The crawler excavator market is expected to cross US$ 50,307.3 million in 2023 and is anticipated to attain a valuation of US$ 65.7 Billion by 2033. The crawler excavator market share is predicted to thrive at a CAGR of 2.7% from 2023 to 2033.
Over the predicted research period, North American regions are expected to increase their market share significantly. According to FMI analysts, North America earned sales of $9.62 billion in the base year and is expected to expand significantly due to:
- Rising demand for new housing units in North American nations
- Increasing government initiatives and strategic permits are driving the building sector in this area, generating development potential in the infrastructure sector for crawler excavators.
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Beyond new building initiatives, aging infrastructure needs routine upkeep and sporadic repairs to maintain its operation. Over time, roads, bridges, pipelines, and other important infrastructure may deteriorate, necessitating repairs including repaving, reinforcing, or replacement of damaged parts. Crawler excavators are essential in these upkeep tasks.
In addition to handling heavy materials needed for maintenance work, excavators may be utilized for activities like removing old pavement layers and digging trenches for utility repairs. They are versatile machines that are capable of carrying out a variety of functions, which makes them essential for maintaining and modernizing existing infrastructure.
Crawler excavators are in perpetual demand even during times when new building projects may fluctuate because infrastructure maintenance projects frequently have a predictable and stable demand. The market for crawler excavators is continuing to expand amid the constant requirement for maintenance work. With features like GPS integration, telematics, and increased fuel efficiency, manufacturers have begun releasing more technologically advanced crawler excavators. Customers seeking to improve their equipment for increased productivity and lower operating costs are drawn to these developments.
Large-scale construction projects requiring heavy machinery like crawler excavators might result from foreign investments in infrastructure projects, particularly in developing nations. For instance, significant infrastructure projects in rising economies like the construction of roads, airports, or power plants may be funded by foreign governments, multinational firms, or international development banks. These construction projects are predicted to boost crawler excavator market growth.
Key Takeaways from Crawler Excavator Market Report:
- In 2018, the global market size stood at US$ 44,464.3 million.
- The market expanded at a CAGR of 2.5% from 2018 to 2022.
- In 2022, the global market size stood at US$ 49,080.3 million.
- The United States captured 13.5% of global market shares in 2022.
- India captured 2.8% of global market shares in 2022.
- China captured 3.0% of global market shares in 2022.
- The United Kingdom captured 2.8% of global market shares in 2022.
- The standard product type segment captured 51.3% of global market shares in 2022.
- The medium (2.00 to 4.00) bucket capacity segment acquired 23.3% of global market shares in 2022.
Key Players in the Global Market
- Tata Hitachi Construction Machinery (THCM)
- Bharat Earth Movers Limited (BEML)
- Komatsu
- JCB
- Doosan Excavator
- Caterpillar
- SANY
- Volvo Construction Equipment
- Kobelco Construction Equipment India
- Hyundai Construction Equipment
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Crawler Excavator Market Segmentation
By Product Types:
- Standard
- Hybrid
- Short Tail
- Super Long Front
By Bucket Capacity:
- Small (0.30 to 2.00)
- Medium (2.00 to 4.00)
- Large (Above 4.00)
By Operating Weight:
- 12,500 to 22,100 Kg
- 22,650 to 30,200 Kg
- 34,300 to 45,750 Kg
- 51,000 to 70,650 Kg
- 78,500 to 93,300 Kg
- Above 95,900 Kg
By End Use Vertical:
- Construction
- Mining
- Forestry & Agriculture
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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