Impact of COVID-19 on the Global Crawler Excavator Market

Market Synopsis

The global crawler excavator market is anticipated to expand at a CAGR of 4.6% during the review period. The initiatives taken to present a superior infrastructure is anticipated to drive the global crawler excavator market 2020. The fast expansion of the construction industry and mining industry is an imperative factor leading to the robust growth of the global crawler excavator market. Government of various regions are aiming for an efficient infrastructure which directly augments the crawler excavator market. The upcoming economies like India, China, Japan, and South Korea are likely to make the most substantial contribution. In addition, the increasing population with rapid urbanization is another pivotal factor for the growth of global crawler excavator market. In addition, the mining industry is rapidly growing due to the increasing demand for minerals and metals. However, the lack of skilled labor is predicted to hinder market expansion during the assessment period. In addition, the disruption of COVID-19 has brought a significant impact on the global crawler excavator market. The markets of various regions have been shut down temporarily to contain the spread of disease. The data experts at MRFR are evaluating the market to understand the factors that would impede and augment the market. We will provide an impact analysis report on COVID-19. However, the demand for crawler excavator rental is anticipated to present opportunities for market expansion.

Market Segmentation

The global crawler excavator market can be distinguished on the basis of application, type, and region.

On the basis of application, the worldwide crawler excavator market can be distinguished into mining, agriculture, construction, forestry, and others.

On the basis of type, the worldwide crawler excavator market can be distinguished into small crawler excavators, mini crawler excavators, medium crawler excavators, large crawler excavators.

On the basis of region, the worldwide crawler excavator market can be distinguished into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).

Regional Analysis

The global crawler excavator market is projected to grow substantially during the forecast period. The regional analysis of North America, Asia-Pacific, Europe, and the Rest of the World (RoW) has been conducted. As per the study, the worldwide market is projected to be dominated by the Asia-Pacific region. The second and third rank is acquired by North America and Europe, respectively. The market growth can in APAC can be acknowledged to the increasing construction projects. The growth of the building and construction industry is likely to fuel the market. Also, the region is projected to grow at the fastest CAGR during the review period. The fast urbanization is estimated to propel the market further. Besides, the emerging countries like India, China, and Indonesia are likely to make the maximum contribution. Also, the fast industrialization of the region is another imperative factor leading to market growth. The market is projected to soar exponentially in the forthcoming period. The North American region is anticipated to grow significantly during the review period. Countries like the US and Canada are likely to make the maximum contribution. Also, the presence of various established players in the region is another pivotal factor leading to market growth.

However, the market dynamics are estimated to change due to the outbreak of COVID-19. Various regions were under the observation of lockdown, which substantially affected the business.

Key Players

The renowned names of the worldwide crawler excavator market are CNH Industrial (UK), Caterpillar (US), Deere & Company (US), Liebherr (Switzerland), Komatsu (Japan), J C Bamford Excavators (UK), Hitachi Construction Machinery (Japan), AB Volvo (Sweden), Doosan Corporation (South Korea), and a few more.