate business is identified as another factor that is expected to support the escalation of the market in the years to come. The mining industry is expanding owing to the growing demand for metals, minerals, and other materials that are leading to the high requirement for crawler excavators. This is surging their sales, which, in turn, is expected to promote the expansion of the global crawler excavator market. Moreover, the increase in demand for crawler excavators on rent is also observed to create growth opportunities for their market. The availability of required equipment to manufacture crawler excavator and the presence of firm manufacturing infrastructure across the world are additional factors that can propel the market.
By region, the crawler excavator market study is sectioned into Europe, North America, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is expected to take lead in the growth of the market growth, entailed by North America and Europe. The increase in building and construction activities is expected to contribute significantly to the expansion of the APAC crawler excavator market. The improving financial conditions in Asia Pacific, and the growing demand for crawler excavators are likely to spur the market in the region. The fast expansion of the population in regions, such as China, Indonesia, and India, are pressing the need for residential construction. This is likely to boost the APAC crawler excavators market expansion in the coming years. Rapid industrialization is also expected to support the regional market.
The global crawler excavator industry is segmented by application and type. By type, the market is segmented into small crawler excavators, mini crawler excavators, large crawler excavators, and medium crawler excavators. By application, the market is segmented into mining, agriculture, construction, forestry, and others. The construction segment is expected to hold a considerable share of the global crawler excavators market. In addition, the fast growth of the real estate industry is also observed to contribute largely to the market growth. Hence, the construction segment is expected to gain high traction for the market.
MRFR listed some key players of the global crawler excavator market. They are; CNH Industrial (UK), Caterpillar (US), Komatsu (Japan), Deere & Company (US), J C Bamford Excavators (UK), Liebherr (Switzerland), Hitachi Construction Machinery (Japan), AB Volvo (Sweden), and Doosan Corporation (South Korea).
The market players are opting for strategies that are expected to elevate their position in the global market. Strategies, such as partnerships, product development, and mergers & acquisitions are likely to contribute to the expansion the market. High competition among key players and upgradations in technology are likely to benefit the growth of the global crawler excavator market. Moreover, implementation of integrated solutions by industry participants can impact the global crawler excavator market growth. In addition, as vendors compete to deliver products of better cost, reliability, and product quality, it intensifies the competition among them. This can work in favor of the market.