Crawler Excavator Market Study: An Emerging Hint of Opportunity by 2032
Crawler Excavator Market by Product Type, Type, End-User & Region - Forecast 2022-2032
As per the report published by FMI, the global crawler excavator market is projected to have a slow-paced CAGR of 2.7% during the forecast period. The current valuation of the market is US$ 49.08 Billion in 2022. The market value of crawler excavators is anticipated to reach a high of US$ 64.07 Billion by the year 2032.
Crawler excavators are gaining rapid traction due to their increasing application in the construction and mining industry. The surge in mining activities is a major aspect expected to drive the growth of the crawler excavator market during the period 2022-2032. Besides, the features of crawler excavators are suitable for muddy conditions, and they have the capacity to carry huge weight, potentially fueling the market share of these vehicles.
It is anticipated by the expert analysts at FMI that increasing demand for crawler excavators is attributed to investments by developed countries, favorable government policies and FDIs, shifting focus toward domestic manufacturing and upcoming industrial developments in the mining and construction industries are major drivers in the market.
However, FMI has analyzed that due to the increased procurement and maintenance cost of excavators, rentals are preferred by the contractors; thus, the rental market in the future will rise eventually in the global forum.
Key Takeaways from the Automotive Light Bars Market
- Asia Pacific is projected to dominate the global crawler excavator market with a CAGR of 3.2% during the forecast period.
- Medium Bucket Capacity segment is likely to dominate the market during the forecast period and accounted for a market share of 40% in 2021.
- As per FMI, North America accounted for a revenue share of US$ 9.62 Bn in the base year.
- Short Trail Crawler Excavator segment accounted for 32% volume share in the base year.
“Urbanization and rapidly growing investments in the infrastructure sector and other government strategic initiatives will further push the construction sector, creating growth opportunities in the crawler excavator market.” – Says an FMI Analyst
Competition Landscape in the Crawler Excavator Market
The market players are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements, etc. to lead the global market for crawler excavators with largest market share.
Integration of IoT is expected to be the next big thing in the crawler excavator market. One of the key vendors BEML is planning to develop products in view of technological developments such as the adoption of AI-enabled technologies on BEML products.
Caterpillar Inc., Deere & Co., Hitachi, Ltd., KUBOTA Corporation, CNH Industrial N.V., Volvo Construction Equipment and Services, Inc., Doosan Bobcat Inc., Yanmar Co., Ltd., JCB, Inc., Nagano Industry Co., Ltd. are some of the key players in the market.
Key Segments in the Crawler Excavator Market
By Product Types:
- Short Tail
- Super Long Front
By Bucket Capacity:
- Small (0.30-2.00)
- Medium (2.00-4.00)
- Large (Above 4.00)
By Operating Weight:
- 12,500-22,100 Kg
- 22,650-30,200 Kg
- 34,300-45,750 Kg
- 51,000-70,650 Kg
- 78,500-93,300 Kg
- Above 95,900 Kg
By End Use Vertical:
- Forestry & Agriculture
- North America
- Latin America
- Asia Pacific
Recent Developments in the Crawler Excavator Market
- In September 2017, Komatsu launched a second excavator and second semi-automated excavator.
- In February 2017, John Deere updated its two 75G and 85G excavators that are capable of working around congested job sites in an efficient fashion.
- Caterpillar Inc. announced the acquisition of select assets from San Francisco-based robot and autonomy technology company Marble Robot Inc. The company has also hired employees from Marble Robot Inc. The acquisition was a part of the company's strategy towards automation and a commitment to deliver next-generation Jobsite solutions.